Generally, there are four types of funds available:
An unrestricted fund maximizes the flexibility for concerned New Yorkers. Our professional grantmaking staff is expert in a variety of fields and specializes in figuring out how to help our community most effectively. Guided by a board of distinguished Long Islanders, our staff carries out a rigorous process of identifying issues, setting priorities, and devising strategies for tackling our communities most pressing problems.
A field-of-interest fund has the advantage of drawing upon our staff grantmaking expertise in addressing an area or areas of particular interest to the donor. For example, a fund for girls and young women may be used to address domestic violence, train girls for leadership roles, and provide childcare for single mothers who wish to complete their college educations. Or a fund may have a more specific focus, such as drug abuse prevention. Because our board has the ability to modify the fund’s purpose, using its “variance power,” a field-of-interest fund has timeless flexibility.
A donor-advised fund may be the answer for a client who wants to create a fund during his or her lifetime and stay involved in the grantmaking decisions, or who wants to have his or her children involved. People identified as advisors to such a fund may recommend grants to charities anywhere in the United States. While the tax law is clear that your client’s recommendations cannot be binding, we take these recommendations very seriously. Our staff scrutinizes basic information furnished by the recommended charity. We protect the donor by making sure the charity is above-board and actively serving a public, charitable purpose.
A designated fund may be used to solve the problem of a client who wants to support a charity, or even a particular program at a charity, but isn’t sure the organization will stand the test of time. Our variance power allows our board to redirect the donor’s funds without the time and cost of going to court.
For more information see Types of Funds.