Types of Foundation Funds
Community Fund – Affords you an opportunity to provide support for ongoing operations and provide grants. This type of fund enables the Foundation to charge exceptionally modest fees for expenses against the funds entrusted to it to manage.
Donor Advised Fund – Provides maximum convenience and flexibility by enabling you to make contributions to charitable organizations in both lean and profitable years through the Foundation. By creating this “charitable checkbook”, you can make suggestions for distributions to specific charities. Some donors choose this type of fund, or a designated fund, to remember their alma maters, churches and other favorite charities.
Field of Interest Fund – Supports a broad area of your concern, such as education, youth, scholarships, the disabled, the arts or health services. The Foundation makes grants to the most appropriate individuals, programs or agencies within the field of interest you have specified.
Designated Fund – Ensures that support will be provided to specific eligible not-for-profit organizations named by you. Grants from this type of fund are often used for operating support.
Agency Endowment Fund – The Foundation manages the endowment funds and allocates income on an annual basis to the agency. If a particular organization should cease to operate, the Foundation will continue to support the organization’s objective through other not-for-profit groups.
Pooled Income Fund – Also known as a “charitable remainder trust”, allows the donor to make a gift of property, usually appreciated stock, while at the same time retaining an income stream for the donor or for someone else (such as a spouse) during their lifetime. Properly established, the pooled income fund can reduce income taxes as well as estate tax.
Gift Account Fund – This is a short-term donor advised fund that is intended to disburse to qualifying charities the entire amount gifted to the account. These non-endowed funds make budgeting and tracking your charitable giving very easy.
Project and Campaign Funds –These are designated use, non-permanent funds that exist only for the duration of a capital project or community initiative. The Foundation may enter into an agreement with a 501(c)(3) public charity, a governmental or quasi-governmental entity or an Ohio nonprofit corporation that owns the property to improved or sponsors the project, as appropriate.