Types of Funds

Unrestricted Endowment

A permanent endowment that is used to address the most pressing needs of our community – currently and in to the future. Paying particular attention to the changing needs of the community, the Foundation’s Grants Committee is charged with allocating the earnings from these funds by reviewing grant applications from any charitable organization in east central Illinois and making recommendations that are approved by the Board of Trustees.

Donor Advised Fund

A fund that allows the donor to be actively involved in continued charitable giving. This type of fund is attractive because it allows the donor to continue to participate in its use and benefit to the community. And, it is convenient for end-of-the-year giving when you wish to make a charitable donation, but have not decided which organizations you would like to support. You receive an immediate tax deduction for the contribution, and you can take as long as you want to decide how to allocate the funds. From time to time, the donor may suggest who is to benefit from this gift. The Community Foundation’s Board of Trustees must approve the donor’s recommendation to assure that distribution is in line with IRS regulations and the Foundation’s Constitution and Bylaws.

Organization Endowments

Any nonprofit organization in our nine-county service area can take advantage of using the Community Foundation of East Central Illinois to invest and manage its endowment fund. The organization will receive greater returns from pooled funds, sound fiscal management and reporting, diversity of investment and reduced management fees.

Field of Interest Fund

An endowment that allows the donor to devote the gift to a specific area such as education, youth programs, the arts or other areas. The Foundation then solicits grant applications from organizations within those fields.

Restricted Fund

A fund for which the donor names one or more organizations or beneficiaries to receive the income generated. If the organization ceases to exist, the Foundation will redirect the income to other organizations with similar purposes and missions ensuring the integrity of your original intent.

Scholarship Fund

A fund that you can establish in your name, or in the name of someone you wish to honor or memorialize, to benefit deserving students. The Foundation will solicit applications and make awards based on criteria you establish for creditable recipients.

Mary K. Peer Fund for Administrative Expenses

Contributions in any amount may be added to our administrative fund. Mary K. Peer, a devoted board member and community volunteer, established this fund to preserve the Foundation’s commitment and purpose in the community. The Foundation uses the earnings from this fund for operating expenses, preserving all principal investments.