The Westfield Foundation is a non-profit organization which holds individual funds and makes grants and scholarships to support the nonprofits and residents of our community. Individual funds are maintained by the Foundation so that financial reports can be produced and administrative costs for the foundation are split by percentage amongst the fund holders.
Unrestricted Funds are donations entrusted to The Westfield Foundation to address the community’s most pressing needs. The Board of Trustees has full discretion to direct grants from these funds to support impactful projects and programs across our four mission areas—Education, the Arts, Community Development, and Health & Social Services.
Temporarily Restricted Funds are gifts designated by the donor for a specific purpose or timeframe. Income—and in some cases principal—from these funds supports activities such as scholarships, special initiatives, or programmatic projects. Once the donor’s stated purpose or timeframe is fulfilled, any remaining balance continues to support that same purpose until the fund is fully spent.
Permanently Restricted Funds, or endowments, are established to provide lasting support for a particular charitable purpose. The principal is invested in perpetuity and cannot be spent; only income or the Foundation’s annual spending-policy distribution is used to award grants. These funds create enduring, long-term impact such as ongoing scholarships or sustained program support.
Managed Funds are assets belonging to other nonprofit organizations that are entrusted to The Westfield Foundation for investment stewardship. These organizations may withdraw their funds at any time. Some choose to receive quarterly income distributions, while others reinvest earnings to support long-term growth. Managed Funds enable nonprofits to benefit from professional investment management and oversight by the Foundation’s Finance Committee.
A Donor-Advised Fund allows individuals, families, or businesses to make a charitable contribution to The Westfield Foundation and then recommend grants to qualified nonprofit organizations over time. While donors retain advisory privileges, the Foundation must review and approve all recommendations to ensure compliance with IRS regulations.
DAFs provide a flexible, strategic, and convenient way to organize charitable giving. Unlike restricted funds, DAF assets are legally owned by the Foundation and cannot carry donor-imposed restrictions.
Best for:
• Families who want ongoing philanthropic engagement
• Multi-year or flexible giving strategies
• Donors who wish to support multiple organizations over time