Many types of funds can be established to make a significant, positive impact in our Coastal Bend area communities. CBCF provides flexibility for you to create a fund that speaks to your interests and goals.
A permanent fund to support education, the arts and culture, community development, health / social services, or other charitable endeavors are the most common funds, often established by a donor or donor group as a corporate or a family fund. Types of funds are described below, with examples of existing CBCF funds to which a donor may choose to contribute.
Donors who wish to support a specific agency or cause can establish a designated fund. If the original charity ceases to exist, becomes obsolete or is unable to perform their charitable purposes, CBCF’s board of directors is able to redirect grants to an organization providing similar services without the cost of expensive legal action. Donors can create a new designated fund, or contribute to an existing one.
Many nonprofit organizations establish an endowment fund with CBCF in order to grow assets to meet both current and future needs. They look to our board of directors for strong investment oversight services and ask our staff to manage all of the administrative details of the endowment. This can provide a relatively constant source of annual income and help maintain their mission in perpetuity. It also frees the nonprofit to focus on what they do best in the community.
Field of Interest Funds
Field of interest funds are often established to support particular interest areas, specific program initiatives, causes or geographic areas. At the donor’s request, use of the funds is restricted to a specified area of interest, but flexibility remains to meet changing situations.
Donor or Charitable Advised Funds
Donor or Charitable advised funds are established by donors who wish to actively participate in the grant-making process. Individuals who establish a donor or charitable advised fund recommend charitable projects or organizations they want to support. It is easy to give to multiple nonprofits through a donor or charitable advised fund. CBCF’s board of directors is legally responsible for approving all grants.
The creation of a scholarship fund is attractive to many donors and can be structured to benefit students at any education level, or for a specific institution. A scholarship fund can also be established to honor a loved one.
While most scholarships are selected by CBCF’s Scholarship committee, donors may choose to stay involved through advisory relationships or name an advisory committee to assist in the selection of recipients. Either way, our staff will handle the necessary paperwork and will ensure that scholarships are distributed in an equitable manner.
Unrestricted funds are not specifically designated for use by a particular agency, cause or area of interest. Our board of directors oversees the use of these funds, setting priorities for their grants and determining how grants will be distributed to support the charitable needs of our community. Unrestricted funds give us the ability to respond to pressing and often changing needs in the community.