Funds
Most funds can be established immediately, usually in one brief meeting and can be funded with cash, securities, real estate and/or personal property, closely held stock, insurance or other convertible assets. Or you may wish to create a fund in your will or through special charitable trust arrangements that benefit you and your family by providing them with life income while carrying out your charitable intent. All options provide you with the maximum tax advantages while helping you to invest in the growth of your community.
Types of Funds
Deciding which type of fund to choose depends on your charitable objectives. Generally, funds are invested and the income is used to make grants. Individuals, foundations, corporations and organizations have established the types of funds listed below.
Unrestricted Named Funds give CFNEM both the resources and the flexibility to address the ever-changing needs facing the people and institutions of the area. Donors who wish to leave a legacy to their community can establish an unrestricted fund by bequest and know that their gift will be used to respond to community needs during their lifetime and for generations to come.
Field of Interest Funds serve donors who wish to rely on the expertise of CFNEM to determine the most effective use of their fund to address problems in a particular area of interest, such as the arts, the environment or human services.
Donor Advised Funds are excellent vehicles for those who wish to participate actively in the grant making process. In establishing a donor advised fund, the donor retains the right to serve as an advisor, making grant recommendations for consideration by the Board of Trustees. A donor advised fund provides an opportunity for families to participate together in the tradition of philanthropy.
Designated Funds are established to benefit specific charitable organizations. Grants are made accordingly, and the donor's intent in making the gift will be preserved over the years. Should the named institution go out of existence, or should the purpose of the original gift become obsolete, CFNEM will apply the funds to purposes which closely parallel those designated by the donor. This variance power is a unique feature of community foundations.
Organization (Agency) Endowment Funds may be created by a non-profit organization to gain more visibility for the organization and its endowment, thus encouraging those interested to add to the endowment. Placing an endowment with CFNEM also relieves the organization of internal accounting and external reporting, increases opportunities for maximizing investment returns and ensures long-term growth.
Scholarship Funds help deserving young people pursue an education they might not otherwise receive. Because scholarship programs are time consuming to administer and must comply with specific legal requirements, CFNEM is recognized as a natural repository for and manager of scholarship funds.
Community Foundation Funds
While a prospective donor may wish to establish a new fund at the Community Foundation, the following established funds may be added to by anyone, at any time, in any amount. As you can see, each fund's purpose varies with the charitable intent of the donor, providing a diverse philanthropic tapestry. Funds whose donors desire anonymity have not been included.
The following funds are "new" funds that were established between October 2009 and September 2010. (Please note: Our fiscal year runs from October 1 to September 30.)
NEW Community Foundation for Northeast Michigan Funds:
Agius Family Community Fund - This permanent endowment was established by Barb Agius to support the Alpena Boosters Club for the purpose of splitting the spendable amount in even payments each year. Half will be used to support children to participate in area sports teams and the other half will be used to support the Wings Over Alpena air show.
Wings Over Alpena Fund - This non-endowed fund was created by the Wings Over Alpena group of the Alpena Boosters Club to help support the Wings Over Alpena air shows which they plan to bring to Alpena every other year.
Alpena Area Senior Citizens Council, Inc. Fund - This non-endowed fund was created by the Alpena Area Senior Citizens Council, Inc. to support the work of the Alpena Senior Citizens Center.
Dr. Elaine Smith Nursing Scholarship Fund Sponsored by Phil and Leland Harris - This permanent endowment fund is the second scholarship fund established by Leland Harris. This one is in honor of his personal physician, Dr. Elaine Smith. The fund will support students from Alcona, Alpena or Presque Isle to study nursing.
Tim Fitzpatrick Family Scholarship Fund - This permanent endowment scholarship fund will be used to help students from northeast Michigan to attend college.
Great Lakes Stewardship Initiative Endowment Fund - This permanent endowment fund will be used to support place-based environmental education programs all around northeast Michigan.
Great Lakes Stewardship Initiative Project Fund - This non-endowed fund will use money from the Great Lakes Fishery Trust to help support place-based environmental education programs all around northeast Michigan.
Thunder Bay National Marine Sanctuary Endowment Fund - This permanent endowment fund was created to help support the agency in the future.
NEW Iosco County Community Foundation Affiliate Funds:
Iosco County Humane Society Endowment Fund - This permanent endowment fund will be used to help support the Iosco County Humane Society as their board recommends.
Tawas Community Concert Band Endowment Fund - This permanent endowment fund was created to help the Tawas Community Concert Band offer scholarships to area residents to attend band camps and music education programs.
NEW North Central Michigan Community Foundation Affiliate Funds:
Crawford County Historical Society Endowment Fund - This permanent endowment fund will be used to help support the Crawford County Historical Society as their board recommends.
Dick & Doris Smith Memorial Scholarship Fund - This permanent endowment scholarship fund will provide scholarship awards to eligible students from Fairview, Mio, Atlanta and Hillman high schools.
Irene E. Peterson Scholarship Fund - This permanent endowment scholarship fund will provide scholarship awards to students from Ogemaw Height High School to study in tyhe fields of teaching and medicine.
NEW Straits Area Community Foundation Affiliate Funds:
Friends of Inland Lakes Schools Fund - This non-endowed fund will be used to pay for the needs of the Inland Lakes Schools that are not covered by other funding.