The fund, set up by the club, will provide financial assistance to projects that help to develop young people and vulnerable groups, or those that promote sport and a healthy lifestyle in Bournemouth.
The fund will be financed from the proceeds of the popular Matchday Draw and any other donations the club receives.
Groups can put in applications for up to £1000 worth of funding, which will then be judged by a three-man panel, comprising of AFC Bournemouth chairman Jeff Mostyn, head of AFC Bournemouth’s Community Sports Trust Steve Cuss and a community representative.
For the first tranche of panel meetings this last place will be filled by the club’s longest serving player and current Community Player of the Year Marc Pugh.
Mostyn is delighted with the launch of the fund and is hoping it will continue to help change people’s lives in Bournemouth and the surrounding area.
"This football club has had unprecedented success over the past few years, but whilst a lot has changed our commitment to the community has remained," he said.
"I am delighted to now be able to launch the Cherries Community Fund and I hope that the money we derive can help make a difference to those who most deserve it.
"The first funding will be available in March and I look forward to sitting down to review applications with our esteemed panel of Marc and Steve."
"The Cherries Community Fund is a fantastic opportunity for local community groups and clubs to access funding and we are delighted to offer this opportunity to benefit their members," Cuss added.
The fund was formally launched ahead of Saturday’s Barclays Premier League game between the Cherries and Arsenal on Sunday 7th February.