What is a Fund
A fund is a segregated charitable component account of the Grand Traverse Regional Community Foundation that is formed by a fund agreement.
There are two types of funds:
- Endowed funds are the type where a portion is never spent and where primarily earnings are used for grants.
- Non endowed funds are the type that are used for sponsored temporary purposes.
There are basically three forms of funds:
- Field of Interest are funds that have many donors and request grant proposals from the public for a described purpose. An advisory committee then reviews the applications and recommends the grants for funding.
- Agency Funds are funds that are seeking many donors to support an organization’s purpose or mission. The grantee is the organization.
- Donor Advised are fund accounts that have one source of funding and make grants to various 501(c)3 and governmental organizations.
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