Donors who choose to establish their own endowed fund at the Thomas County Community Foundation are encouraged to have an active involvement in the distribution of funds. TCCF has five fund types to choose from. Please contact us to learn more.
UNRESTRICTED ENDOWED FUNDS
These types of funds are the most flexible endowed gift that can be made to the Thomas County Community Foundation and enables the foundation to respond to changing or immediate community needs from year to year. TCCF's board of directors is given discretion from the donor to make a broad range of different grants from the annual earnings generated from the fund in order to respond to the ever-changing needs of Thomas County. The fund may be named by the donor, or become part of a pool of other unrestricted gifts. Donors are always given recognition, unless otherwise specified.
RESTRICTED ENDOWED FUNDS
FIELD OF INTEREST FUND - The donor transfers an irrevocable gift to the Thomas County Community Foundation for investment and management. The donor directs the TCCF to make grants from the annual earnings in a specific program area. The TCCF or its designated advisory committee chooses the specific recipient from among those submitting grant requests that meet the criteria for that field of interest. The fund can be named by the donor or added to the pool of other funds designated for that field of interest. Donor recognition is always given, unless otherwise specified.
Examples of common fields of interest are listed below, but the possibilities are endless:
Arts, humanities, music, etc.
What is your area of interest?
DONOR ADVISED ENDOWED FUNDS - The donor irrevocably transfers assets to the Thomas County Community Foundation and actively participates by making recommendations regarding the distribution of the annual earnings. The donor may recommend charitable recipients or purposes that might receive the grants. The recommendations must be advisory only and the foundation board of directors must then approve these as consistent with the foundation's mission and within nonprofit guidelines. Donor Advised Funds are flexible, simple to establish and a way to provide a charitable legacy for the donor and/or his or her family; Donor Advised Funds are professionally managed and include an array of grant making support services.
DONOR DESIGNATED ENDOWED FUNDS - The donor irrevocably transfers assets to the foundation and designates a specific named nonprofit agency/organization to receive grants from the annual earnings forever-- so long as that agency/organization continues with its positive missions and goals. The donor may name the fund in honor of either a specific person or for the agency/organization for which it was created. The foundation owns the fund and works with the donor if questions arise. A donor who wishes others to add to the fund usually name it for the agency/organization. Donors are always given recognition, unless otherwise specified.
AGENCY/ORGANIZATION ENDOWMENT - A nonprofit agency or organization places its endowment funds with the Thomas County Community Foundation for management and investment. The foundation regularly distributes earnings back to that agency/organization for its use according to the established contract guidelines. This type of fund is excellent for an agency/organization with goals to improve life or to continue a program, such as a scholarship, for years to come but also has a concern with those goals not being followed through with after a new staff or board of directors takes place within the institution.
You'll notice some of the established funds located at the Thomas County Community Foundation are called an "Acorn Fund." The term "Acorn Fund" simply indicates that this fund is still growing and is not yet able to distribute grants. Currently at the TCCF, endowment funds are considered "fully funded" once they reach a minimum of $2,500. Once the established fund receives enough contributions (either from the established fund donor or other others) to reach $2,500, it will then start to receive earnings allocated to them and therefore the grants can be made.
Donors with a mission have the option of establishing an acorn fund immediately and may take advantage of tax deduction benefits, and are given three years to reach a "fully funded" status. This acorn fund option provides flexibility and budget options for donors. Once established at TCCF, the fund is promoted and oftentimes reaches the $2,500 minimum more quickly than anticipated as other interested donors contribute to the fund.
Pass Through Fund
TEMPORARILY RESTRICTED CONTRIBUTIONS
Pass Through Funds are known as Temporarily Restricted Contributions. Instead of adding the donated funds to TCCF's permanent endowment, the donor authorizes the Thomas County Community Foundation to deplete the donated funds but specifies the length of time the foundation must hold the funds or the use of the funds for a specific project or program.