Creating A Fund

Donors who wish to pursue a charitable passion, honor a loved one, or establish a family tradition of giving can design a fund to suit their needs. We offer a variety of fund options, available with a minimum gift of $10,000 for a donor-advised fund. The minimum may be given all at once or over 3 years with an initial gift of $5,000. Donors may select a name for the fund or set it up anonymously. Funds can be established during one’s lifetime or through a future planned gift in a will or trust.

Unrestricted (Discretionary) Fund – This is the most flexible and responsive type of fund for the community. The donor does not restrict the fund to a particular purpose, enabling the Foundation provide critical support to charities as needs change over time.

Designated Fund – The donor names a specific nonprofit organization to receive income from the fund in the form of a yearly grant. It allows the donor to support a favorite charity in perpetuity. If the charity ceases to operate or it becomes impossible to fund, the Foundation is required to redirect the grants to a similar purpose.

Scholarship Fund - The Foundation administers dozens of scholarship funds benefiting a particular educational institution or focusing on a field of study. Donors often define the criteria, award, and selection committee.

Field of Interest – This fund allows a donor to support a broad charitable cause, such as childhood diseases, the arts, or the elderly, or to specify a geographic region such as Rome or the City of Utica. The Foundation then makes grants from the fund to grantees who meet the criteria.

Donor-Advised Fund – An attractive fund for individuals or families who have broad philanthropic interests and make substantial, tax-deductible gifts regularly. Donors actively participate in grantmaking by recommending what charities shall benefit from the fund. The assets wholly belong to the Foundation and the recommendations are not binding, but the Foundation makes every effort to honor the request and provides services to protect the donor by making sure the charity is worthy and above-board. This fund is appealing as an alternative to the creation of a private foundation, since we do all the administrative paperwork and pay no excise taxes. It can also promote philanthropy as a family value by involving children in the recommendation process. Click these links to learn more about the Donor-Advised Guidelines and The Foundation's grantmaking partnership's with Donor-Advisors.

Agency Funds – Smaller nonprofits often choose to invest their funds with the Foundation through a permanent agency endowment. In this way, the Foundation relieves the charity of the burden of investing, maintaining, reporting its assets, and substantiating charitable gifts. Grants are restricted to the agency for its continuing benefit.

To start a fund through a Last Will & Testament, see language for:

• Unrestricted Fund
• Designated Fund
• Field of Interest Fund
• Scholarship Fund

Contact our President & CEO or Director of Donor Services at 735-8212 should you have any questions or require assistance in pursuing your charitable goals.

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