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 that have been donated to the Foundation. Income from these funds is used by the Trustees to make community grants.
Temporarily Restricted 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.
Permanently Restricted Funds (endowment funds) are funds that have been donated to the Foundation and from which interest income, but not principal, can be used for a specific purpose, such as a scholarship.
Donor Advised Funds (DAFs) for which the Donor may make periodic requests regarding distributions to non-profit organizations pending Board of Trustees approval. DAFs may be set up as a regular or as an endowed fund where only income may be spent.
Managed Funds belong to other non-profit organizations and have been given to the Foundation to hold, invest and manage. These funds may be withdrawn by the organizations at any time.