Types of Funds
The Richmond Community Foundation offers many fund options for directing your community-spirited gifts. The diversity of choice is offered to Richmond residents, and everyone who wants to see our community thrive. Some donors find it easier to look at their areas of passion or concern and then decide on a specific type of fund to reach their goals. These areas can be simplified into such categories as Scholarships and Bursaries, Arts, Culture, Heritage, Environment/Conservation, Sports, Parks and Recreation, Youth, Seniors, Healthcare, and Social or Community Programs and Services.
For a brief overview of the types of funds available, see below. For more detailed information, please contact us at 604-279-7020 or firstname.lastname@example.org.
Important: All significant contributions to funds require ‘written direction’ from the donor for the asset to be kept as capital in a fund. When funds are added to an existing fund then the donor’s directions are documented in a Donor Directive Form, which includes references to the funds being held in perpetuity that must be signed and dated by the donor.
Administration Endowment Fund – The income from this fund helps to finance the administration costs of the work of the Richmond Community Foundation. Donors may direct their donation to support the Richmond Community Foundation through this fund.
Agency Fund – This is a fund that is established by a charitable organization that provides endowment funding for the organization. The income is annually distributed to the organization. This fund is a good and cost effective alternative to an organization establishing a foundation of their own.
Community Endowment Fund – The donor may direct their contributions to this fund. Donations with no direction to be applied to any specific fund, but with direction to be kept as capital, are placed in the general community fund. Grants are awarded from this fund at the discretion of the Grants Committee.
Donor Advised Fund – This is a fund that a donor establishes with a fund agreement giving direction that they are to annually provide advice as to where the income from the fund is to be awarded. This type of fund is a good and cost effective alternative to a private foundation.
Donor Directed Fund – This is a fund that a donor establishes with a fund agreement giving direction that the income is to be used to benefit a specific charitable organization or program.
Field of Interest Fund – A fund that a donor establishes with a fund agreement giving direction that the income is to be used to support a specific field of interest. Grants are awarded at the discretion of the Grants Committee.
Named Fund – A fund that a donor establishes with a fund agreement outlining recipient criteria and giving direction that the income is to be used to support a scholarship for post-secondary study at an accredited educational institution. Scholarships are awarded at the discretion of the Scholarship Committee.
Flow-Through Funds – Funds that a donor provides direction to disburse the capital to specific charitable organizations or programs. A donor with an existing fund agreement may wish to provide extra funds to the recipient of the income from the existing fund and flow those additional funds through the Richmond Community Foundation. Or, if they wish to flow through additional funds annually over a period of years, they may choose to establish a flow-through fund agreement that provides the direction for additional capital to be disbursed.
Scholarship – This is a fund that a donor establishes with a fund agreement that gives direction that the income is to be used to support Richmond students with their post-secondary education. A scholarship fund can be established for a specific field of study or be awarded for other criteria which the donor specifies in the fund agreement.