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Derby Community |
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Types of Funds: The Derby Community Foundation provides different types of funds to address a wide variety of interests. Designated Funds let donors support a specific project, organization or organizations. The donor selects the charitable recipients. The Foundation administers gifts to the charities annually. Donor-Advised Funds allow the donor to suggest grant recipients from their fund without the administrative responsibility of a private foundation. Although the law requires that the Derby Community Foundation have ultimate control of these funds, the donor’s recommendations are followed as long as they are legally permissible. Scholarship Funds can be established using memorial funds or designated funds. Donors can help establish the criteria for scholarship selection. Awards can be for a specific institution, for a specific field of study, or can be built around a certain student profile. Organization Funds enable not for profit charitable organizations to establish endowment funds without having to create a separate legal organization. The Foundation provides administration, investment and accounting services for these endowments. Field of Interest Funds allow donors to support a specific purpose without designating a specific organization or charity. Any one can make a donation of any size, at any time to a field of interest fund. Memorial Funds may be established by a donor in the name of a deceased loved one. Memorial funds may serve as designated funds, donor-advised funds, scholarship funds, or field of interest funds. Administrative Fee for Fund Maintenance: The Derby Community Foundation recognizes the associated administrative costs in the management and supervision of funds established in the Foundation. Examples of those costs include, but are not limited to, the following: data entry, audits, recognition, utilities, personnel costs, record-keeping, reports and general overhead. The amount of the administrative fee will be agreed upon by the Derby Community Foundation Board of Directors and the donor prior to establishing a fund. |
