Types of Funds
There are several types of charitable funds available to support your giving. Choose the one that matches your personal approach to giving and your charitable intent. Our staff is eager to discuss these options with you and help you select one that matches your giving needs.
For donors who wish to establish their charitable intentions today for gifts to be awarded tomorrow, Build-A-Fund is an ideal approach. Build-A-Fund allows a donor to make a modest contribution at the outset in order to establish a charitable fund (in one of the categories listed below), and then make periodic contributions up to the Foundation's pre-established minimum funding level for grantmaking purposes. The minimum funding level before grantmaking can begin is $5,000; $25,000 for scholarship funds.
Donor Advised Funds
Donor advised funds are established by donors who wish to actively participate in the grant-making process. Individuals who establish a donor advised fund recommend charitable projects or organizations they want to support.
Donors who wish to support a specific agency or cause can establish a designated fund. If the original charity ceases to exist, becomes obsolete or is unable to perform their charitable purposes, our Board of Directors is able to redirect the funds to an organization providing similar services without the cost of expensive legal action. Donors can create a new designated fund, or contribute to an existing one.
Field of Interest Funds
Field of interest funds are often established to support particular interest areas, specific program initiatives, causes or geographic areas. At the donor's request, use of the funds is restricted to a specified area of interest, but flexibility remains to meet changing situations.
The creation of a scholarship fund is attractive to many donors and can be structured to benefit students at any education level, or for a specific institution. A scholarship fund can also be established to honor a loved one.
Unrestricted funds are not specifically designated for use by a particular agency, cause or area of interest. Our Board of Directors oversees the use of these funds, setting priorities for their use and determining how grants will be distributed to support the charitable needs of our community. Unrestricted funds give us the ability to respond to pressing and often changing needs in the community.
For more information, please contact Ann Bova at 860.229.6018 x302.