Types of Funds
According to fundholder Jeff Smith, starting a fund is the Ultimate TLC:
T - TURN-KEY ("It is ready to go - add water & stir!")
L - LOCAL ("This is huge - everything stays here in Muskegon")
C - CONTROL ("You don't feel hamstrung at all, the donor has a lot of flexibility")
If you're interested in starting a fund or leaving a charitable legacy, you have many choices. The easiest thing to do is come in and talk to us...tell us about your interests and goals, and we'll suggest some options to meet them.
But if you like to research first, you can read about the types of funds below and compare the options in this chart. The minimum gift level to establish a named fund is $10,000, or $20,000 for scholarship funds. Or you can start a Build A Fund, adding gifts over time until you reach the fund level you desire.
Unrestricted - Unrestricted funds support critical unmet needs in Muskegon County, as determined by our distribution committee. View a sample fund agreement.
Designated - With a designated fund, gifts are made in your name - in perpetuity - to any public charitable organization(s) in the United States that you select.
Scholarship – These funds may be either field of interest (to support students in specific communities or fields of study) or designated (for specific high schools and/or colleges/universities). Review our worksheet to define your interests and view a sample scholarship agreement.
Donor Advised - Donor advised funds allow you - and those you name - to recommend grants and the flexibility to change the organizations you support through the years. View a sample DAF agreement.
Committee Advised - Organizations and associations can establish a fund for charitable giving and grantmaking. The committee advises the Foundation on grants to be made from the fund.
Field of Interest - Donors choose a broad area of interest such as the arts, education, youth, community beautification and development, health and human services and the environment. View a sample fund agreement.
Organization Endowment - More than 100 Muskegon County nonprofit organizations have entrusted us with management of their endowments and receive regular grant distributions from their fund. View a sample fund agreement.
Charitable Unitrust – This vehicle combines a charitable gift, the value of significant tax benefits, and an income stream for family members.
Community Service/Nonprofit Support - These funds are created by nonprofit organizations seeking Foundation assistance with the administration of a specific program, capital campaign or other service.
Build A Fund - Donors, area nonprofit agencies or organizations can start a BAF to begin building a fund up to a minimum fund level.