Heritage Fund : The Community Foundation of Bartholomew County

Creating a Fund at Heritage Fund

The Heritage Fund incorporates different types of funds, and donors may establish combinations of these funds. Funds can be named in whatever way donors specify, including remaining anonymous.

Unrestricted Endowment Fund

This fund is the most responsive to the changing needs in our community because the Board of Directors has the freedom to determine where the grants go. Unrestricted monies are especially valuable as new and unforeseen needs or opportunities arise, or for use in responding to emergency situations. Minimum to establish a named fund is $5000.

Donor/Family Advised Fund

In this type of fund, Heritage Fund staff consults with the donors about current community needs, and the donors can participate in decisions as to how earnings are distributed. Minimum gift to establish a donor/family advised fund is $15,000.

Field of Interest Fund

The donor specifies a broad area of need such as education, health care, the arts, families, youth and children. Grants are distributed in the selected field based on current needs. Minimum gift to establish a field of interest fund is $15,000.

Designated Fund

These funds support specific charitable organizations selected by the donor. Minimum gift to establish a designated fund is $15,000.

Scholarship Fund

Scholarships may be for any level of education. Heritage Fund staff will work with donors to develop scholarship criteria. Minimum gift to establish a scholarship fund is $15,000.

Agency Endowment Fund

Minimum gift to establish an agency endowed fund is $15,000.

Capital Fund

This is a unique fund, not found in many other community foundations. It is used to fund major capital needs in Bartholomew County. Unlike the more typical permanently endowed funds, the principal can be invaded or spent. Capital gifts may also be field-of-interest or donor-advised (at a $15,000 minimum), but are encouraged to be unrestricted. No minimum to add to the unrestricted Capital Fund.

Support Foundations

For sizeable funds, establishing a Support Foundation offers an attractive alternative to forming a private foundation. A Support Foundation of the Heritage Fund has its own separate legal, non-profit status with its own board of directors and grant-making policies. Contributions to a Support Foundation earn maximum tax deductibility; there is no minimum payout for grants; and excise taxes are not assessed--all due to the public charity status acquired through affiliation with the Heritage Fund. Minimum to establish is $1,000,000.

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