The Foundation’s Unrestricted Fund is a discretionary fund that has the potential of impacting the greatest number of people within our community since it serves as the main source of funding for our competitive grant cycle. As with all discretionary funds, the Board of Trustee’s decides the most effective use of their funding dollars.
Designated Funds provide an ongoing source of support for a specific charitable organization named by the donor when the fund is established. Designated Funds are established by an individual or a nonprofit organization or group whether as an endowment fund, quasi-endowment fund, or other purpose fund (usually for community projects supported by multiple donors).
Designated Agencies or purposes (Endowed)
Contributions are held as endowment and income is distributed to agency or designated purpose in perpetuity.
Designated Agency Funds (Quasi-Endowed)
Contributions are typically held as an endowment and income is available for distribution or may be distributed automatically, but organization may also request entire balance in certain circumstances.
Other Designated Purpose Funds
All contributions are typically distributed for a designated purpose; fund is not permanent and will typically be closed when all funds are distributed.
Discretionary funds allow you to create a fund that meets the community’s changing needs, supports innovative solutions to problems, and enhances the quality of life in Waco and McLennan County. There are not any restrictions placed on how these funds can be used, leaving their most effective charitable application to the Foundation’s Board of Trustees.
Donor Advised Funds offer philanthropists maximum flexibility over their charitable distributions. Donors can make distribution recommendations throughout
the year to various qualified charities of their choice.
Field of Interest Funds allow donors to identify areas of interest that mean the most to them. Examples include education, the arts, and social services. The donor relies on the Foundation’s Board of Trustees to identify organizations capable of making the greatest impact in the field they have chosen.
Scholarship Funds are dedicated to providing financial assistance for individuals as they seek to continue their education. Upon creation of the fund, the donor may set up specific criteria for the scholarship such as financial need, academic achievement, a particular field of study, or a specific institution.