If you have a particular area of charitable interest, you may want to consider a field-of-interest fund.
|Lila Acheson Wallace, wife of Reader's Digest founder, DeWitt Wallace, left a bequest in her will for a field-of-interest fund to provide operating support for small and mid-sized New York City theater, dance, literary, and presenting companies. Today, her love of the arts lives on through her fund's support of dozens of innovative groups, such as Danspace Project, LAByrinth, and the Hostos Center for the Arts and Culture.
You Choose the Area
Such as troubled youth—or choose a more specific focus, such as drug abuse or prevention of teen pregnancy. You might create a fund to benefit the arts, or, as one donor did, further narrow the purpose to support training for talented, disadvantaged young artists.
Then We Go to Work
Researching nonprofits and preparing a grant spending plan for your fund. Our board checks proposed grants against your fund's purpose and any other guidelines you've given us. After we make each grant (with a voucher bearing the fund's name), we carefully monitor the results.
The advantage of a field-of-interest fund is that it keeps up with the times. The arts will always depend on private philanthropy, and we'll always have to be concerned about our young people. But today's youth problems weren't around 40 years ago, and neither were the many exciting young arts groups that have sprung up all over the City. Rather than locking your charitable contribution into a few specific charities, a field-of-interest fund will always be able to meet contemporary needs.