A community foundation is a collection of many separate endowed funds established by individuals, families, and charitable organizations – a community of donors. These funds are pooled and invested and the income from these investments is distributed back into the community of nonprofit organizations.
Community Foundations serve a defined geographic area, which for 3RCF is Benton and Franklin counties. There are around 700 community foundations across the United States, with 24 in Washington state.
The proceeds of 3RCF’s endowment are distributed to nonprofits in our local community through donor-directed giving, or through a grant application process.
Donors may contribute to an existing fund or establish their own fund at 3RCF. Establishing a fund allows donors to achieve their charitable goals without the overhead, cost, and administrative burdens that accompany private foundations. In addition, funds can be set up to be perpetual, therefore fulfilling the donors wishes both during and beyond their lifetime. 3RCF can also establish funds for nonprofits, allowing organizations to benefit from a long-term, reliable source of funding from distributions, without the cost and burden of establishing their own fund.