#7 What is a field-of-interest endowment fund?
Mr?Man senses this question is going to need more than two sentences to answer. Field-of-interest is a term used by Clarion County Community Foundation as well as other community foundations to identify trust funds dedicated to broadly stated charitable purposes such as family abuse, children and youth, food and nutrition, shelter, conservation, the arts, science education, veteran support, animal care, libraries and literacy.
These charitable purposes may be a part of the mission of one or several nonprofits active within the county. Grants made from such a fund may go to one or more nonprofits who applied for grants, but a grant is never given automatically to a specific nonprofit.
#8 What is a fund contract with a community foundation?
When a donor sits down with the community foundation representative, the donor is encouraged to talk about what they want their gift to achieve, how they want their fund to operate, and what they would like the fund to be named.
If their fund names a specific nonprofit, or is for a charitable purpose that may be different or even gone in a hundred years, the donor is encouraged to identify a field-of-interest as a beneficiary in a sunset provision. For example, if the nonprofit named in the fund or its successor ceases to exist or reside in Clarion County, the fund shall go to a field-of-interest named by the donor.
The donor may also want to describe how the fund committee is set up. For example, who will decide who receives a grant? What will be the criteria used in making those grants?
All this is written into a contract that is eventually signed by the donor, the Board President of CCCF, and the Board President of Bridge Builders Community Foundations. This prevents anyone from later deciding to rework your fund into something entirely different. Your fund stays as you created it. Charles Marlin