Under the community foundation structure, individuals, families, corporations, and other nonprofit organizations can create various funds supporting charitable interests in Calhoun County and northeast Alabama. A minimum tax-deductible contribution of $10,000 is necessary to establish most funds, or a smaller beginning balance can be used with a commitment to reach $10,000 within three years.
 
Each component fund has a defined purpose. The fund can be titled in the name of an individual, a couple, a family, an organization or a company. The fund can be anonymous; it can be joined to a general intent such as public safety, nutrition, or provide educational scholarships; it can be created in honor of a board member, a retiring employee, or a friend; and it can be established as a lasting tribute to honor someone's memory. Depending on the donor's goals and intentions, grants are distributed to designated nonprofit organizations or institutions either during the donor's lifetime or after. These distributions are made by the Community Foundation in the name of the fund. The following is a sample of the many flexible funds that can be established.
 
The Longleaf Fund

Needs in the community change over time. This unrestricted fund appeals to donors who wish to contribute to a flexible community endowment supporting the most pressing needs in the community. The Board of Trustees has set a goal of $1 million before The Longleaf Fund begins to award grants. Donors may also have a named fund within The Longleaf Fund.
 
Advised Funds

Many individuals and couples make annual gifts to various charitable causes. Under this format, the donor establishes a fund and annually recommends where they would like the fund’s income to be given. Donors can make a single charitable donation and then make distribution recommendations at anytime in the future. Upon the donor's death, he or she may assign the advisory role to another family member or close friend. This is an ideal way to instill and promote giving among children.
 
Agency or Institutional Fund

This fund supports the specific charitable mission of a local nonprofit agency or organization. The leadership of the nonprofit generally creates this fund; however, a donor or group of donors may wish to establish a fund or add to an existing endowment to provide future financial support designated exclusively to the organization‘s charitable mission. An Institutional Fund can be created for religious institutions, public or private schools, museums, hospitals, libraries or other public institutions.
 
Charitable Corporate Fund

Many businesses and corporations find it beneficial to have a Corporate Fund to manage and coordinate their community giving. This saves the expense of staffing and managing their own charitable fund. The fund is tax deductible and is created around a company's specific charitable interests. Moreover, it allows for the selection of advisors from among the company's executive staff, employees, or retirees to recommend distributions.
 
Designated Fund

A donor may wish to establish a fund that will perpetually continue their giving in support of one or more nonprofit organizations or institutions. This type of gift can provide a religious institution, school, university, hospital, museum, human society or human service provider with a regular and dependable gift. The Foundation staff provides fund oversight to ensure the donor's intentions are maintained.
 
Field of Interest Funds
 
Knowing that a fund is perpetual results in donors wanting to support a general area of need rather than a specific organization that may or may not exist in 50 or 100 years. The Field of Interest Fund allows donors to define a broad area of concern, such as child development, animal welfare, scholarships, recreation, healthcare, historic preservation or other general area of interest or concern.