NMF offers a very personal way for residents and friends of Northwest Minnesota to make a meaningful and lasting contribution. NMF encourages all philanthropy, with a special emphasis on the establishment of endowment funds where only the earnings are used to support charitable activities. In its role as the regional community foundation for Northwest Minnesota, NMF offers flexible fund types which enable donors to achieve their charitable goals.
With as little as $5,000, an agency or field of interest fund may be established to serve any charitable purpose. The fund may be named and added to at any time. Grants from the fund can be made in a person’s name, the name of the fund, or in anonymity. All contributions to the fund qualify for maximum tax deductibility.
Donor Advised Endowment Fund:
A donor advised fund enables a donor to provide input in choosing which organizations receive grants from the fund. This type of fund provides great flexibility to the donor while avoiding the costs and demands of a private foundation. At certain levels, this fund enables donors to involve heirs in giving during and after the original donor’s lifetime.
Designated Endowment Fund:
A designated endowment fund is for donors who wish to specify one or more charitable organizations to receive distributions in perpetuity from their named fund.
Field of Interest Endowment Fund:
A field of interest fund enables a donor to support a cause they care about, such as health services, the arts, or child abuse. NMF will make grants to organizations capable of making the greatest impact within the donor’s chosen field of interest.
Agency Endowment Fund:
Funds established by nonprofit organizations to provide ongoing support for the operations of the organization or it programs.
Scholarship Endowment Fund:
Donors may establish a scholarship fund in their name or the name of a loved one. The distributions from the fund are used to provide educational opportunities for individuals chosen by an independent scholarship committee.
Community Funds provide another way for NMF to improve the quality fo life in the region on a local level. Donors’ gifts benefit their community’s goals and needs. Fundraising, marketing and grant recommendations are completed by a local advisory committee with NMF staff support. Community Funds create, builds and maintain financial resources to retain assets.