Types of Funds

Advised Agency

Advised Agency Funds are established at the request of a charitable organization (the agency) to provide support for the agency’s exempt purposes as advised by the agency.

Advised Scholarship

Advised Scholarship Funds provide scholarships to individuals, where the donor or persons designated by the donor are to be involved in the selection process of scholarship recipients. Under new code provisions added by the Pension Protection Act, the donor (or his/her designee) may only participate in the selection process as a member of a larger advisory committee. Requires gift of $5,000 to establish.

Designated Funds

Designated Funds are established to benefit specific charitable organizations that are named by the donor, for example, MAC Van. An endowment fund is a designated fund that preserves the principal of the fund while making annual distributions of income earned by the fund to the charity. Requires gift of $5,000 to establish.

Discretionary/Unrestricted

Discretionary Funds or Unrestricted Funds offer the broadest giving option, allowing grants to be made to wherever the Foundation board of directors determines our community's needs are the greatest. Requires a gift of $5,000 to establish.

Discretionary Scholarship

Discretionary Scholarship Funds provide educational scholarships with no advice or recommendations from the donor or persons designated by the donor. If a donor wishes to be in the selection of scholarship recipients or wishes to designate one of more persons to be in the selection process of scholarship recipients, the Advised Scholarship Fund agreement form will be used. Requires gift of $5,000 to establish.

Donor Advised

Donor-Advised Funds provide donors with maximum convenience and flexibility. Donors can recommend distributions to specific eligible charities in which they are interested. Requires gift of $5,000 to establish.

Remembrance/Memorial

Remembrance/Memorial Fund is discretionary in nature and allows individuals to be remembered or honored, and at the same time helps the community. Any amount will be accepted. These gifts will be pooled and earnings will be used as directed by the Foundation's Board of Directors.

Seedling

Seedling Funds allow donors to pledge annual gifts toward an endowment fund goal of $5,000 that is to be achieved within 5 years of the first gift installment. Contributions may be made monthly, quarterly, semi-annually or annually so long as the annual contribution is $1,000. All interest and dividends earned by the fund remain in the fund to help it grow. No fees are charged until the fund balance reaches $5,000 and converts to a Donor-Advised Fund, Field of Interest Fund, Unrestricted Fund, Designated Fund, etc.

Field of Interest

Field of Interest Funds create grants that meet needs in a particular field or geographic area that is of interest to the donor. Areas of interest might include youth, elderly, health, environment, arts & culture, etc. Requires gift of $5,000 to establish.

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