Types of Funds
A “fund” is a vehicle for a specific charitable purpose. Donors or organizations set up a fund with the Community Foundation and can then make decisions on how the distributions from the fund are used.
There are several types of charitable funds available to support your giving goals. You can either provide a gift to an existing fund, aligning your charitable goals with your personal financial situation (there are no gift minimums for contributions to established funds), or you can establish a new fund to help you achieve your philanthropic goals and to leave a personal legacy.
Our staff can help you choose one or more funds that match your charitable intent. With over 250 different funds under management, the Grand Rapids Area Community Foundation has something for everyone.
Any of the following types of funds may be established during the donor’s lifetime or through the donor’s estate plan.
Current Funds
Please click the Funds List link below to see the complete list of funds managed by the Grand Rapids Area Community Foundation or the Donate Now link to donate to a specific fund.
Donor-Advised Funds
A Donor-Advised Fund (DAF) is a giving vehicle that provides the donor with immediate tax benefits and allows them to support the charities they care about through grant recommendations. Individuals, families, companies, or other entities who establish a DAF, advise our staff throughout the year on their desired grantmaking to IRS-qualified 501(c)(3) public charities. Donor-advised funds are a low-cost, flexible giving vehicle that is easy to establish.
Some benefits of the Community Foundation handling the management of the DAF is that it offers administrative convenience; the donor has the opportunity to name the fund after themselves or in honor of someone else; donors can give anonymously; and there is also no annual minimum distribution requirements.
With a donor-advised fund, the donor gives assets to the Grand Rapids Area Community Foundation, with immediate tax benefits, and the Foundation will steward the fund. The donor evaluates and recommends grantees/nonprofits with the assistance of the Community Foundation. Once the grantee/nonprofit is decided on, the Community Foundation distributes the grants from the fund to the eligible grantee/nonprofit.
If you would like to have more information about donor advised funds, please call us at 218-999-9100.
Field of Interest Funds
These funds are often established to support specific interests, issues or concerns of an individual or organization. To honor the donor’s wishes, use of the funds is restricted to a specified field of interest. A field of interest fund is similar to an unrestricted fund (see below), except that with a field of interest fund, the donor specifies a general area of use when the fund is established. The donor does not reserve an ongoing advisory role.
Unrestricted Funds
These funds are not designated for use by a particular agency, cause or area of interest. These funds allow the Grand Rapids Area Community Foundation the greatest flexibility to respond to the current and future needs of the Greater Itasca Area in Northern Minnesota.
Scholarship Funds
Donors work with our staff to establish objective criteria by which scholarship recipients will be selected; criteria can include a variety of options. Our staff will handle the necessary paperwork, oversee a selection committee to evaluate applicants, and ensure that the scholarship award is distributed to each recipient’s college/university/technical college.
Endowment Funds
An endowed fund is a permanent fund with sustainable distributions for charitable purposes. The Grand Rapids Area Community Foundation provides a home for endowed funds established by nonprofit organizations as a way of providing for their own long-term sustainability.
Like donor designated funds, nonprofit organization endowments return annual distributions to that nonprofit while the principal continues to grow. Any nonprofit can enjoy the benefit of the Community Foundation’s investment policies and practices for bequest gifts, or for funds set aside for long-term investment. Income from endowments is one way for a nonprofit to diversify revenue.
Why it makes sense
Endowments are at the heart of our mission, so we’re a responsible choice for smaller organizations that want to concentrate on their missions. The Foundation has an impressive track record through its 25 years, making us a good partner for organizations of any size. Because all funds are commingled for investment, we offer to every organization the diversification of risk of a well-balanced $30 million portfolio. Rigorous attention is given to benchmarks and the close monitoring of funds, whether your assets are $25,000 or $2.5 million.
Supporting an organization
Contributing to an organization’s existing endowment at our Community Foundation is a way for individuals to invest — at any level — in that organization’s future.
Current organizational endowments at the Grand Rapids Area Community Foundation
- 1000 Lakes and Rivers
- Advocates for Family Peace
- Bigfork Lions
- Bigfork Valley Hospital
- Bridges Mentoring
- Children’s Discovery Museum
- Community Cafe
- Deer River Activity Boosters/Band
- Deer River Area Community
- Deer River Schools
- Delbert Matteson Second Harvest North Central Food Bank
- District 318
- Edge Center
- ElderCircle
- Friends of the Forest History Center
- Grace Christian School
- GRACE House
- Grand Itasca Foundation
- Grand Rapids Area Library Foundation
- Grand Rapids Area Library Foundation Children’s Library
- Grand Rapids Band
- Greater Itasca Area Community
- Greenway Area Community
- Hill City Area Community
- Hill Lake Trail Association
- Itasca Economic Development Corporation
- Itasca County Habitat for Humanity
- Itasca County Historical Society
- Itasca Driftskippers Snowmobile Club
- Itasca Hospice Foundation
- Itasca Life Options
- Itasca Orchestra and Strings
- KOOTASCA Community Action, Inc.
- MacRostie Art Center
- McGregor Lakes Area
- MDI Success at Work
- Minnesota Deer Hunters Association
- Nashwauk Area Community
- Northern Community Radio
- Northern Minnesota Builders Association
- Northland Counseling Center
- Reif Arts Council
- Remer Depot
- River Watch
- Second Harvest North Central Food Bank
- Star of the North Lions Youth
- United Way of 1000 Lakes
- Wayne K. Mills Salvation Army
- YMCA Youth Program
- Youth for Christ