The Council on Foundations in Washington D.C., a professional association of the nation's key funders, has outlined these six characteristics that define a community foundation:

• A flexible, yet permanent collection of funds supported by a wide range of donors.
• The relative independence to determine the best use of those funds to meet the community needs.
• A governing board of volunteers, knowledgeable of their community and recognized for their personal involvement in civic affairs.
• A commitment to provide leadership on pervasive community problems.
• A commitment to assist donors to identify and attain their philanthropic goals.
• Adherence to a sense of "community" that overrides individual interests and objectives.