Charitable Gifts Funding The Future
To start the process of creating a fund, a spokesperson for the family or an organization would need to contact Carberry and Area Community Foundation indicating their request.
An Agreement to Establish a Fund and Terms of Reference would be drafted by the Foundation, for discussion and mutual written approval by both the donating party and Carberry and Area Community Foundation.
The following types of funds can be established, at the discretion of the Carberry and Area Community Foundation Board of Directors:
Community (Unrestricted) Fund
This fund will consist of donations, large and small, from a variety of sources – individuals, corporations and foundations. Donations to this fund give the foundation the greatest flexibility to respond to current community needs through the provision of grants to qualified donees. The minimum donation to establish a named fund as a Community Fund is $3,000.
Field of Interest Funds
These funds work much like the Community Fund, except that donors will identify an area of interest that they would like to target their support (ex. heritage, children and youth, relief of poverty, education, etc.). The donor empowers the foundation’s Grants Committee to select worthwhile projects to support. The minimum donation to establish a Field of Interest Fund is $10,000.
By establishing a designated fund, donors have the opportunity to specify which particular charity or charities they would like to support in perpetuity. If an organization ceases to exist, the donor has not named a successor beneficiary and the donor is deceased, the foundation will redirect the funds to a named fund within the Community Fund. Donors are able to establish a designated fund with a minimum donation per beneficiary of $10,000.
Charitable Organization or Agency Endowment Funds
These funds can be created on behalf of qualified donees. The fund allows the charity freedom from investment responsibility and gives donors the confidence of knowing that a permanent foundation is in place to professionally administer the agency’s endowment. Once established, the agency will encourage its donors to contribute to its endowment fund. Minimum donation to create this type of fund is $10,000.
Student Award or Scholarship Funds
These Funds are created from the generosity of donors to enable deserving students to continue their education. Student awards are made available to students who are registered in educational institutions. Donors may establish a Student Award or Scholarship Fund with a minimum donation of $10,000.
By establishing an Emerging Fund, donors are able to open a fund in any of the above categories with an initial donation and a pledge to meet one of the minimum donation levels as described above within three years of the initial gift. Until such time as the pledge is fulfilled, no distribution will be made from the Emerging Fund, provided that the foundation is still able to fulfill its disbursement quota as determined in its annual T3010.
Operating Endowment Fund
The purpose of this fund is to offset the costs of operating the foundation. Donors are able to establish a Named Fund within this fund with a minimum donation of $5,000.
Flow Through Funds
These are non-endowed funds whereby the funds are received by the foundation and then provided to a designated qualified donee on behalf of the donor(s). The Board will consider instances to create flow through funds on a case-by-case basis where there is a demonstrated advantage to the long-term growth of the foundation.
Put Down Roots. Grow Your Community.