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Types of Funds

Fund for Greater Salina
Designated Funds
Donor-Advised Funds
Scholarship Funds
Organization Funds
Field of Interest Funds
Affiliate Funds
Funds for the Future
Provisional Funds
Pass-through Funds

The Greater Salina Community Foundation matches charities with donors by providing different types of funds to address a wide variety of interests.

Fund for Greater Salina is a general unrestricted fund. It allows donors without a specific charitable organization in mind to make a contribution to the greater Salina area. Beginning in the spring of 2001, the Community Foundation began awarding grants from this fund to worthwhile charitable causes. A grant application form is available from the Foundation office or go to the Apply for a Grant page and go to Fund for Greater Salina Grants. At the bottom of the information, click on the GSCF grant application and print. Recipients will be determined by the Foundation’s grants/scholarship committee and approved by the full board of directors.

No gift is too small for the Fund for Greater Salina. Likewise, grant recipients will not be restricted to Salina or Saline County, but be selected from the greater Salina area.

The fund for Greater Salina also enables donors to create a named fund for a smaller contribution — $5,000 — than required to establish a donor-advised fund.

Designated Funds let donors support a specific organization or organizations. The donor names the charitable recipients. The Foundation administers gifts to the charities annually. In addition, the Foundation makes sure that these recipients remain relevant over time. When circumstances change and a charitable organization no longer exists, the Foundation ensures that the annual gifts from the designated fund are redirected to an appropriate charitable need, all the while keeping in mind the donor’s original intent. Minimum investment to establish a Designated Fund is $10,000.

Donor-Advised Funds allow the donor, the donor’s spouse, and/or the donor’s specified family members to suggest grant recipients from their fund without the administrative responsibilities of a private foundation. Although the law requires that the Greater Salina Community Foundation have ultimate control of these funds, the donor’s recommendations are followed as long as they are legally permissible. Although donor-advised funds are designed with permanently endowed giving in mind, donors may also request grants that invade the principal, so long as a minimum of $10,000 remains in the fund. Minimum investment to establish a Donor Advised Fund is $10,000.

Scholarship Funds can be established using memorial funds, direct donations or the rollover of an existing fund. Donors can help establish the criteria for scholarship selection. Awards can be given for a specific institution, for a specific field of study, or can be built around a certain student profile. Minimum investment to establish a Scholarship Fund is $10,000.

Organization Funds enable not-for-profit charitable organizations to establish endowments without having to create a separate legal organization. The Foundation provides administrative, investment and accounting services for these endowments. Organizations may request to receive an annual distribution from their fund, or simply let their fund continue to grow for future needs. Minimum investment to establish an Organization Fund is $10,000. See below for Organization Fund Guidelines.

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Field of Interest Funds allow donors to support a specific purpose, geographic area or charitable goal, without designating a specific organization or charity. For example, a donor may wish to establish a fund that will provide annual grants that benefit environmental concerns, support for the elderly, or a particular community. Anyone can make a donation of any size, at any time, to a field of interest fund. Minimum investment to establish a Field of Interest Fund is $25,000.

Affiliate Funds operate like freestanding community foundations for smaller communities in the greater Salina area. By affiliating with the Greater Salina Community Foundation, these communities can enjoy the benefits of a community foundation without having to file incorporation papers, apply to the IRS for §501(c)(3) status, arrange for annual audits, or raise funding for staff. The Greater Salina Community Foundation provides these services as well as administrative support. Affiliates have a local board of directors who raise the initial investment, create awareness about the foundation within their communities, and determine recipients for grants. Minimum investment to become an Affiliate is $30,000.

Funds for the Future provide an avenue for donors who prefer to contribute gifts at the end of their lifetimes. The Greater Salina Community Foundation is an excellent vehicle for donors who wish to benefit one or dozens of charitable organizations after their death. Using wills, trusts, insurance policies, and other estate planning tools, donors can create a legacy that will survive us all. In doing so, they fulfill their vision of a vibrant, healthy future for our children and our children’s children. If you would like more information on how to establish a Fund for the Future, contact the Foundation. If you have already provided for the Community Foundation in your estate planning, please let us know so that we may recognize your generosity.

