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Component Funds
Thriving Communities Powered by Collective Giving
As a regional Community Foundation, one of our roles is to establish and manage dedicated funds that address specific charitable purposes as defined by the IRS as 501(c)(3) nonprofit organizations. We call these funds “Component Funds” because they’re part of our mission and asset valuation.
Component Funds allow our partners to focus on the charitable needs in their communities and leave the administrative tasks to us. Through these funds, we harness the power of collective giving to support local community improvement projects, provide funding for nonprofits, give scholarships, and build a better quality of life for years to come.
These funds generate interest, which can be distributed as grants or reinvested in the fund.
Connect with Us
Rebecca Lynn Petersen
Director of Development & Philanthropic Services
Samantha VanWechel-Meyer
Community Philanthropy Officer
Component Funds function in two ways:
- Making grants for charitable activities within the fund’s specific purpose.
- Providing rural economic development loans through a revolving loan fund.
Benefits of creating a Component Fund:
- Pooling Resources: Team up with others to make your contributions go even further.
- Community Impact: Make a big difference right where you live, with our help.
- Expert Support: Trust our local know-how to help you make a real impact.
- Easy Management: Let us handle the paperwork while you focus on giving back.
Champion Local Causes
The Glacial Hills Elementary School Fund helps bring the vision and mission of Glacial Hills Elementary School in Starbuck to life — supporting students and continuing their education through scholarships for Glacial Hills graduates.
Fund Options
Our fund options are designed to give donors flexibility in how they support the causes they care about most. From scholarships and community initiatives to long-term endowments and flexible Donor Advised funds, each type offers a unique way to make a lasting impact.
Donor Advised Fund
A flexible giving option that lets donors
contribute assets, receive tax benefits, and recommend grants to
charities over time.
Designated Fund
A fund where donors direct ongoing support to specific nonprofit organizations of their choice.
Geographic Area Fund (Community Fund)
A fund created to support charitable initiatives within a specific city, county, or region.
Field of Interest Fund
A fund focused on a particular cause, like education, health, or the arts, allowing donors to target their impact.
Unrestricted Fund
A flexible fund that lets the foundation allocate resources wherever they’re needed most in the community.
Scholarship Fund
A fund established to provide financial assistance to students pursuing higher education.
Agency Fund
A fund established by a nonprofit to support its mission through investment of assets in an endowment or non-endowed fund structure.
Revolving Loan Fund
A renewable pool of funds that provides loans to businesses or nonprofits, reinvesting repayments to fuel ongoing growth.
Project Fund
A short-term fund created to support specific, time-sensitive community projects or initiatives.
Component fund administration is offered for a fee ranging from 0.375% to 4%, depending on the fund type and asset size.
We’re an accredited community foundation with Candid Platinum Transparency, demonstrating our commitment to the highest level of openness and accountability in sharing our organization’s impact and financial information.
What’s Included as a Component Fund of West Central Initaitive
Since component funds are part of our mission and asset valuation, they operate under our 501(c)(3) nonprofit status, enabling the funds to receive tax-deductible contributions without establishing a separate entity. Component funds are included in our annual IRS Form 990 and independent financial audits, ensuring strong oversight, transparency, and compliance. This structure allows you to focus on advancing your mission and serving your community, while we provide the administrative, financial, and governance support that keeps your fund secure and sustainable. Other benefits of component funds include:
Frequently Asked Questions
Recent Generosity & Impact News
Connect with Us
Rebecca Lynn Petersen
Director of Development & Philanthropic Services
Samantha VanWechel-Meyer
Community Philanthropy Officer