TYPES OF ENDOWMENT FUNDS
A donor may contribute to an existing fund of the Baraga County Community Foundation, or may establish a fund themselves. A fund can be used as a memorial, or a legacy, through the name it is given and the purpose that it serves. A gift may be given as a memorial or in honorarium as well. A donor may also choose to remain anonymous.
There are SEVEN types of endowment funds that can be established or contributed to in the Baraga County Community Foundation. They are:
- to support the administration/operations of the Foundation’s services to the community.
- to be used as the Board of Directors determines is the area of greatest need from year to year.
- created by agencies to support their own future operations.
- created to support programs and projects related to specific community areas, such as; cultural arts, education, health, human services, poverty, youth, seniors, development, environmental, etc.
Donor Designated Endowments
- the donor designates the specific charity, agency or other recipient of all grants made from this charity.
Donor Advised Endowments
- the donor reserves the right to advise on the periodic disbursements of this fund and to make their recommendations to the Foundation.
Memorial Scholarship & Scholarship Endowments
- the donor specifies the conditions under which the scholarships will be awarded.