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Endowed and Long Term Fund Distribution &
Fee Policies for FY 2007
> Project Funds
> Donor Advised Funds
> Grant Advisory Form
> For More Information
The maximum allowable
spending for distribution from endowed and long
term funds for FY 2008 shall be 5% of the asset
value of the fund, based on the average value
of the 12 trailing quarters.
Fund valuations for this
purpose shall be calculated on June 30, 2008.
- For Funds in existence
for less than 12 quarters the calculation
will use as many quarters as are available.
- Normally funds must
be in existence for one year prior to a first
distribution.
- When notified of the
recommended amount available for distribution,
donor advisors have three options:
- Non profit
agencies can elect to receive the full
amount for its stated purposes.
Donor advisors can recommend grants to
the Board of Directors up to the full
amount available for distribution.
- Elect to reinvest
a portion or all of the available funds,
adding to the principal and earnings;
or
- Choose to deposit
all or a portion of these funds in an
accumulated income fund for future use.
- The annual fee of
1.5% is assessed and pro-rated on a quarterly
basis.
- Statements of fund
activity are provided quarterly.
The Board of Directors
reviews the spending policy and fees at least
annually.
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Administrative
Fees and Policies
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Project Funds
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| Minimum
to Establish Fund: |
$5,000 |
| Minimum
Grant: |
$100.
Grants of less than $1000 are discouraged. |
| Contribution
Receipts: |
Donations
of $250 or more will receive an acknowledgment. |
| Fees: |
- Initial: $300 assessed when
the fund is established.
- Annual: $100 assessed on
July 31 of each year.
- Quarterly: .375% of the highest
invested balance during the quarter.
(1.5% annually)
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| Earnings |
Invested
funds will participate proportionately
in the short- term pool earnings monthly. |
| Reports: |
Quarterly |
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Approved by the
SCVCF Board of Directors on June 7,
2007
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The following policies and guidelines have
been established to govern the handling of Donor
Advised Funds in keeping with the purposes of
the Foundation and with regulations issued by
the Internal Revenue Service.
Donor Advised Funds are component funds of
the St. Croix Valley Community Foundation. They
are subject to the terms and conditions of its
Articles and Bylaws.
The donor (or other advisors named by the donor
when the fund is established) is invited to
submit written recommendations for grant distributions
from the fund, and to consult with the Foundation's
board, staff and the Grants and Programs Committee
about distributions for charitable purposes.
It is understood that these recommendations
are advisory only and not binding on the Board
of Directors. The Board of Directors legally
must retain the responsibility for all distributions
made from the Foundation.
1. Recommendations made by donors or advisors
will be evaluated by the Foundation's Board
of Directors and its Grants and Programs Committee
to determine that the recommendations are
consistent with the purposes of the Foundation
and of the particular Donor Advised Fund.
2. Grant distributions from Donor Advised
Funds ordinarily will be made after consideration
and approval at a regularly scheduled meeting
of the board. Therefore, it normally requires
thirty days to process grant requests. The
current practice is for the Board of Directors
to meet on the second Friday of every month.
3. The Foundation, its board and staff will
conduct due diligence on every grant recommendation
from donor advisors. Grants from Donor Advised
Funds normally will be made only to nonprofit
organizations exempt from federal taxation
under Section 501(c)(3) of the Internal Revenue
Code. Grant recipients must file documentation
with the Foundation to assure the Foundation
of their charitable purpose.
4. While the Foundation has special interests
in the communities, people and programs of
the lower St. Croix Valley region, we recognize
and support charitable giving without regard
to geographical borders. It is our hope that
much of the charitable giving derived from
donor advised funds will support organizations
in Washington and Chisago counties in Minnesota
and Polk, St. Croix and Pierce counties in
Wisconsin.
5. Grants from Donor Advised Funds cannot
be used to satisfy a commitment or personal
pledge made to a charity by the donor or to
pay for memberships or dues.
6. The Foundation will inform grant recipients
of the specific Donor Advised fund from which
the grants are paid unless the donor asked
that the Foundation preserve his or her anonymity.
7. Grants from Donor Advised Funds normally
will not be made to individuals, agencies
or institutions for the purpose of benefiting
specific individuals.
8. Scholarships must conform to the Foundation's
written scholarship policies. Awards typically
are awarded jointly to the recipient student
and the educational institution.
9. Unless other arrangements were made at
the time the Fund was established, each Donor
Advised Fund will function like an endowment,
with grant distributions made from available
net income. Generally, this is anticipated
to be in the range of 4 to 6 % to preserve
the value of the endowment and thereby increase
the total distribution over time.
10. Project or Short Term Donor Advised
Funds are established with the expectation
that both the principal and income will be
expended over a specified period of time.
Additional contributions can be made to short
term funds and the time period extended upon
the agreement of the donor advisor(s) and
the Foundation.
11. The minimum grant distribution from a
Donor Advised Fund is one hundred dollars
($100.00 ). The distribution will be sent
directly from the Foundation to the charitable
organization.
12. Recommendations for distribution from
donors or the advisors of Donor Advised Funds
must be submitted in writing. Grant Advisory
Forms are available from the Foundation for
this purpose.
Approved by the SCVCF Board of Directors
on June 7, 2007.
The Grant Advisory Form is available on-line
in Adobe Acrobat (.pdf) format. To view/download
the form, click on the link below. If you need
the Acrobat viewer, it is available as a free
download from Adobe. Click on the icon to visit
the Acrobat download page.
>
Grant Advisory Form
We would be happy to send you more information
about the Foundation and the options it can
provide for your personal philanthropy. We also
would be glad to arrange a personal visit with
a Foundation staff or Board member at your convenience.
Contact us in whatever way is most convenient
for you:
- Fill out our online
form.
- Email us at:
info@scvcf.org
- Call us at: 715.386.9490
- Fax us at 715.386.1250
- Write us at:
St. Croix Valley Community Foundation
516 Second Street, Suite 214
P. O. Box 39
Hudson, WI 54016
Jane Hetland Stevenson, President
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