Types of Funds
Funds are classified in six categories: unrestricted, field of interest, designated, agency, donor advised and scholarship funds. Within these categories, funds may be endowed (permanent funds with only the earned income distributed) or non-endowed (entire fund is available for distribution).
Unrestricted Funds give the Community Foundation of Greater Rochester the greatest flexibility to address emerging issues because donors place no restriction on how these funds are to be used. In creating unrestricted funds, donors create a legacy that grows and changes as the community’s needs change.
Field of Interest Funds support a broad area of interest such as Culture, Community Development, Human Concerns, Education, Environment, and Youth. Through competitive grants to organizations working in the fund’s defined area of interest, donors can have lasting impact while providing the Board of Trustees with the flexibility to respond to the changing needs in our community through purpose-driven grantmaking.
Designated Funds allow donors to support one or more specific nonprofit organizations. Donors may establish a designated fund, ensuring continuous gifts to their favorite charitable organization and perpetuating their charitable goals.
Agency Endowment Funds are created by the nonprofit itself to ensure the future of their work or mission. Through an Agency Endowment Fund in the Community Foundation, the nonprofit is assured that its endowment will receive prudent stewardship while providing a lasting source of income.
Donor Advised Funds support the interests of the donors enabling them to participate in the funding process by suggesting grants to nonprofit organizations. These funds provide convenience and flexibility by allowing donors to support various charitable organizations during their lifetimes and later become a lasting legacy that reflects the donors values forever.
Scholarship Funds (a type of Field of Interest Fund) are established to help outstanding or needy students achieve their educational goals and can be established by companies, organizations, families or individuals. Donors may designate a particular field of study and select eligibility requirements. Scholarship Funds are often used to honor or memorialize a loved one by reflecting their particular interests.