How to Create a Fund

Fund Creation

To open a new fund, please contact or call us at (765) 813-0003.

We are always happy to discuss your charitable goals and help determine which fund may be best for you:

How do you want to leave a legacy?If you want to make one designation of how the money is to be spent and you do not wish to participate in the decision-making process year after year:If you want to actively advise how the money is to be spent each year*:
If there is a specific charitable purpose(s) you wish to support:

(ex: religious education, environment)

Field of InterestAdvised
If you wish to support the charitable purpose of a specific organization:

(ex: YMCA, Salvation Army)

If you wish to provide post-secondary scholarships:

(ex: to high school seniors, non-traditional students, or current college students)

Designated ScholarshipAdvised Scholarship


The Community Foundation is specifically chartered to fulfill its own charitable mission. Thus, there are certain criteria we look for when accepting new fund applications.

  • Funds must benefit residents of Morgan County, Indiana
  • Funds must align with CFMC’s mission, vision, and values
  • Funds must be approved by the CFMC Board of Directors
  • Funds must support qualifying charitable programming; funds cannot exclusively pay for overhead line items such as utilities, rent, or salaries
  • Designated and Organization funds must pass a philanthropic and liability review, including a review of bylaws, Articles of Incorporation, insurance coverage, and plan for philanthropic impact. This review will be based on organizational documents and answers to the following questions:
    • What is the mission of the recipient organization?
    • What are the organization’s strategies for achieving this mission?
    • What is the organization’s capacity and qualifications for achieving the mission?
    • How will the organization gauge success in achieving the mission?

 *The Donor or Charitable Organization’s recommendations must be advisory only, and the Community Foundation must be free to reject any recommendation. Under the Pension Protection Act, special laws also regulate the selection procedures for Advised Scholarships.