By far the most useful kinds of funds held by the Community Foundation are our Unrestricted Funds. We usually mean the General Endowment when we refer to Unrestricted Funds. The General Endowment gives the Board of Directors complete discretion in making grants. The Board applies the annual payout to an ever-changing variety of needs in the community in the areas of arts and culture, community development, education, health and human services, youth and seniors, and animal welfare. It is also possible to create a Named Fund by bequest in a will or trust.
The Discovery Bay Community Foundation also offers and contributes to those organizations on our Fund List comprised of a variety or programs selected each year by its Board of Directors.
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.
For donors who want to avoid the expense and admistrative burdens of creating a private foundation, but who want to involve their family in local charitable giving, a Donor-Advised fund is frequently an attractive alternative. The purpose of a Donor-Advised fund is to permit the involvement by donors in the charitable activities and interest of the Foundation. These funds allow donors to make recommendations to the Discovery Bay Community Foundation Board for support of local charitable agencies. The Foundation’s responsibility is to determine that the recommended grantee is tax-exempt and generally within the purview of the Foundation’s Grantmaking. All grant recommendations must be approved by the Board of Directors.
Designated Fund uses are predetermined by the donor or agency that creates the fund. These funds, open to donations from anyone in the community, are dedicated to the specific agency in perpetuity. If the designated agency is no longer operating, proceeds are directed to the closest related Designated Fund.
Options for beneficiaries of Designated Funds are very broad. The Fund can provide regular distributions to any donor-designated interest that meets the Foundation’s beneficiary requirements. Uses for Designated Funds might include: awards for excellence in any area, camperships for Scouts, purchase of children’s books at local libraries, or maintenance of gardens, to name just a few.
Setting up an Educational Scholarship Fund can be a way to give back to your community or honor a loved one. Donors can choose to stay involved in an advisory role, or name an advisory committee to assist in the selection of recipients. Our staff will handle the necessary paperwork and ensure scholarships are distributed in an equitable manner.