Community foundations offer a variety of funds with flexibility to meet every donor’s charitable goals. Funds can be established by an individual or couple, a family, a business or nonprofit or any other group of people with shared charitable interests. There are many benefits to creating a fund at the Community Foundation.
You as well as those who contribute to your fund receive a tax deduction, and at the same time benefit the community. Funds can carry the name of the donor, family, company or someone the donor wishes to honor. All grants from the fund are made in the name of the fund in perpetuity. Donors who prefer anonymity can choose names that reflect their fund’s charitable purposes.
Types of Funds Held by Community Foundations
- Donor Advised Funds enable donors to recommend specific organizations to receive grants.
- Committee Advised Funds enable a committee, comprised of people with shared charitable interests, to recommend specific organizations to receive grants.
- Scholarship Funds help students pursue academic goals. Donors may define guidelines while the Community Foundation Board ensures that grants to these groups remain relevant over time and responsive to changing circumstances.
- Unrestricted Funds offer the broadest giving option, allowing grants to be made to wherever the Community Foundation Board determines the community’s needs are the greatest. Unrestricted funds provide the greatest flexibility in meeting community needs as those needs change well into the future.
- Field of Interest Funds create grants that meet needs in a particular field or geographic area.
- Designated Funds enable donors to support specific nonprofit organizations while the Community Foundation Board ensures that grants to these groups remain relevant over time and responsive to changing circumstances.
- Agency Endowment Funds are established by nonprofit organizations to provide support for their programs and projects. The Foundation handles all administrative and investment responsibilities, freeing the organization to pursue its charitable mission.
We look forward to working with you and your professional advisors to create giving options that help you achieve your charitable goals. Please contact us at 330.743.5555 to receive a sample fund agreement and learn more about the benefits of creating a fund at the Foundation.