Establish a fund

NMF offers flexible fund types

We encourage all philanthropy, with a special emphasis on establishing endowment funds where only the earnings are used to support charitable activities. In our role as the regional community foundation for Northwest Minnesota, we offer flexible fund types to enable donors to achieve their charitable goals.

What is the minimum to start a fund?

Establishing an endowed fund to serve any charitable purpose requires a minimum of $10,000. Establishing a scholarship fund requires a minimum of $25,000.  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 as allowed by law.

What types of funds are available to me?

We offer a variety of fund options to fit your your goals and give you the flexibility you need as you build your legacy. Learn more about our typical fund options below or reach out to us directly, and we can assist you in determining what will be right for you.

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. Learn more about donor advised funds.

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, environment, recreation – any cause that a donor cares about. 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. Learn more about scholarship funds.

Community Funds

Community Funds provide another way for NMF to improve the quality of 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.

Policies regarding our fund fees

Any fund established with us is charged an annual administrative fee based on a percentage of fund totals and a sliding fee scale.