Provisional Funds may be established at the discretion of the foundation's board of directors for charitable groups or organizations with a specific fund-raising need. The foundation may establish a provisional fund where donors to an approved cause or campaign can "park" gifts until such time as the campaign either succeeds or fails. Meanwhile, the charitable group or organizations would be able to count the dollars in the provisional fund toward the fundraising goal. If the campaign fails, the foundation would disburse the provisional fund to other qualified charitable entities requested by the donors. Provisional funds have separate, negotiable fees.

Pass-through Funds are created by donors who desire the foundation to administer their charitable grants, but who do not wish to maintain a permanent, endowed fund. Pass through funds are assessed fees separately from other funds in the foundation according to the following policy:

Upon receiving the gift, the foundation assesses an annual fee equal to the
GREATER of: 1% of the total gift, $25 per security received, or $100.
After two grants have been made from the fund, an additional fee of $25
per grant will be assessed.

If you have provided for the Community Foundation in your estate planning, please let us know so that we may recognize your generosity.

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Organization Fund Guidelines

Organization Funds benefit nonprofit organizations by:
• providing a vehicle for endowed giving for supporters of the organization;
• providing exposure of the organization to potential donors;
• providing investment management of endowed funds;
• providing expertise that can be shared with donors for the benefit of the organization
• providing income to further the charitable work of the organization

Organization Funds are funds created by or for charitable organizations exclusively for the benefit of those organizations. Individuals, businesses, and other third parties may establish or contribute to an organization fund.

The following policies and guidelines have been established to govern the handling of Organization Funds in a manner consistent with the purposes of the Foundation and in keeping with applicable tax regulations.

1. Minimum Amount
The minimum amount required to establish an Organization Fund is $10,000, designated as endowment. Organizations who intend to establish a fund may take up to 5 years to reach the fund minimum. If, at the end of five years, the fund has not reached the minimum, all assets in the fund will become part of the unrestricted grant fund within the Foundation.

2. Investment of Funds
Organization Funds belong to the Foundation and are subject to the terms and conditions of its governing instruments. Organization funds are co-mingled with other Foundation funds to encourage maximum investment performance. The Foundation’s portfolio is managed with a view toward maximization of total return considering inflation risk, interest rate risk, and business or economic risk, while at all times being prudently diversified. A copy of the Foundation’s investment policy is available on request.

3. Outside Investment Managers
Organizations may request to use an outside investment manager if the fund maintains a minimum balance of $25,000. If the request is granted, the fund remains a component fund of the Foundation, but is managed and invested by a bank, trust company or other entity recommended by the Organization. In order to manage component funds for the Foundation, outside fund managers are required to sign an investment management agreement with the Foundation, and maintain an investment performance level that is acceptable to the Foundation’s Investment Committee. Investment decisions cannot at any time, be made by representatives of the Organization.

4. Accounting
Financial Accounting Standard 136 applies to accounting for assets transferred to a fund in a community foundation by nonprofit organizations. Under FAS 136, when a nonprofit organization transfers a portion of its own assets to a fund in a community foundation, the nonprofit organization continues to report those assets as its own, with the offsetting activity reported in net assets. The community foundation also reports the asset, and the offsetting entry is classified as a liability to the nonprofit organization.

When a private individual establishes an endowment fund in a community foundation to benefit a nonprofit organization, FAS 136 specifies that the assets in the endowment be reported only in the books of the foundation.

An endowment fund in a community foundation that contains a mixture of assets transferred from the nonprofit organization and gifted by private individuals must treat each type of transaction separately as specified above.

Because of FAS 136, every organization fund within the Foundation is comprised of two separately maintained funds. All donations contributed by the organization are placed in the organization’s named fund. All donations made to the fund by third-party donors are placed in the organization’s endowed fund unless specified differently in writing by the donor. The total of both funds are combined to achieve the minimum fund balance.

5. Grant Recommendations
Organizations may request a grant from their fund at any time. A grant request form is available from the Foundation or by clicking on the grant request forms below. Foundation staff will verify the availability of funds and the charitable nature of the grant request.

