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board designated funds

  • 1.  board designated funds

    Posted 07-01-2021 02:26 PM
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    A significant gift was made to our foundation with the  broad criteria of healthcare access and community outreach/benefit. It is a combination endowment/outright gift. We want the foundation board to have oversight of the fund, help define  what can come under healthcare access umbrella at the organization and approve what projects/initiatives the money can be used for on an annual basis. Does anyone have a policy document they are willing to share that outlines the parameters of a board designated fund, criteria, etc. and the rules for how the board arrives at a decision?


    Thank you!


    Terry W. Younglove

    Director of Operations and Communications

    847-618-4262 office



    Northwest Community Hospital Foundation
    3040 West Salt Creek Lane, Arlington Heights, IL 60005


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  • 2.  RE: board designated funds

    Posted 07-01-2021 02:35 PM
    I am attaching two policies.  They might not be exactly what you need.  But they will give you some food for thought.  The one from Geneseo might be the most relevant.  You will notice that they utilize a quasi-endowment.  I am not certain if that's a mechanism available to you.

    I would consult with both Counsel and your CFO.  FASB has some specific language regarding board-designated funds and how they should be classified.


    John H. Taylor
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987