Types of Funds

Charitable giving should be easy and enjoyable.

 

The type of fund you select to establish is your choice. The type of fund that works best for you and your charitable goals ultimately boils down to how involved you wish to be in making grants or distributions from your fund. There are four basic types of funds at OICF:

Donor Advised Fund

A Donor Advised Fund (DAF) is a convenient way for philanthropically minded individuals to simplify their charitable giving and take advantage of maximum tax savings. Donors make an irrevocable contribution to the Orcas Island Community Foundation to establish the fund. These funds are then available for the donor to make grant recommendations to charitable organizations. A Donor Advised Fund can be established with a minimum donation of $2,500.

 

Benefits of a Donor Advised Fund

  • Immediate tax benefits
  • Active involvement in the grant making process by recommending grants from your fund to the charities of your choice at your convenience
  • Construction of a legacy of philanthropy to be shared by your family and passed on to your heirs
  • Ease of establishment of a Donor Advised Fund wherein OICF handles all the administrative tasks, due diligence and financial management of the fund
  • Secure asset management

Unrestricted funds

Unrestricted funds provide the greatest flexibility to their beneficiary organization. Income from these funds (generally 4% of the average balance for the last 12 quarters under OICF’s payment policy) is not restricted and at the discretion of the organization’s board of directors.

OICF’s unrestricted fund, our “Foundation Fund” is the backbone of our organization and is used for our operations and programs. The Foundation Fund keeps our doors open and our grants and other programs running. Donate to OICF’s Foundation Fund.

 

Benefits of Unrestricted Funds

  • Most flexible for the organization that receives the funding

Designated Funds

Designated Funds support specific charitable organizations named by the donor at the time the gift is made. OICF provides professional financial management for the funds and regularly pays grants to the charities named in the fund. For individuals, creating a designated fund can ensure that a charitable organization will receive support over a long period of time, perhaps beyond the donor’s lifetime. Designated Funds are established with a minimum donation of $5000.

Benefits of a Designated Fund

  • Make an endowment gift to any charity
  • Endow emerging, small or struggling organizations
  • Endow several organizations
  • Make a gift now that can last forever
  • Manage funds professionally and monitor grants

Designated Funds already established at OICF that you may give to are

    • Chamber of Commerce Festivities Fund supports the 4th of July fireworks display and other special celebratory events
    • Exchange Phoenix Fund supports the rebuilding of the Exchange
    • Henigson Funhouse Scholarship is used to support college scholarships. Each year, a committee appointed by the Funhouse Commons will select a student from the graduating class of the Orcas Island School District to receive an $8,000 scholarship, renewable for three additional years based on student eligibility
    • Island Reproductive Health Initiative (IRHI) supports all medical clinics on Orcas to provide confidential, affordable, reproductive health care for teens and young women in their 20s
    • Kiwanis supports the Kiwanis Club youth activities
    • OI Food Bank Fund supports the Orcas Island Food Bank
    • OI Garden Club  supports Orcas Island Garden Club activities
    • OI School District Academic Excellence  supports academic programs in two areas: vocational education and expanded programming for students who may be on a college track
    • Olga Park provides for the purchase, development, maintenance and expansion of property known as The Olga Park
    • Orcas Senior Center supports the Orcas Senior Center
    • Music Advocacy Group advocates for and supports the public school music program on Orcas Island.
    • Partners in Philanthropy FAIT Dental Van support focus area granting in the are of dental care
    • Roach Memorial Youth Fund benefits island youth activities
    • Actors Theater of Orcas Island Theatrical Performing Arts Fund
    • Dickenson/Stamnes Memorial Fund
    • Early Childhood Education Initiative ECEI Designated Fund
    • Funhouse Commons Board Designated Fund
    • Horowitz Fine Arts Fund
    • Island Reproductive Health Initiative (IRHI) Fund
    • Island Rides- Orcas Fund 

     

    Endowed Funds

    OICF manages endowments established to support nonprofit organizations on Orcas Island. The foundation provides consistent stewardship, professional investment management, and effective administration. These funds may receive gifts of cash, marketable securities, and many other assets.

     

    Benefits of Endowed Funds

    • Credibility with new and existing donors
    • Potential visibility to new donors as part of the fastest growing philanthropic endowment in the region
    • Opportunities to invest endowed funds in a broad range of investment vehicles, reducing risk and maximizing return
    • Reasonable management and investment fees

     

    Endowed Funds already established at OICF that you may give to are

    • Chantiny Memorial Fund supports the Orcas Island Library operations
    • Children’s House supports the charitable, scientific or educational purposes of Orcas Island Children’s House
    • Dickenson/Stamnes Memorial Fund supports the Orcas Island Skate Park
    • The Funhouse/Commons provides a safe and enjoyable gathering place for Orcas youth
    • Glidden Family Library Fund supports collection acquisitions at the Orcas Library
    • Gropper Memorial Fund acquires books and materials for the Orcas Library
    • Horowitz Fine Arts Endowment promotes the arts on Orcas Island
    • Library Park Endowment Fund supports care and maintenance of Library Park
    • Lundeen Book Fund increases purchasing power for the public library’s print book collection
    • Lundgren Legacy Artist Fund supports selected artist fees for each Orcas Island Chamber Music Festival season
    • Moran Memorial Fund supports the Orcas Island Public Library
    • Orcas Animal Protection Society builds and operates an animal shelter
    • Orcas Center Endowment Fund helps fund operations
    • Orcas Center Dixon Fund funds youth programming
    • Orcas Center Dot Bolles Fund supports classical music programs
    • OI Chamber Music Festival supports general operations of the Orcas Island Chamber Music Festival
    • OI Chamber Music Festival Music Education Endowment supports music educational opportunities through the OICMF
    • OICF Community Endowment enhances and preservse the quality of life on Orcas Island
    • OI Education Foundation supports educational opportunities for the Orcas Community
    • OI Historical Society Endowment Fund increases endowment for long-term financial security
    • OI Library Endowment Fund supports lifelong learning through the public library
    • OI Library Stupke Collection Fund augments the library’s collection of materials in all formats
    • OMF supports the Orcas Medical Center
    • Orcas Senior Center Endowment supports the Orcas Senior Center
    • Schwartz Children’s Book Fund acknowledges the need for excellence in children’s book selection at the Orcas Library
    • Stickney Designated Endowment is for maintenance and capital expenses at the Orcas Center and for other community theater expenses
    • Jim Keys Fund supports school sports
    • Animal Protection Society
    • Funhouse Commons Endowment Fund
    • IRHI Endowment Fund
    • Jeffrey G Pyne Endowment Fund
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