It’s graduation season, and that means education may be on your mind! The Community Foundation can help you make a difference in the lives of young people by funding education. Certainly, establishing a scholarship fund at the Community Foundation is one way to accomplish this goal. But that’s not the only way. Here are three ideas to consider as you explore ways to impact lives by supporting education.
Establish a designated fund for educational institutions.
A designated fund provides support for specific organizations of your choice. So, for example, if you want to ensure that a particular college or university receives funding each year, you can set up a designated fund to accomplish this. For instance, if your family has supported the same local college for generations, you may want that support to continue. At the same time, you want to be sure that your funds are used effectively. This includes protecting your monetary support from the college’s creditors if the college finds itself in financial trouble. A designated fund at the Community Foundation could be the solution.
Establish a “field of interest” fund to support specific aspects of education.
Through a field of interest fund at the Community Foundation, you can establish parameters for grantmaking according to your wishes. If education is your priority, perhaps over the years you’ve supported a variety of local organizations that provide students with courses, tutoring, mentorship, and social services, ranging from grassroots nonprofits to well-established trade schools and higher education institutions. Establishing a field of interest fund activates the Community Foundation’s expertise and research by delegating grantmaking decisions to the Community Foundation team. This helps donors like you ensure that your dollars will have the greatest impact, in perpetuity.
Seek the advice of the Community Foundation for your donor advised fund grant making.
If you have established a donor advised fund at the Community Foundation, you might have used it over the years to support your alma mater and perhaps other educational institutions. The Community Foundation team would welcome the opportunity to help you think broadly about education, beyond simply four-year institutions. Community colleges, trade schools, vocational programs, and out-of-the-box learning experiences to eliminate barriers to education may be a better fit for some students. The Community Foundation can also help you identify nonprofits that support teachers, classrooms, and school districts, all of which need resources to deliver the best possible education to students.
We look forward to helping you support education as a major area of charitable interest. And if there’s a graduation in your family this year, congratulations!
The team at the Community Foundation is honored to serve as a resource and sounding board as you build your charitable plans and pursue your philanthropic objectives for making a difference in the community. This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. Please consult your tax or legal advisor to learn how this information might apply to your own situation.