Types of funds
The Foundation offers 2 types of named funds. A restricted purpose fund can be set up with a minimum donation of $1,000. Restricted purpose funds do not receive investment returns and can be spent down at any time. A permanent named fund (endowment) can be set up with a minimum donation of $10,000. Permanent named funds are invested and receive market returns. The core gifts are never spent. Spending is generated once a year, based on a percentage of the total fund.
What kind of funds can be established?
A fund can provide support for patient needs, medical research, equipment, professional education, medical student scholarships.
Do I have to pay $10,000 at once for an endowment?
No. If you have a plan to make donations over a period of time (for example, 2 years), the Upstate Foundation will hold your gifts until you reach the minimum to open an endowment.
Can multiple people donate to a fund?
Yes. You can promote your fund to friends and family to encourage others to donate. In the case of memorials, gifts sent as tributes for a loved one can be used to start a named fund.
Who gives out the funds?
The Upstate Foundation is responsible for ensuring that your fund is used for the purpose it was created. In most cases, the Foundation identifies an individual who is responsible for the area your fund supports (research, children's hospital, cancer center, scholarships, etc.). The Foundation works with that individual to ensure donated funds are used responsibly.
How do I set up a fund?
Contact the Foundation at 315-464-4416.
Examples of named funds can be found on Fund Search page. Click here for Fund Search page and search the category “Named”