About SCCF

Guidelines to Establish a Fund

The Schuyler County Community Foundation was established in 2008 under a broad and simple mission statement:  “Support all charitable, tax-exempt, community and civic bodies, institutions, organizations and activities for the betterment and growth of the Schuyler County area and its citizens.” 

The goal of the Foundation is to bring contributors, fundraising, and worthy causes together to fulfill the goals of contributors.  Several methods can be used to support charitable activities.  Donations can be made for a specific purpose and fully disbursed as directed.  Charitable funds within the Foundation can be established by an unlimited number of contributors.  These funds can be created for a limited period of time, including a specific project, or can be perpetual.  The assets in all funds can be pooled, invested collectively and distributed proportionally to provide a steady source of income to be used for designated needs.  Individuals, families, businesses, community groups, public bodies, and others can establish funds to support parks, civic bodies, scholarships, arts, schools, charities, community development, economic development, conservation, recreation, community events and activities, health care providers, and other community concerns. 

The Foundation seeks contributors to establish funds.  The following guidelines are suggested to assist in planning, establishing and administering funds:

Document – Contributors should use a written document to direct fund terms.  The document can be in any format, including a trust, will, letter, contract, beneficiary statement, or any other writing used to provide the details of a fund.

Name of Fund – What name will the fund bear?  Memorials, honoraria, landmarks, and familiar community activities are commonly used fund names. 

Fund Purposes – Contributors need to provide specific criteria for the use of both the fund itself and income earned.  Possible uses include: public charities, education, hospitals, community development, public facilities, monuments, scholarships, arts, public health, social welfare, environmental conservation, charitable housing, and plans that are scientific, patriotic, humane, religious, literary, or charitable.  Funds can be established to solicit grant applications that are awarded based on merit.

Amount of Fund – What value of assets or cash will be used to establish the fund?  Generally, a cash gift of $10,000.00 would generate several hundred dollars of income each year.  Consideration should be given to the fund’s value and income potential so that it can meet the goals established by the contributors.  While the Foundation reserves the right to determine the merits of each fund, donations from currently established charitable, civic and community groups will be accepted.

Use of Income and Principal – Directives should be provided to the Foundation for the use of income and expenditure of the principal (contribution itself), if allowed. 

Term of Fund – Funds can be established for a special purpose requiring complete expenditure and termination of the fund.  Funds can also be perpetual in nature, spending only the income with strict limits on the expenditure of principal.  Thought should be given to the plans for the use of the fund and its longevity.

Investment Restrictions – For large endowments, investment preferences or restrictions must be directed.  Examples include directives specifying the availability of funds within a specific time frame, prohibited transactions (real estate or companies engaged in certain activities), retention of a specific donated asset, or risk tolerances.

Accept Additional Contributions – Will the fund be allowed to accept additional contributions?  If so, is the fund open to general contribution from the public or are contributions limited to a certain person or group?  Specific written directives are needed.

Contributor Involvement – Will any contributors remain actively involved in any determinations concerning the fund activity?  Specific details are needed.

Publicize Fund – Will the Foundation be allowed to publicize this fund in all of its materials?  Can additional contributions be solicited?  The publication of funds promotes the Foundation generally, plus each specific fund and its purposes.  Publicity can generate additional contributions and seek annual award or grant applicants. 

Reporting  – Are any reports concerning the administration of the fund itself or the Foundation in general needed?  These details will be needed in order to meet the requests of the contributors.

Contact Persons – The Foundation needs to have the names, addresses and telephone numbers of any persons who will receive reports or information concerning the administration of the fund.  Often recipients want to extend thanks to the contributors. 

Please contact the Trust Department of Rushville State Bank to discuss funds, planning, options, and terms.  Thank you for your interest in the Foundation.