ELI5: Explain Like I'm 5

Common fund

A common fund is kind of like a special savings account. It's like a special jar where you put money in so that you can save up to buy something special. You ask your friends and family to help you put money in the jar so that you can have enough money to buy whatever it is you want to get. Sometimes you can buy things for the whole family with the money in the common fund, like a vacation or a birthday present.