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Endowed vs Nonendowed Funds

Funds are classified as endowed or nonendowed.

Endowment funds, also known as permanent funds, provide grants in perpetuity by applying a “spending policy rate” to determine what percentage of the fund's assets are available for grantmaking.  The current rate is 4.5% of the average fund balance over three years. 

Nonendowed funds, also known as temporary funds, allow grants at any time and in any amount.