There
is the Field of Interest Fund that you may wish to establish.
You may describe this field as broadly or narrowly as you wish. The Beaver County
Foundation then uses its board of directors and extensive consultant resources to identify
and select appropriate recipients of the income from Your Fund. A Field
of Interest Fund can be joined by others who do not wish to establish their
own fund. Therefore, starting a Field of Interest Fund can be a
significant step in philanthropic leadership.
The Donor-Advised
Fund is among the most popular philanthropic vehicles within a community
foundation. Your contributions to the fund qualify for maximum tax deductibility in the
year in which the contribution is made. You provide the the
recommendations from time to time on the distributions from your fund
subject to the guidelines set out in the regulations of the internal revenue code.
For example, the proposed grant must be consistent with the charitable purpose of the
Beaver County Foundation. Final approval for distributions from a Donor-Advised
Fund must rest with the board of directors. The Pittsburgh Foundation, for
example, has nearly 1,000 donor advised funds.
Then there is The Designated
Fund. This fund is designed for individuals who want to support the same
organizations into the future as they are supporting today. Through there wills these
individuals designate their college, a local hospital, the Umited Way,
their place of worship or any non-profit organization (s) of their choice to recieve
grants from the Beaver County Foundation. Should you not be certainthat the organization
will be in existance in the years to come The Beaver County Foundation will direct your
grants to an organization that meets your original needs. Here as well, The Pittsburgh
Foundation has more than 500 designatedfunds designed to serve all aspects of the
community.
The Memorial
Fund is created wit others to honor a deceased family member or friend in a
special way. The person's favorite charity or charities will receive annual income from
this Memorial Fund. Income from this endowed fund can be used to support
the annual fund of churches, colleges, arts organizations, the hospital or a social
service agency.
Scholarship
Funds are a popular form of supporting the local community and developing
leadership for tomorrow. You create your fund and may
identify the area of study, the college or university, the high from which the recipient
may graduate and other criteria to aid in the selection process. The Beaver County
Foundation currently has three scholarship funds for graduates of local high schools,
Ambridge, Aliquippa, Big Beaver Falls and a tuition-scholarship fund for Mt. Gallitzen
Academy.
Following Benjamin
Franklin's lead, The Beaver County Foundation offers an Acorn Fund. You
as a donor select one of the fund types described above. For as little as $5,000, payable
even over five years, you can be a philanthropist. You can become a member of the Acorn
Society of Beaver County and join in planting a seed that will grow for the generations to
follow while making Beaver County a better place to live, play, work and worship.
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