FUND DESCRIPTIONS
 
The Alger Regional Community Foundation currently has a variety of funds which give the Foundation the flexibility to address changing community needs. Each fund is used for charitable purposes in the community and according to donor wishes. Donors are acknowledged in all charitable disbursements unless anonymity is requested.

    GENERAL FUND

    This is the current operating monies of ARCF. There are no principal restrictions on these funds. This is where unrestricted grants and gifts to be used for current operations are placed. Income from the Operating Endowment Fund also rolls into this general fund.

    UNRESTRICTED ENDOWED FUNDS

    Alger Operating / Administrative Endowment Fund:

    The earnings of this fund are used to defray our operating expenses. Some Foundations place memorial gifts in this fund unless requested by donor for a specific fund.

    Alger County Unrestricted Endowment Fund:

    This is an unrestricted endowment fund meaning the donor gives the Board of Directors full discretion to choose those organizations who will receive the earnings of the fund. These monies may be granted in the areas of greatest need from year to year as determined by the Board. A portion of the income may also be designated by the Board for operations if the need arises.

    Alger People's State Bank:

    This unrestricted endowment fund is also granted to areas of greatest need as determined by the Board.  However, funds may not be used for foundation operating expenses.

    FIELD OF INTEREST ENDOWMENT FUNDS:

    Youth Development Endowment:

    Earnings from these funds will be granted for development of youth activities or programs in the area.

1. Alger County Youth Memorial Fund / Pass Thru Fund

2. Alger MCFYP Youth Endowment Fund

3. Alger Youth Memorial Endowment Fund

4. Great Lakes Center for Youth Development

5. Rotary Youth Endowment Fund

6. Larissa Vartii Memorial Endowment Fund

    Cultural Arts Endowment:

    Earnings from this fund will be used to support programs and projects relating to understanding and appreciation of the cultural arts. These might include concerts, events, or educational programs.

    1. J.E.A.N. Fund (bringing Joy, Enrichment and Arts to the North) Fund (Grand Marais Area)


    Environmental Endowment:

    Earnings from this fund will be granted to programs designed to enhance the sustainable development of our local natural resources.

    1. ACE  (Alger County Environmental) Endowment Fund


    Social Welfare Endowment:

    Earnings from this fund will be used to support healthy youth and healthy senior programs.

1. Alger Christian Care Fund

2. Alger PHLAG  (Promoting Healthy Lifestyles Across the Generations Fund.) Endowment Fund

    SCHOLARSHIPS

    These funds will be endowed and grants will be made according to the Scholarship Fund Agreement signed by the ARCF and donor. The Scholarship Fund Agreement specifies that a named scholarship fund must reach a minimum of FIVE THOUSAND DOLLARS ($5000.00) in FIVE (5) years. Unnamed scholarship fund monies will be moved to a fund designated by the donor at the time the agreement is signed.

  1. Joseph B. Brey Scholarship Fund (Munising High School)
  2. Lois Chaltry Hamel Scholarship Fund (Munising High School)
  3. Joseph C. Hamel Scholarship Fund (Munising High School)
  4. S.H.I.N.E. Scholarship Fund (In Memory of C.J. Wrona - Munising High School)
  5. Lloyd C. Artibee Scholarship Fund ( Munising High School )
  6. Carl “Star” Kjellin Scholarship Fund
  7. Elavsky Scholarship Fund
  8. Eric & Danielle Beverly Scholarship Fund
  9. Simonen Scholarship Fund
  10. Thelma N. Cotey Scholarship Fund

 

    RESTRICTED ENDOWED FUNDS

    These funds have limitations on the types of grants that may be made from the funds, the types of agencies, programs, services, or served groups which may receive grants from the funds, an/or the procedures for making grants from the funds. The limitations may be specified by the donor or the governing body.

    Designated Fund:

    The donor directs the ARCF to pay the annual income to a specific named organization in perpetuity.

    1. Excellence in Education Endowment Fund


    Donor Advised Fund:

    The donor actively participates in the grantmaking process by recommending to the ARCF the purpose and/or organization(s) which might receive the annual income. These recommendations must then be approved by the ARCF Board of Directors.

  1. Corey Oas Memorial Endowment Fund

AGENCY ENDOWMENT FUNDS

An agency gives its endowment to the ARCF to manage with the agency receiving the annual earnings.

Alger Great Lakes Fund
Alger Operating/Administrative Unendowed
Alger YAC Savings
Cougar Mustang Scramble Committee Fund
Technical Assistance for Nonprofits
Alger County Women's Enrichment Committee
 Richard William Nebel Fund
Alger County Unrestricted Fund
Fuzzy Boyak Memorial Unendowed Fund

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