TYPES OF FUNDS
Our community is important to us, and we want to help you support the causes and organizations in our community that you care most about. Our endowment funds are flexible in order to ensure that we’re meeting all your philanthropic goals.
Here’s an overview of the types of funds that you can choose to create or contribute to:
A Named Fund is the simplest type of fund. This would be placed in a Community Fund and can stay there with the donor’s name or in memorium of a friend or family member. Grants will be pooled and given out to the community where they are needed the most.
There are many possibilities with a Named Fund. We can work with you to place your Named Fund into an existing fund that is more specialized, providing you with the flexibility to support certain causes that you feel strongly about.
A Named Fund can be set up with a minimum of $1,000. Over time, if the donor wishes they can continue to contribute to the fund until at which time it reaches $10,000 at which time they can choose can convert the fund into one that designates a specific recipient.
Our Community Fund is a powerful way to make a difference. Grants are made to community programs at the discretion of the Board of Directors, and allows the Board to respond to the community’s most pressing needs. Most Named Funds are held under this fund, and their investment income is pooled to be available for granting. This allows us to provide substantial support to many organizations and initiatives in our community that need it most.
Creating a Named Fund under the Community Fund requires a minimum of $1,000.
Designated Funds allow donors to direct grants to a specific charity or field of interest.
This fund requires a $10,000 minimum start-up donation.
Scholarship and Bursary Funds provide scholarships and awards to students. They are distributed every year in perpetuity, and are directed towards graduating high school students and/or students currently attending post-secondary institutions. If they wish to do so, donors are able to specify criteria for the award recipient.
This fund requires a $10,000 minimum start-up donation.
Agency Endowment Funds are generally established by the governing board of a charitable organization. These funds provide an annual source of operational funding which contribute to the health and stability of designated agencies.
This fund requires a $10,000 minimum start-up donation.
Donor Advised Funds enable ongoing donor participation in the distribution of the income from their fund. The donor and/or an advisory committee named by the donor, give the Foundation recommendations on all distributions. In all disbursements, the chosen charity must be a registered charitable organization(s). It’s a great way to stay involved and allows you to address many different causes and organizations in our community.
This fund requires a $10,000 minimum start-up donation.
Field of Interest Funds allow donors to support a specific area of interest. Donors can establish funds that fall under the Field of Interest Fund of their choice, establish a new Field of Interest Fund or they can make contributions to existing funds.
Depending on the goals of the Field of Interest Fund, the minimum amount can vary. Please give us a call or stop by our office for more information.
For donors wishing to provide short-term support for a cause or organization, a Flow Through Fund can help reach that goal. These funds have a set maturity date. After the designated time period, the full balance of the fund (both donations and investment income) is released.
For more information, please contact us.