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Introduction
The Community Foundation of Greater Lafayette offers
special services to donors and professional advisors to
fulfill philanthropic wishes and maximize tax benefits.
The Community Foundation can discuss various gift
vehicles and help find the best gift methods to meet
charitable, financial and estate planning goals.
Contact us to learn more about how we can help you.
Endowment and Funds
A community foundation's endowment is made up of smaller
endowments called "funds," each of which is
established by a separate agreement and is accounted for
separately. These funds are designed to carry out the
philanthropic intentions of the founding contributors.
The corpus of a fund is pooled with other funds for
investment purposes. Disbursements from the fund in the
form of grants, scholarships, or payments to designated
agencies are made from investment earnings only; the
fund principal generally remains intact.
Types of Funds
Undesignated or Discretionary Funds
Donors place no restrictions on how earnings from the
funds can be used, thus allowing the board of directors
maximum flexibility in addressing ever-changing
community needs.
Field of Interest Funds
A field-of-interest fund benefits causes in a field the
donor chooses (for example, education, the environment,
care of the elderly). The board of directors selects
recipients in the desired field.
Designated Funds
Designated funds allow the donor to support favorite
causes in perpetuity.
Advised Funds
Advised funds allow donors to take an active role by
making suggestions on which charitable cause to support
each year.
Finances
Copies of the foundation's
IRS Form 990 and audited financial statements, prepared
by Painter and Pherson P.C., are available at our office. |
