The Knox County Foundation understands the goals of a donor are as varied as the organizations they support. That is why our Foundation has a range of fund options to address the charitable intentions of any donor. This includes endowed and non-endowed funds, charitable grant and scholarship funds, along with considerable flexibility in how a donor can contribute to their fund. Some funds allow the donor to select the intended beneficiaries in advance while other funds are more flexible allowing the donor to determine which charity and how much to grant based on their current intentions.
The Foundation offers donors the opportunity to create the following types of funds:
Community Impact (Unrestricted) Endowment Funds – Meeting Ever-Changing Community Needs
A Community Impact Fund addresses a broad range of local needs, including future needs that often cannot be anticipated at the time your gift is made. The pool of Community Impact Funds is the core of the Foundation’s grant making abilities. Through a competitive grant process, our Board of Directors and Distribution Committee evaluate the charitable projects that will make the greatest impact on our community. The Community Impact pool of funds addresses all aspects of our community’s well-being: arts & culture, economic development, education, health & human services, parks & recreation, youth-oriented issues, and more.
Field of Interest Endowment Funds – Balances a Donor’s Area of Interest with Flexibility for Today and Tomorrow
A Field of Interest Fund operates similar to a Community Impact Fund but allows the donor to narrow the charitable intent towards a more specified purpose. Utilizing a Field of Interest Fund, a donor can elect to provide support for a specific charitable intent such as the arts, recreation, public health, or any area that is most important to the donor. The Board of Directors, with the guidance of the Distribution Committee, then has the flexibility to award grants to charities and programs that most effectively address the donor’s area of interest.
Donor Advised Endowed & Non-Endowed Funds – Active Donor Involvement Combined with Unique Tax Benefits
A Donor Advised Fund allows an individual to establish a fund today with a tax deductible contribution and then recommend grants over time to qualifying charities. Donors, as well as their family or other successors, can suggest grants to a variety of charities that can vary based on the donors most current philanthropic intentions. Many donors value the ability to make a charitable tax-deductible gift today but recommend which charities may receive grants over many years. For more information about Donor Advised Funds, please see our FAQs.
Scholarship Endowed & Non-Endowed Funds – Investing in Our Community, One Mind at a Time
A Scholarship Fund supports those who want to further their education, whether they are high school graduates pursing a college degree or non-traditional students returning to the workforce. Donors have the flexibility to identify targeted student populations they wish to assist. These targeted students could be from a specific high school, attending a selected university, pursuing a particular degree, or many other criteria depending on the donor’s wishes. The Foundation’s professional staff, with assistance from volunteers in the educational field, handles all the administrative processes including identifying eligible students, accepting and reviewing applications, and matching students to available scholarships based upon merit and other relevant criteria. For more information about Scholarship Funds, please see our FAQs.
Designated Endowed Funds – A Charitable Plan to Benefit Your Favorite Charities Forever
A Designated Fund is a powerful planned giving tool that allows a donor to support a preferred charity, or charities, in perpetuity. The Foundation can provide investment expertise through its investment managers to ensure that a donor’s gift continues to grow over time. After establishing a Designated Fund, the Foundation will distribute earnings annually to the selected charity establishing a continuous stream of income.
For more specific questions about how a Donor Fund can be created and how it operates, please see our FAQs.