Types of Funds
To establish a fund within the Foundation a minimum donation is required based on fund type. We allow donors five years to reach this minimum donation.
Minimum amounts to establish per fund type:
Field of Interest-$5,000
Agency Endowed- $5,000
Named Fund within existing fund-$5,000
Unrestricted Fund for Community Grants:
Unrestricted funds are key to maintaining flexibility in meeting future needs. Unrestricted funds are responsive to changing needs, in that income from such endowments may be distributed through grants, for purposes and projects where the need is the greatest.
Donors specify a general purpose or geographic area for which the funds are to be spent and the Foundation makes grants to the most appropriate programs or organizations. Examples would be funds for children, senior citizens, the needy or a community within the county.
Donors create funds designated to provide support for a particular purpose or institution. Examples would include charitable organizations in Henry County and several community parks departments.
Donors create advised funds to achieve maximum convenience and flexibility by contributing at any time, and then making recommendations to specific charitable institutions and causes that communicate the family's charitable interests. This type of fund allows donors the flexibility to recommend different things each year.
Donors create a fund to provide scholarships so that deserving students may pursue the education they desire. The scholarship can be specific to high school attended or course of study or institution planning to attend or as general as a resident of Henry County.
A nonprofit organization may wish to establish a permanent endowment to provide it with a stable source of income, now and forever. Most major charities in Henry County have an endowed fund. These funds range from the hospital to numerous youth organizations.
Special Note: Donors may wish to donate to an existing fund or to establish a new fund using their name to create a permanent legacy.
All of these funds can be set up as either an endowed fund or a non-permanent (pass-through) fund (See Exhibit F PDF). Sample fund agreements are provided (See Exhibit G PDF ) or the Foundation can adopt new funds by resolution upon testimonial notification.
Endowed funds are permanent. The money donated to an endowed fund will be invested along with the rest of the endowed funds held by the Community Foundation. Currently, four percent (4 %) of the fund balance can be spent annually for the charitable purpose stated in the fund agreement.
Non-permanent funds can pass through the Community Foundation immediately or can be held in a non-permanent fund waiting a special project, fundraiser, or event.as passed away or in honor of a special event or occasion.