Creston Kootenay Foundation, charity, donations, grants

		Creston – Kootenay Foundation (Notes to Fund Structure) All disbursements are made by the Board. The specific funds committee, where existing, shall make recommendation to the Board) Community Funds Unrestricted An unrestricted, discretionary, open community fund held for charitable purposes, enabling the foundation to respond to a broad range of community needs and opportunities. The investment returns of these funds may be distributed to any nonprofit group including those in a field of interest or a designation. This is a preferred category for donations. Fields of Interest A fund established for the “fields of consideration” listed by the foundation in its Constitution. The investment returns of these funds are restricted to that field of interest but are unrestricted within the field of interest. Designated Funds A fund established to receive from and hold for other nonprofit community groups their capital. The investment returns of a designated fund are restricted to disbursal to that community group. The foundation will monitor the designated beneficiaries to ensure they are meeting the original intent of the donor. Advised Funds The donor or the donor and an advisory committee named by the donor give the foundation recommendations on distributions annually. Often set up in a donor’s will naming the advisor(s). This fund requires more ‘hands on’ by the foundation and requires a higher fund amount, $ 10 000, to be initiated. Scholarship / Bursaries Scholarships and bursaries funds would be held by the foundation and investment returns distributed once annually on the recommendation of an advisory committee composed of a member from PCSS of the school district and a member of the Creston campus of the community college. Flow-Through / Temporary Fund Often used by Stage 1 community foundations like Creston – Kootenay and TAPs to provide early grant funds while the community fund is being built. Also, used in offsetting operating costs. The disbursement quota requires that 80 % of the receipted gifts from the previous year be disbursed. In order to avoid this requirement in order to build endowment capital a written directions is required indicating that the assets be held for 10 years or more. Open Funds Most funds are open in that they will accept future donations from anyone interested, even in modest amounts. Closed Funds Contributions may only be made by the fund holder, by their family members or through in-memoriam gifts.

Creston – Kootenay Foundation (Notes to Fund Structure)
All disbursements are made by the Board. The specific funds committee, where existing, shall make recommendation to the Board)

Community Funds Unrestricted
An unrestricted, discretionary, open community fund held for charitable purposes, enabling the foundation to respond to a broad range of community needs and opportunities. The investment returns of these funds may be distributed to any nonprofit group including those in a field of interest or a designation. This is a preferred category for donations.

Fields of Interest
A fund established for the “fields of consideration” listed by the foundation in its Constitution. The investment returns of these funds are restricted to that field of interest but are unrestricted within the field of interest.

Designated Funds
A fund established to receive from and hold for other nonprofit community groups their capital. The investment returns of a designated fund are restricted to disbursal to that community group. The foundation will monitor the designated beneficiaries to ensure they are meeting the original intent of the donor.

Advised Funds
The donor or the donor and an advisory committee named by the donor give the foundation recommendations on distributions annually. Often set up in a donor’s will naming the advisor(s). This fund requires more ‘hands on’ by the foundation and requires a higher fund amount, $ 10 000, to be initiated.

Scholarship / Bursaries
Scholarships and bursaries funds would be held by the foundation and investment returns distributed once annually on the recommendation of an advisory committee composed of a member from PCSS of the school district and a member of the Creston campus of the community college.

Flow-Through / Temporary Fund
Often used by Stage 1 community foundations like Creston – Kootenay and TAPs to provide early grant funds while the community fund is being built. Also, used in offsetting operating costs.
The disbursement quota requires that 80 % of the receipted gifts from the previous year be disbursed. In order to avoid this requirement in order to build endowment capital a written directions is required indicating that the assets be held for 10 years or more.

Open Funds
Most funds are open in that they will accept future donations from anyone interested, even in modest amounts.

Closed Funds
Contributions may only be made by the fund holder, by their family members or through in-memoriam gifts.

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