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Alexis Smith, an actress, with her husband established a restricted fund as part of their legacy. |
This summer CCF will award 277 grants totaling more than $2.1 million from restricted funds to organizations all over the world. A restricted fund is set up by a donor or donors, often as a bequest, that specifies recipient nonprofit organizations to receive an annual grant in perpetuity.
Each year, CCF conducts due diligence on the designated organizations and distributes grants based on a spending policy designed to ensure the longevity of the fund’s assets.
Many of these funds are decades old and customized to fulfill the legacy of the donors who established them. For example, one restricted fund reflects the legacy and heritage of its donor, specifying domestic and international organizations including three organizations in Italy and one in Ireland. Another fund established in 1977 honors the bequest of a donor who passed away in 1945 with grants to four of his favorite Los Angeles charities.
Honoring donor charitable intent is cornerstone to CCF’s work, and restricted funds are no exception. In some cases, over the years, an organization specified by a deceased donor is no longer viable – perhaps it no longer exists or has changed its mission entirely. In these cases, CCF works to identify a similar organization that meets the donors’ stated intentions and CCF’s high standards of due diligence. For example, one fund designated a specific program for gifted youth at a local school as its main recipient; when the program closed, CCF researched options and determined that the funds would go to the selected school to support similar activities for gifted youth.
Learn more about restricted funds.
Find out how you can become a Legacy Society member.
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