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:

Operating Endowments

• to support the administration/operations of the Foundation’s services to the community.

Unrestricted Endowments

• to be used as the Board of Directors determines is the area of greatest need from year to year.

Agency Endowments

• created by agencies to support their own future operations.

Field-of-Interest Endowments

• 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.