The most flexible type, donor-advised funds allow donors to be “hands-on” with their charitable giving by recommending to the Community Foundation each year the charitable organizations they wish to support from their funds, and in what amounts. Donor-advised funds are best suited for donors whose goals may include:
- simplifying charitable giving by supporting numerous charities through one simple fund;
- retaining the flexibility of giving varying amounts or changing beneficiaries over time;
- involving children and a succeeding generation in charitable giving; and/or
- enjoying the positive aspects of a private foundation without the accompanying administrative burdens.
This type of fund allows donors to choose specific charitable organizations that will be perpetual beneficiaries of the annual income generated by their gifts, without the organizations themselves having to bear the burden of endowment management. They are best suited for donors whose goals may include:
- making an enduring gift to one or more charities of their choice;
- providing a steady stream of income to organizations; and/or
- contributing to several named charities through one single gift.
This option allows donors to direct grants to a particular area of interest, such as social services, the arts or the environment. Field-of-Interest Funds are best suited to donors whose goals may include:
- addressing issues pertaining to one or more specific charitable causes or making an impact on a particular area of concern in the community; and/or
- gaining assurance that if specific charitable organizations serving their current areas of interest change their mission or effectiveness over time, the intended impact will remain unaffected as the causes will still be served.
Also known as unrestricted funds, these constitute the core of the Community Foundation’s ability to strengthen our community. These funds are best suited to donors whose goals may include:
supporting emerging opportunities and addressing issues of importance as they change over time;
giving back to the community rather than supporting a particular organization or cause; and/or
supporting a broad range of charitable interests.
The Community Foundation also offers the following special types of funds:
Educational Awards provide support to students pursuing academic goals through awards, scholarships and bursaries.
Memorial Funds can be established through the Community Foundation in order to create a lasting tribute to a special member of the community or loved one.
Organizational Endowments can be established by organizations with registered charitable status in order to benefit from the Community Foundation’s professional investment management expertise.
Flow-Through Funds allow donors to give advice on disbursements to charitable organizations or causes within a given year, or to add to the earnings of their fund in order to increase the amount of their grant(s).
The minimum amount needed to establish any type of fund, with the exception of Educational Awards, is $5,000 (over a period of five years). The minimum required to establish an Educational Award is $10,000.
For further information about establishing a fund, please contact Bibi Patel at 613-236-1616 ext. 226.