A Fund can be established quickly and easily, with minimal cost, and every Fund created in the Community Foundation qualifies for the maximum charitable deduction permitted by law. Funds can be named for their donors, for their purposes, or as memorials.
Most Funds operate as perptual endowments, distributing only their net income.
Long Island Community Foundation donors can create their own funds or contribute to Funds already established to respond to the Island's needs. They can specify nonprofit organizations or fields of interest to receive grants, or leave the funds available for changing community needs. They may suggest grant recipients or leave those decisions to the Community Foundations's Board of Advisors. Four Types of Funds Community Response Funds are for broad charitable purposes and allow the Board and professional staff of the LICF to respond to priority needs of the community as they arise. Donor-Advised Funds are for broad charitable purposes and allow you to suggest grants when you wish to support particular organizations.