Types of Funds within the Community Foundation
Discretionary or Unrestricted Fund
This type of fund supports Lutheran Legacy Foundation’s operations and helps meet the needs of requests from the Lutheran Church at large. We receive many requests for funding from Lutheran entities and use money from unrestricted fund donations to meet the needs of those requests.
Designated (Agency) Fund
With this type of fund, you identify the organization or organizations to receive annual income. This fund is perfect for donors with multiple charitable interests, as you can donate to all desired organizations using only one fund agreement.
Field-of-interest funds combine the special interest of the designated fund with the flexibility of the unrestricted fund. When you choose a field-of-interest fund, you select the area you wish to endow, which can be broad or specific. For example, you could select Lutheran education, missions, social work or another interest. You choose the interest, and Lutheran Legacy Foundation takes care of selecting and distributing to recipients.
Donor-advised funds allow you, or your designated representative, to make recommendations for annual grants. This type of fund is perfect for donors who want to be active in funding recommendations.
Recently, grandparents and parents have been establishing funds and having children or grandchildren serve as the fund advisor. This has served as a way to teach future generations about the importance of philanthropy.