Types of funds available through the Hastings Community Foundation include:
- COMMUNITY GRANTS FUND (UNRESTRICTED)
- DONOR ADVISED FUNDS (ENDOWED OR NON ENDOWED)
- FIELD OF INTEREST FUNDS
- ENDOWMENT FUNDS
- SCHOLARSHIP FUNDS (ENDOWED AND NON ENDOWED)
- MEMORIAL FUNDS (ENDOWED OR NON ENDOWED)
Unrestricted funds provide flexible resources for grant making to promising and/or innovative projects, or other purposes “for the public good,” recognizing our community’s unique needs, challenges, and opportunities. This is the fund from which we award all our unrestricted grants. Donors who choose to give to HCF’s Community Grants Fund add their contributions, both large and small, to the community’s “savings account.” The principal of these funds is carefully invested and the income generated annually from the endowed fund is used to make grants addressing important community concerns. It is a permanent source of community source of community capital, helping to meet important community needs both today and in the future. For a list of our most recent grants go to: 2012 Unrestricted Grants
Donor Advised Funds have become a simple and quite popular means of philanthropic giving. These kinds of funds allow you, the donor, to contribute to your own Donor Advised Fund and realize all charitable tax credits allowed by law. Assets accepted include cash, appreciated stocks, real estate, life insurance, gifts of grain, private foundation termination, or other assets.
Donors can then choose the appropriate time and/or charitable need(s) that they would like to support. The donor requests that a grant distribution(s) be made from their fund and the Hastings Community Foundation handles the rest!
A donor-advisor can name a future “successor” to serve as the advisor to the fund, in order to continue carrying out the donor’s charitable intent, in perpetuity.
A Donor Advised Fund can provide a simple and economical alternative to the establishment of a family foundation. [See Foundation Comparison Chart ]
Field of interest funds may support broadly defined areas of public interest including artistic and cultural interests, environmental interests, health interests, recreational interests and other special projects to benefit the community.
“We have made a start in discovering the meaning of human life when we plant shade trees under which we know full well we may never sit.” ~ D. Elton Trueblood
The above quotation characterizes the essence of endowment giving! Endowment Funds are designed for perpetuity. This means that the principal is never touched. It remains in the fund, generating investment earnings. Distributions are made from the earnings. An endowed fund started today, will still be generating funding 100 years from now, long after most of us are gone! Endowing a fund is a great “donor legacy” opportunity! Any charitable fund can be endowed.
For donors who are interested in supporting educational opportunities, scholarship funds can be structured using customized criteria for selection of the student recipients. For example, scholarships may be awarded in the fields of music, athletics, academics, other certain achievements, or according to need, based upon the customized criteria for that particular scholarship. Scholarship funds may be endowed or non-endowed.
Memorial funds may be established to honor the memory of loved ones. Memorial funds can be used to fund a broad array of charitable causes, with all distributions being made in memory of your loved one. Memorial funds may be endowed or non-endowed or can be set up similar to a donor-advised fund, where the spouse or family of the deceased can request various grant distributions. Establishing a memorial fund at the Hastings Community Foundation gives the bereaved family time to consider how best to honor the memory of their loved one. Memorial funds can be endowed or non-endowed.