Types of Funds
There are various types of funds at Unity Foundation of La Porte County.
You can tailor your charitable legacy by choosing to establish one or more of these.
For information on how to set up a fund, please contact, Jamie Miller at (219) 879-0327 or by email at firstname.lastname@example.org
A Community Fund is a donor’s broadest option. These funds are established to benefit the entire county to which they are directed. The Foundation funds those projects that best meet the community’s most pressing needs, even when those needs change over time. A knowledgeable group of local people monitor community needs and resources and have the challenging task of deciding how to best use the funds. By making a gift or bequest to create a Community Fund, a donor can create a living legacy that will grow and change as the community does.
A Community Fund is the best option for a donor who:
- wants his or her gift to have the broadest impact on the community over time.
- is motivated to “give back” rather than to support a particular charitable organization.
- is considering creating a private foundation for broad charitable purposes.
- wants his or her gift to remain flexible to respond to changing community needs.
A Designated Fund names a charity or charities to benefit from the fund. The donor has the assurance of knowing that the charity they choose will forever benefit from their support. However, if the organization ceases to exist, the Foundation’s Board will preserve a donor’s intent by redirecting the fund toward an agency with a similar mission.
The Designated Fund is ideal for the donor who:
- wishes to support a particular charity but wants third-party oversight to ensure that principal is not invaded or that the gift is used as he or she specified.
- wants to support several named charities through one substantial gift.
- desires to make an endowed gift to a new, small, or struggling organization or a charity that does not have extensive investment management capability.
Donor Advised Funds
Donor-Advised Funds allow donors to simplify and consolidate all their charitable giving without the expense, legal, and administrative burdens of running a private foundation. Donors who establish a Donor Advised Fund retain the right to recommend grants to charitable agencies. The donor gets a full charitable deduction in the year the fund is created and a single receipt for gifts to the fund rather than the many gifts to individual charities made from the fund. Donors can name other advisors to the fund. Staff can help identify effective projects in the donor’s areas of interest.
A Donor-Advised Fund is best suited for a donor who:
- wants flexibility to support different charities.
- wants to involve a spouse, children, or associates in charitable giving.
- currently makes cash gifts to charities but would benefit by giving appreciated property.
- has an income that fluctuates, but who wants to maintain a steady level of charitable giving.
Field of Interest Fund
Field of Interest Funds allow donors to address a cause or issue of particular importance to them without being locked into naming specific charities. The donor names the purpose of the fund, such as arts, environment, or youth. The Foundation identifies projects that can most effectively accomplish that goal at any given time.
The Field of Interest Fund is most appropriate for the donor who:
- has an interest in a charitable cause rather than specific organizations.
- recognizes that charitable organizations change in mission.
- is considering creating a private foundation to support a cause.
A Scholarship Fund can be set up in the donor’s name so that deserving young people can obtain an education. A Scholarship Fund can be set up to make awards based on any of the following: schools, colleges or universities the student attends, fields of study, geographic area students are from, or other interests.
A Scholarship Fund is ideal for the donor who:
- has strong ties to education.
- wants to encourage students to select a certain area of study, college or university.
- is passionate about providing educational opportunities for young or returning students.
Nonprofit Operating Fund
Nonprofit operating endowments are established by nonprofit organizations to provide a perpetual stream of operating revenue to sustain their work for generations to come. Nonprofit operating endowments may also be established by donors who wish to specify a particular charitable organization as a recipient of their generosity.
Community foundations are ideal partners to nonprofits in establishing and helping to build a Nonprofit Operating Endowment fund. Our staff will help a nonprofit organization build a basic plan to grow their endowment fund, help make donor calls, and respond to inquiries. The Community Foundation’s staff and professional legal counsel will also provide support in securing gifts to any nonprofit endowment fund.
Unity Foundation of La Porte County Operating Endowment Fund
Our Operating Endowment Fund is for donors who are interested in supporting Unity Foundation of La Porte County so it will be available for all citizens forever. Like Agency Endowment Funds, our Operating Endowment Fund is kept in perpetuity to provide Unity Foundation of La Porte County an ongoing stream of revenue generated by the investment of the principal of the fund.