Types of Funds
There are numerous options for giving within the Foundation.
Many contributors select the unrestricted Endow El Dorado Fund which allows the Board the greatest flexibility in directing resources. Others prefer to designate their gifts for specific purposes that reflect their particular philanthropic interests and allow these gifts to make a lasting connection with issues or organizations meaningful to them. Anyone may contribute to any established fund at any time. We can help you select an existing fund that matches your personal goals. The funds that have been established at the Foundation are described below.
Donor Advised Funds
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 that they want to support. It is easy to give to multiple nonprofits through a donor advised fund. Our Board of Directors is legally responsible for approving all grants.
Several local families have established their own advised funds. Family members get together to determine how the proceeds from their fund can best benefit the community.
Agency Endowment Funds
If the original charity ceases to exist, becomes obsolete or is unable to perform its charitable purposes, our Board of Directors 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 Directors 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 their mission in perpetuity. It also frees the nonprofit to focus on what they do best in the community.
Donors can create a new agency fund, or contribute to an existing one.
Field of Interest Funds
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.
Gifts to the Endow El Dorado Fund
Gifts to the Endow El Dorado Fund are not specifically designated for use by a particular agency, cause or area of interest. Our Board of Directors 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. Gifts to the Endow El Dorado Fund give us the ability to respond to pressing and often changing needs in the community.