The Community Foundation manages several variations of charitable endowments and non-endowed charitable funds, including:
Unrestricted Funds: The most flexible form of charitable fund that a donor can create is an Unrestricted Fund. The Community Foundation utilizes Unrestricted Funds at its discretion to provide grants to nonprofit organizations and charitable programs addressing the most pressing community needs in Staunton, Waynesboro, and Augusta, Nelson, and Highland counties.
Field of Interest Funds: While the Community Foundation directs grants from this type of charitable fund at its discretion, it does so within the area(s) of interest selected by the donor. For instance, you may create a Field of Interest Fund with the objective of increasing access to pre-school education for low-income families. The responsibility for directing grants from your charitable fund to achieve that goal rests with the Community Foundation. This form of charitable fund is particularly effective for charitable endowments that will exist in perpetuity.
Designated Funds: Donors may also predetermine the specific nonprofit organization(s) that the Community Foundation is to support at the time that they establish this form of charitable fund. A Designated Fund in the form of a charitable endowment is particularly appropriate for a donor who values the contributions of one or more nonprofit organizations and wishes to extend their support of them long after their own lifetime.
Donor-Advised Funds: As the name of this form of charitable fund implies, the donor who creates a Donor-Advised Fund remains actively involved in their fund through their routine advisement concerning their fund’s charitable work. A Donor-Advised Fund is ideal for donors who have a wide range of charitable interests and wish to respond to the shifting needs of the community.
Scholarship Funds: One of the most common forms of charitable funds, Scholarship Funds support individuals who aspire to better lives through education. Donors who choose to create this form of fund select the criteria that allows the Community Foundation to identify the best possible candidates to receive scholarship support. While most Scholarship Funds support individuals pursuing a four-year college degree, donors can structure their fund to support the pursuit of education at many different levels, or education at specific institutions.
Award Funds: One of the first, and arguably one of the most widely-known charitable funds established at our Community Foundation was the Dawbarn Education Awards. Mr. Dawbarn created this Award Fund to recognize and reward individuals in our community who have most successfully inspired, encouraged, and fostered learning among the students in the public schools of Staunton, Waynesboro, and Augusta County. Donors interested in celebrating the contributions of exceptional individuals in our community may consider creating an Award Fund.
Agency Funds: Unlike all other charitable funds, an Agency Fund is the result of another nonprofit organization contributing assets to the Community Foundation for our management. Their Agency Fund can be a source of annual income for their general operations or a reserve fund for their future use.