Select the type of charitable fund that best supports your purpose
The Foundation offers the following types of funds:
Donor Advised Fund
Donor-advised funds are established by donors who wish to actively participate in the grant-making process. Individuals who establish a donor-advised fund recommend charitable projects or organizations they want to support. It is easy to give to multiple nonprofits through a donor-advised fund. Our Board of Governors is legally responsible for approving all grants.
Donors who wish to support a specific agency or cause can establish a designated fund. If the original charity ceases to exist, becomes obsolete or is unable to perform their charitable purposes, our Board of Governors is able to redirect the funds to an organization providing similar services without the cost of expensive legal action.
Many nonprofit organizations establish an endowment fund with us in order to grow assets to meet both current and future needs. They look to our Board of Governors for strong investment oversight services and ask our staff to manage all of the administrative details of the endowment. This can provide a relatively constant source of annual income and help maintain its mission in perpetuity. It also frees the nonprofit to focus on what they do best in the community. Donors can create a new designated fund, or contribute to an existing one.
Field of Interest Fund
Field of interest funds are often established to support particular interest areas, specific program initiatives, causes or geographic areas. At the donor’s request, use of the funds is restricted to a specified area of interest, but flexibility remains to meet changing situations.
The creation of a scholarship fund is attractive to many donors and can be structured to benefit students at any education level, or for a specific institution. A scholarship fund can also be established to honor a loved one.
Some donors choose to stay involved through advisory relationships, while others name advisory committees to assist in the selection of recipients. Either way, our staff will handle the necessary paperwork and will ensure that scholarships are distributed in an equitable manner.
Unrestricted funds are not specifically designated for use by a particular agency, cause or area of interest. Our Board of Governors oversees the use of these funds, setting priorities for their use and determining how grants will be distributed to support the charitable needs of our community. Unrestricted funds give us the ability to respond to pressing and often changing needs in the community.
Select a name for your fund
You can use your name, your family name, the name of a family member or a favorite cause, or choose a name that allows you to remain anonymous. Examples:
- John and Jane Doe Family Fund
- John Doe Memorial Fund
- Doe Family Fund
- Jane Doe for Higher Education Fund
- Jane Doe Fund for Nursing Education
- Friends of Higher Education Fund
- Doe Family Education Initiative
- Jane Doe Endowment Fund
- Doe Administrative Fund
- Doe Family Charitable Fund
- Operation High Hopes Fund
- Round Rock Charitable Endowment Fund
- Doe Corporation Fund
Complete a simple governing document
If you have the answers to the four questions below, you’re ready to go! The staff will help you to complete a simple document that incorporates all the specifics you have determined based on the options above.
- What type of fund best suits your needs?
- What type of asset will you be donating?
- What will you name your fund?
- If you are setting up a donor-advised fund, who will be the designated advisors?