Fund Types

robincowles
robincowles Posts: 27 ✭✭✭
Groundbreaker Scholarship Lifecycle Manager (SLM) Foundant Scholarship Management+ Certificate Third Compass Anniversary
in Fund Development

Good afternoon,

I have a few questions regarding field of interest and designated funds.

Do any of you allow a field of interest fund to have more than one field of interest? Example: Smith Field of Interest fund, grants for animal welfare and education.

Do any of you allow designated funds to benefit more than one agency? Example: Smith Designated Fund, grants to American Red Cross AND Girl Scouts.

Thank you!

Robin Cowles

Fremont Area Community Foundation

Comments

  • BettieStammerjohn
    BettieStammerjohn Posts: 98 ✭✭✭
    Voter Scholarship Lifecycle Manager (SLM) 100 Likes 10 Comments

    @robincowles

    We do have designated funds that have more than one organization - but those were set up with bequests.

    I haven't had a living donor set one up for current. But I don't see why not so long as their is a defined percentage of the income to go to each organization every year. So the Red Cross gets 50% and the Girl Scouts get 50% every year.

    What you can't do is mix it up - that RC gets $$ this year and GS gets $$ next year. That will make it a donor advised fund (at least according to COF Legal after 2006 (I had a fund like that and had to use variance to make it a DAF).

    I've never done a Field of Interest with two different fields. That would be interesting.

    Bettie

    Bettie Stammerjohn

    Executive Director

    Community Foundation of Greene County, Pennsylvania

  • LornaSandberg
    LornaSandberg Posts: 82 ✭✭✭
    Music Fan Community Foundations of Canada (CFC) Third Compass Anniversary 10 Comments

    Hi @robincowles

    Yes, our designated funds can grant to more than one organization. We have a deed of gift, signed by the donor and ratified by the board, that specifies to whom and the percentage of funds to be disbursed (or amount, if applicable). Sometimes this is through an estate. Within the deed is also a provision of what happens if one or more (or all) organizations cease to exist or cease to retain charitable status. I think there is one fund we have where a set amount is to go to one organization, and the remainder is split among others on an equal or percentage basis.

    As to Field of Interest, I can't think of one off hand, although we do have a catch all of "general charitable purposes".

    Lorna Sandberg

    Director of Philanthropy and Donor Stewardship

    (306) 527-7630 (cell)

    (306) 751-4751 (work)


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