Core Funds of the Foundation
Core Funds of CCF are those that are administered under the sole authority of the Foundation's Board. All funds created by donors or other organizations (organization endowments) are administered by the Foundation's board in accordance with any restrictions that are put on the fund at the time it is established.
The Foundation's Core Funds currently include:
Endowments
"The CCF Unrestricted Endowment"
This fund is a permanent fund from which income will be available each year with which CCF can award discretionary grants.
"The CCF Administrative Endowment"
This fund is a permanent fund from which income will be available each year for the Foundation to use to cover administrative expenses.
Non-Permanent Funds
"The CCF Discretionary Grants Fund"
All money can be spent by action of the Foundation board in making discretionary grants, at any time.
"The CCF Administrative Expense Fund"
All money can be spent by action of the Foundation board in paying operating expenses of the Foundation.
Fund Options
A fund is a specific type of agreement between the community foundation and the donor reflecting the donor's objectives regarding his or her gift. These objectives may be personal, for a family, to address an area of concern or to support a specific organization. There are many options for using funds at a community foundation.
There are several different types of funds that may be established at the CCF. The advisor, usually an individual, family or group that is named in the agreement establishing the fund, depends on the type of fund that is established.
Donor Advised Fund:
This type of fund is created by a single donor or a family. Each year the donor determines where and when money from that fund will be granted to what charitable (501.c3 IRS qualifying) organization.
Any kind of donor advised fund may include others besides the donor as "advisors" to the fund. Children may be designated as advisors if the fund continues after the donor's death, for example.
A Permanent Donor Advised Fund
Each year, up to 5% of the averaged assets in the fund may be granted out by the advisors of the fund. Grants may go to any 501.c3 organization in the world. The Foundation provides this vehicle because facilitating giving by people in Cary ultimately increases giving in Cary.
Up to three generations of a family may advise this type of fund, over time.
A Pass Through Donor Advised Fund
Those who have other types of funds at the Foundation may sometimes be able to deal with special gifting situations by using this kind of fund in which the donor may grant out any or all of the money she or he has donated to this fund.
Special Interest or Designated Fund:
This type of fund is created by one or more donors to support a particular issue or a specific organization in "perpetuity". The advisor to this type of fund is the Foundation board, following the precise instructions stated by the donor in establishing the fund.