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Glossary
The following is a list of commonly used terms, with
definitions as they are commonly used at the Foundation.
- 501(c)(3)
- Refers to the section of IRS code that
designates the criteria for a public charity; commonly
used to describe a non-profit organization
- Advisory Board
- A group of individuals appointed to
make recommendations on the grantmaking and focus of
affiliates to the Foundation
- Affiliate
- A component of the Foundation that serves a
particular geographic area within the Foundation's area
of service
- Annual Report
- Report produced by the Foundation for
the community, donors, nonprofits, and others served by
the organization
- Board of Directors
- The governing body appointed to
hold fiduciary responsibility for the organization; the
Board of Directors makes policy decisions that guide the
work of the organization
- CEO
- Chief Executive Officer
- CFO
- Chief Financial Officer
- Committee
- Particular area of service to the Foundation; some of
the committees at the Foundation include Finance,
Development and Marketing & Communications
- Community foundation
- A 501(c)(3) organization that can
accept donations of all sizes and use income from
donations to benefit the charitable work in a particular
geographic area
- Component fund
- A fund managed by the Foundation
- Council on Foundations
- National organization that
provides standards and assistance to foundations
throughout the United States and abroad; the Foundation
has committed to complying with the Council's standards
for community foundations; information about the
organization and standards can be found at www.cof.org
- Designated fund
- A fund that has been designated to
benefit one or more agencies
- Donor advised fund
- A fund that has an advisor or
advisory board that makes recommendations on grants made
from the fund
- Donor advisor
- A donor who holds a donor advised fund;
the donor advisor makes recommendations on grants made
from a donor advised fund
- Due diligence
- One of the responsibilities of a grantmaking organization; due diligence is the process
of confirming that a grant application is bona fide, and
that the applicant is eligible and fiscally sound
- Endowment fund
- A fund created in support of the work
of a particular nonprofit organization
- Field of interest fund
- A fund that provides support
for a broad field of interest; the field of interest is
specified at the time of the fund's creation
- Grant
- Money given to a qualified nonprofit
organization for charitable purposes
- Investment policy
- The policy that governs how the
Foundation's funds are invested and managed; the
investment policy provides benchmarks for investment
performance, diversity of funds, and monitoring of
investments.
- Nonprofit
- Refers to a nonprofit organization, or a
501(c)(3) organization, whose purpose is to carry on
charitable work in the community
- Philanthropy
- The practice of charitable giving; the
Greek origin means "love of mankind"
- Planned gift
- A gift that has been planned by a donor,
and provided for in his/her estate plan
- Spending policy
- The policy that governs how the
Foundation's money is spent on programs and
administration; Foundations typically set forth a 5%
spending rule to ensure perpetual growth of remaining
funds that will keep pace with inflation in perpetuity
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