ADVISED FUNDS – Donors may actively participate in the grant activity of advised funds, by offering recommendations as to the recipients and amounts of grants from the fund. When the donor and spouse are no longer living, or no longer wish to serve in an advisory capacity, the advised fund will become unrestricted in nature, unless the original fund agreement specifies an alternate type of fund. Donors establishing advised funds may name children or other designees to succeed them as advisors. This advisor successor will generally extend for one generation only.
Advised funds may be endowed, providing grants up to and beyond the donors’ lives; or they may be spendable. An endowed fund can be established with an initial gift of $20,000 (at once, or over a four-year pledge period). A spendable fund may be established with a gift or pledge of $5,000. Spendable funds must maintain a balance of at least $1,000 to remain a fund of the Catholic Foundation for the Diocese of Saint Cloud.
DESIGNATED FUNDS – Designated funds are earmarked for one or more charitable organizations, and all grants will be made to the designated recipient organization(s). If a recipient organization ceases to exist, changes its status or mission, or engages in activities contrary to Catholic values and teaching, the foundation’s Board of Directors will exercise their variance power, selecting an alternate use that is still compatible with the fund’s original charitable purpose.
FIELD OF INTEREST FUNDS – funds are limited in their use by the donor’s stated preference for a specific area of charitable purpose. Examples of field of interest include, but are not limited to education, social Justice, pro-life causes, youth, etc. Field of interest funds may be endowed or spendable.
SCHOLARSHIP FUNDS – Scholarship funds are dedicated to providing grants for educational assistance to individuals seeking Catholic education or post-secondary education support. Donors may name the fund in honor of their family or a loved one. They may also specify parameters for earning the grant. The competitive process for awarding grants must be left to the institution itself.