Types of Funds
The Fairfield County Foundation offers a variety of fund options:
Donor Advised Funds
One of our most appealing charitable vehicles is the donor advised fund. This type of fund enables donors, or their designees, to recommend grants based on their personal charitable interests. Donors receive both tax and philanthropic benefits in a simple format with a high degree of flexibility
Unrestricted funds are gifts to the Foundation’s unrestricted general fund. The principal and income is distributed at the Foundation’s discretion in the form of grants to 501(c)(3) organizations. A minimum gift of $5,000 is required to establish a named fund. Gifts of any amount are accepted into the general fund. Unrestricted Named Funds can be held in the name of the donor, the family or as a memorial to a loved one. Unrestricted funds assure that future generations will be prepared to meet the emerging needs of the community.
Scholarship funds are a large portion of the grants made by the Fairfield County Foundation. Individuals, families, companies, or organizations can establish scholarship funds. Often scholarship funds memorialize a loved one or honor a special person. Once in place, a scholarship fund continues to grow with additional contributions from the original donors, from other contributions, and through market growth. The donor of a scholarship fund has the ability to define the scholarship’s advisory committee and the guidelines for candidate selection, requirements and award use.
Agency funds or endowments can be created to perpetually support your community service agency. Agency funds hold assets for a charitable organization and distribute the principal or earned income in accordance with the agency’s specific instructions. An agency fund increases investment yield since the endowment is pooled with other funds at the Foundation to receive maximum return and lower fees due to the size of the funds.
Designated funds are established to ensure that support will be provided to specific eligible nonprofit organizations, often organizations that donors have been involved with during their lifetimes. Many donors establish designated funds to endow the charitable giving that they’ve enjoyed throughout their lifetimes. This is an opportunity to leave a lasting legacy in the donor’s name.
Field of Interest Funds
Field of interest funds allow the donor to focus on one or more areas of concern such as the arts, education, or health care, yet they do not restrict grants to any one organization.