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GIVING
Types of Funds
As with any worthwhile organization, Wamego Community Foundation has operating
costs associated with its day-to-day operations. To offset these costs, the Administrative
Fund was established. Several local businesses and individuals have supported
Wamego Community Foundation through contributions to the Administrative Fund.
Continued support through this fund is needed and much appreciated.
These funds are ideal if you who want to support one or more
specific organizations of your choice. Designated funds often
are endowed in perpetuity with the income used to support
the specified organizations on an on-going basis. Wamego
Community Foundation ensures that disbursements are made
to the appropriate charitable agencies as specified in the
establishing fund document. If an agency stops functioning
as an exempt charity or ceases to exist, the Foundation's
Board may select an alternative charity as indicated in the
fund document. Nonprofit groups can also establish this kind
of fund, as part of their organization’s own fundraising
strategy.
This type of fund allows you to support an area of charitable interest, defined broadly (such as education) or narrowly (such as math tutoring). You also can select a defined geographic area or specific community to benefit from your named fund. In determining suitable grant recipients which meet the fund’s criteria, you can stay involved, appoint an advisory committee, or leave the work to the Foundation’s Grants and Distributions Committee.
A donor-advised fund is a flexible tool for charitable giving. You can contribute to your fund when it is most convenient and then recommend gifts over time to nonprofit organizations of your choice. You select a fund name and then get to enjoy making grants to organizations committed to the causes you care about. You also can involve your children and grandchildren to share in a family tradition of giving.
Unrestricted funds are not specifically designated for use by a particular agency, cause, or area of interest. The Foundation’s Board of Directors would oversee the use of your named fund and set priorities for its use. Unrestricted funds give the Foundation the greatest latitude over the years in how to direct grants, based on the Board’s assessment of changing community needs.
The creation of a scholarship fund is attractive if you are interested in helping students obtain further education at any level. You may specify the criteria to be used in selecting recipients. For example, you may wish to support students who were involved in a certain high school activity; are studying a particular subject in college; or are attending a specific university or trade school. You may wish to name your scholarship fund in honor of a loved one.
Special purpose funds support a particular project or community initiative. This type of fund is shorter in duration than the other types of funds. The fund comes to an end once the special purpose is fulfilled. These are not endowment funds – all principal and earnings are distributed.
These are endowment funds created by other nonprofit charitable organizations to which the Foundation provides financial, investment management and other services. The organization which creates the fund has its own Board of Directors which makes decisions as to disbursements from the fund.
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