Options for Giving – Fund Types
The information on this page is offered purely to demonstrate the breadth of options available for donors. We are here to help walk you through and explain your options. It may be easier to simply pick up the phone and give us a call to arrange an appointment.
Community Foundation of the North Okanagan Endowment Funds basically fall into the following three categories:
- Designated Funds
- Undesignated Smart & Caring Community Funds *
- Donor Advised Funds
*Our Smart & Caring Community Fund includes funds that generate income for the Foundation’s annual community granting program as well as a number of scholarship and bursary funds to support students with costs associated with post-secondary education.
Fund Types and Fund Minimums
Undesignated Funds Smart & Caring Community Funds
A fund where the donor has left distributions to the discretion of the Board of Directors (our granting committee makes recommendations annually to our Board of Directors based on applications received from charitable groups doing great work in our community).
Donations of any amount are accepted to the Smart & Caring Community Fund.
Starting at the $5000 level we also offer donors the option of starting a “named” fund within the Smart & Caring Community Fund. You are welcome to name the fund after yourself, your business, your family, or to honour a loved one.
Donors are welcome to start a “named fund” within the Smart & Caring Community Fund with an initial donation of $1000 and a pledge to reach $5000 over 5 years.
Designated Funds
A fund where the donor has “chosen” a specific charity or group of charities to receive distributions. By starting a Designated Fund, you choose one or more charitable organizations and we will grant to them automatically every year. Designated Funds start at $10,000. Donors are welcome to start a Designated Fund with $2000 and a pledge to reach $10,000 over 5 years.
(Note: A donor may also choose to structure this fund so that “some” of the income goes to a favourite charity or charities, and some of the income is left “discretionary” to be used in the Foundation’s Smart & Caring Community Granting program. Example 50% to SPCA and 50% to the Community Granting program)
Donor Advised Funds
A fund where the donor can make recommendations for distribution, generally on an annual basis. Donor Advised Funds start at $25,000. Donors are welcome to start a Donor Advised Fund with $5000 and a pledge to reach $25,000 over 5 years. Donor Advised Funds offer donors the same advantages as having a Private Foundation without all the administrative hassle.
Useful Definitions
- Named Fund – any fund where the donor has named the Fund after themselves, a family member, a business etc. Example: The Smith Family Fund
- Emerging Fund – any fund that has not yet reached its fund minimum
- Field of Interest Fund – any fund that has narrowed down the possible charitable recipients to those in a chosen area (field of interest) Example – health, arts, seniors, youth etc.
- Scholarship or Bursary Fund – any fund that is to be used for a bursary or scholarship for a student for post-secondary education.
- Charitable Organization Funds (also called Agency Funds) – any fund that is started by or for a specific charitable organization with the distributions to go only to that charitable organization. The donor names the fund after the CHARITY and it is only for that charity. Other donors and or the charity itself may add to the fund over time. Often started by a Board of Directors or with a gift from a special donor.
- Corporate Funds – any fund started by a business or named after a business – distributions can be left undesignated or designated to a field of interest, specific charity or charities, or can also be a donor advised fund
- Community Fund – the pool from which the community granting distributions come for the granting cycles – now called the Smart & Caring Community Fund