Family of Funds
The Homer Foundation currently manages 52 different charitable funds. There are five different types of funds from which to choose:
- Unrestricted Funds: Provide maximum flexibility for the Foundation to meet changing community needs. Income and/or principal from this fund may be disbursed at the discretion of the Board of Trustees for community grant making, special projects and the Foundation’s operating expenses.
- Donor Advised Funds: Permanent funds established by an individual, family or business who wish to participate as an advisor in the distribution of the fund’s income.
- Agency Endowment Funds: Permanent funds established for the benefit of 501(c)(3) charitable organizations, either by the organization or a donor. The Funds are managed by the Foundation with income distributed to the organizations annually
- Field of Interest Funds: Permanent funds established to support a broad purpose or issue such as youth, arts, education or human services. Income is distributed annually in accordance with the purpose of each Fund.
- Scholarship Funds: Established to benefit a particular institution or field of study. The advisory committee, candidate selection process and award use are outlined at the time the fund is established.
- Repair and Replacement Fund: The Homer Foundation’s Repair and Replacement Fund allows the Foundation to manage temporary funds that are earmarked for large replacement or repair projects for local nonprofits.
- Homer Community Chest: Through our community partner, the Homer Community Food Pantry, the Foundation’s Homer Community Chest will provide emergency funding to support families and individuals in times of need.