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.
These are funds that have been donated to the Foundation. Income from these funds is used by the Trustees to make community grants. In cases where the donations have been through a bequest, there is no actual fund agreement, since the donor is no longer living.
These are funds that have been donated to the Foundation. Income, and sometimes principal, from these funds are used for a specific purpose, such as a scholarship.
These are funds that have been donated to the Foundation. Income, but not principal, which is permanently restricted (i.e. it cannot be spent), from these funds is used for a specific purpose, such as a scholarship.
These are funds that belong to other non-profit organizations, which have been given to the Foundation to hold, invest and manage. These funds may be withdrawn by the organizations at any time. In a few cases, net income is distributed on a quarterly basis. That option is available to all managed funds. They choose whether to receive income or not. The Foundation also holds several Donor Advised Funds, where funds have been donated to the Foundation, and the Donor may make periodic requests as to distributions. These grants must be to non-profit organizations, and technically require Board of Trustees approval. If set up as an endowed fund, only income may be spent.