Additional funds may be created upon approval of the Board of Directors, to include Field of Interest, Designated, or Donor-Advised Funds. Donor-Advised Funds require a minimum of $10,000 or the intent to reach $10,000 within three years and will be spent at the direction of the donor as described in the Deed of Gift.
Designated Funds
Designated funds are directed by the donors or benefactors for a specific purpose, such as a specific project or initiative. An example would be the Yes I Can program. In the event the specific project or initiative no longer exists, the Board will re-allocate the Fund to similar initiatives.
Donor Advised Funds
Donor advised funds are a popular mechanism for giving large gifts. Distributions from these funds after consultation with the donor (or designee) and staff. The consultation is advisory only; the board retains legal authority over all distributions. A Deed of Gift will be drafted upon the creation of the fund indicating the general purpose and intent, as well as spending limits and targets.
Donor Advised Funds are a wonderful vehicle for tax deductions as well as being extremely efficient for a donor's philanthropy. As soon as $10,000 is reached in the Fund, the money can be allocated by the Board per the Deed of Gift toward specific projects or initiatives.
Field of Interest Funds
Field of interest funds are those from which distributions are made for a specified purpose or area of concern. For example, CEC has a fund which provides for general activities to support our advocacy efforts, the Advocacy Fund.