The Foundation board annually votes to establish a spending policy for the year, usually up to 5% of the average quarterly balance of a fund as of June 30. This policy will determine the grant dollars available for grant requests from the organization’s endowed fund.

As long as the minimum fund balance is maintained, organizations can request grants that invade the principal of the organization’s named fund. At no time will grants be made that invade the principal of the endowed fund. All such requests are advisory only, and the Foundation retains the ultimate authority to determine grant amounts.

Grant requests made by organizations can be used for any purpose that furthers the charitable work of the organization. Grants can be used for operations, capital projects or special programs. Grant requests are evaluated by Foundation staff and then acted upon by the Foundation’s Grant Committee. Grants are ordinarily processed once a month. Each grant requested from an Organization Fund must be for a minimum of $250.

Organization fund grant application(PDF)

Organization fund grant application(Word.doc)

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6. Subject to Governing Instruments
All funds are subject to the terms and conditions of the Foundation’s governing instruments, as amended. Among other things, the governing instruments provide that the Foundation has the power to modify and vary any Organization Fund request in the event it becomes inconsistent with the charitable purposes of the Foundation.

7. Administrative Contributions and Special Fees
(a) All component funds are required to share in the administrative costs of operating the Foundation. Although the Foundation has a separate and permanently endowed administrative fund that supports the Foundation's work, the Foundation reserves the right to annually assess from each fund a contribution in an amount not to exceed 1% of its average daily fund balance as of June 30; provided, however, that for funds greater than $1 million in size, the contribution will be based only on the first $1 million of their average daily fund balance. The administrative contribution supports the charitable work of the Foundation by assisting in covering administrative costs so the Foundation can achieve its goal of increasing philanthropic giving and improving the quality of life in our community.

(b) If the Foundation opts to exempt (in part or in full) component funds from the maximun 1% contribution for a given year, Donor Advised Funds that designate more than 80% of their annual distributions to charitable organizations whose operations are not principally within the greater Salina area (i.e., Saline County charitable organizations and non-Saline County charitable organizations that are Founding Donors to the Foundation) will not be exempt and will contribute the full 1% for that year on the full (i.e., even if in excess of $1 million) average daily fund balance. The Foundation recognizes that its generous administrative endowment was created by individuals, families, private foundations, and businesses within the greater Salina area, largely for the betterment of the greater Salina area. Therefore, a fund that does not provide for at least 20% of its annual distribution to go to one or more charitable organizations operating principally within the greater Salina area will contribute the full 1%.

(c) Each specific component fund will be charged a fee for any extraordinary expenses incurred on behalf of that fund, such as commissions for the sale of contributed securities. Additional fees may be charged for extraordinary services, such as special grant processing, large numbers of transactions, or other non-standard services.

8. Additional Benefits
The Foundation will, from time to time, offer educational programs for the benefit of nonprofit organizations, their staff and board members. The Foundation will offer such programs at a reduced rate for those who represent an organization with a fund in the Foundation.

Foundation staff is available for consultation with staff and potential donors of nonprofit organizations with funds in the Foundation.

Organization funds are listed in the Foundation’s annual report, on our web site, and are sometimes featured in our quarterly newsletter.

The Foundation offers opportunities for all nonprofit organizations and others performing charitable work in the Salina area to apply for grants from the Foundation’s Fund for Greater Salina. A call for applications is announced in the Foundation’s newsletter, on our website, and through the mass media. Additional information and application forms are available on the Foundation’s website at www.gscf.org.

Seize the Moment Grants are offered on an ongoing basis throughout the year. These are small, quick grants that respond to immediate needs in our community. A limited amount of the Foundation’s unrestricted grant funds are set aside to support these grant opportunities that occur outside our regular grant cycle. Seize the Moment grants typically range from $50 to $250, but never exceed $500. Applicants usually receive notification regarding their request within 5 working days. Additional information and application forms are available on the Foundation’s website at www.gscf.org.

9. How to reach us
The Foundation office is open Monday through Friday until 3:00 p.m. The office is located at 113 N. Seventh, Suite 201 in downtown Salina. Our office number is 785-823-1800. Our fax number is 785-823-9370. Our email address is communityfoundation@gscf.org, and our website is www.gscf.org.

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