The ICF was established in 1994 and now consists of several endowment funds. An endowment fund is a gift of capital that is to be held in perpetuity. Only the income from the capital can be spent each year and it is directed in the form of grants to various charitable organizations. 

Some of the gifts come from individuals, and their endowment funds are generally called “Named Funds”. However, there are different types of named funds at ICF. Some donors have created a “field of interest” fund, which means that the annual income can be granted to any charity working in a particular area such as youth, seniors, recreation, arts and culture or a particular community. Other donors have created a “designated fund” which means that the annual income goes to a specific charity or perhaps to a scholarship. However, most donors have left their named funds “un-designated” which means that the annual income can be directed by the ICF to charities in The Foundation's area. The ICF keeps the capital and each year uses the income for grants.