Types of Funds
Individuals, families, corporations, institutions or nonprofit organizations may establish funds with the Community Foundation for Brevard. When you establish a fund, we handle all the administrative details. Our professional program staff continually monitors changing community needs so you can be sure grants made in the name of the fund make the most impact and support your personal legacy of giving. We offer our donors many ways to meet their charitable goals.
What is an endowment?
An endowment is a permanent fund from which only the income is distributed. The fund is invested and continues to grow through sound stewardship, and your cause/nonprofit continues to derive a perpetual and ever-increasing amount of income.
Designed for donors who want to support a specific charitable organization or organizations. The fund is established to continue to provide annual support to specifically designated organizations. The Fund may be set up to handle the contributions to the named organization(s) now or by bequest in a will. The donor specifies the charity or charities. In the case of more than one charity, a percentage of funds is specified to be given to each.
A charitable fund whereby the donor is involved annually in making recommendations as to which charities should be supported with grants from the fund. The donor can be an individual/family, a group, or a corporation.
FIELD OF INTEREST FUNDS
A fund that benefits a particular area of interest, but does not tie contributions to a particular organization as time changes all things. The fund is set up and named by the donor, the area of interest is described as broadly or as narrowly as the donor desires, and The Community Foundation identifies appropriate organizations and activities that satisfy the area of interest, typically through a competitive grant-making process.
A fund set up in a name of the donor’s choosing to assist deserving people in obtaining the education they might otherwise not receive. A donor may specify the school the individual comes from or that which they will attend. The aid may be for any level of education the donor wishes to specify.
Designed for donors who want their charitable giving to accomplish the most in improving the quality of life. The Community Foundation is in place to assess and respond to changing and unmet community needs. The donor establishes and names the fund and places the responsibility for selecting the most appropriate organizations on The Community Foundation’s dedicated grant review team of local citizens. Annual grants may be made in any of the major areas of philanthropy – health, education, arts & culture, or social welfare. These all-purpose funds are the most flexible in meeting emerging charitable needs.
Long-term funds – endowed or otherwise – held and managed by The Community Foundation on behalf of a nonprofit organization. Agencies benefit from consolidated investment management that provides for better returns; do not need to handle administrative tasks in processing additional gifts to the fund; the Community Foundation prepares and files tax returns related to the endowment; and the agency benefits from access to Community Foundation donors who structure gifting through one source at the Community Foundation. The agency receives income from the endowment for its unrestricted use or may choose to allow all the assets to grow to a prescribed level.
A temporary fund usually held for no longer than one year and distributed in the form of grants upon donor recommendation. This type of fund enables donors to make one tax-qualifying contribution and the Community Foundation handles the due diligence and payment on subsequent and multiple charitable grants.