YYy You can select from the following fund types based upon your charitable goals.
LEGACY FUND: Legacy Funds permit the Foundation the greatest flexibility in responding to present and future local charitable needs in the name of the fund. Donors establishing Legacy Funds know their gift will meet the ever-changing needs in our community for generations to come. A Legacy Fund can be started with a gift of $500 or more.
SCHOLARSHIP FUND: The Community Foundation is well known for its extensive scholarship program. Many donors create Scholarship Funds as memorials to loved ones and friends. Donors have the option to define the criteria of their funds (e.g., to serve students entering a particular field of study or graduating from a specific high school, etc.). A scholarship fund can be started with a gift of $25,000 or more.
FIELD OF INTEREST FUND: These types of funds enable donors to choose a particular field of interest, such as youth, education, senior citizen needs, the arts, etc. The Foundation evaluates needs within the specified field and responds to those needs in the name of the fund.
DESIGNATED FUND: These funds are designed to benefit specific charitable organizations such as a non-profit agency, a civic institution or a religious house of worship. If a specific beneficiary of a fund ceases to exist, the Foundation will follow the original intentions of the donor by identifying organizations of similar purpose. Thus, donors have the assurance that their charitable objectives will continue to be fulfilled.
DONOR ADVISED FUND: Donor Advised Funds allow donors to make suggestions for distributions to meet current needs. Although Internal Revenue Service regulations require these suggestions to be nonbinding, a donor advised fund allows the donor to work with the Board in identifying charitable needs.
ADMINISTRATIVE FUND: Funds assisting the Foundation in its work enable our organization to maintain modest levels of fees for services to the community. Your Administrative Endowment Fund will receive ongoing recognition in the Foundation’s Report to the Community, and will ensure our ability to maximize our mission to the community.
COMBINATION OF CHARITABLE PURPOSES FUND: If you wish to support several charitable causes, it is possible to design a fund which will distribute a combination of charitable grants each year. For example, a percentage of your fund’s annual income can be distributed to a specific charity and the balance an be reserved for scholarships. Or, set percentages can be awarded to specific charities with the balance earmarked for a particular field of interest, such as senior citizen needs or the environment. We welcome your participation and creativity in the design of your charitable fund.
Prior to Lorraine’s passing in late 2014, Ben and Lorraine Morlan established two gift annuities with the Parke County Community Foundation which will fund several of their favorite local charities including an endowed gift to support the Ritz Theater. Ben and Lorraine have spent their lives serving the Parke County community and wanted to make sure that their service to our community continued generation after generation following their time here. The Morlan’s receive yearly income from these gifts until their passing, then the annual income will be distributed to the charities they love forever.