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Gift Acceptance Policy
The Foundation wants to make charitable giving accessible
to everyone in our community.
- Gifts to existing funds can be made for any amount.
- Personal, named funds can be established for as little as $10,000.
- Donor advised funds can be created for as little as $25,000.
- If a donor doesn’t have the minimum amount available to start a fund, he/she can contribute annually for up to ten years until the fund reaches the minimum amount. When the fund reaches the minimum amount, payout can be made from the fund. If the fund does not reach the minimum amount in a ten-year period, the fund’s assets may be added to the Foundation’s undesignated fund.
Funds are established to meet donors’ charitable objectives. The Foundation seeks to support current and future grant making through inflation-adjusted spending power of charitable assets over time. Therefore, the Foundation utilizes a “Total Return” approach to guide its investing and spending. This approach allows the board to establish an annual payout rate based on a percentage of the asset base over a four-year period. The payout amount may be more or less than the actual income earned by interest and dividends, with capital appreciation (and in rare cases principal) used to help meet the established payout when necessary. By using the total return approach, the Foundation attempts to maintain and increase the value of donated assets while funding current needs at an appropriate level.
Some benefits of total return include:
- The Foundation and its financial trustees are not forced to focus investment strategies on required distributions from income alone.
- Because investments can be managed for both growth and income, the Foundation can better focus on current needs while assuring adequate funding for future needs.
- A larger and more predictable flow of funds will be available since distribution will not be determined solely by changes in current investment income, interest rates, etc.
Spending Policy
The current annual cash payout of all funds will be 5.5% (including a 1% management fee), using a 16-quarter trailing average. For funds less than four years old, the market value will be the average of all quarterly market values to date. The payout rate will be established by the Board at its Annual Meeting, and may be adjusted to reflect special funding needs and/or financial market conditions.
The Foundation may utilize both traditional interest and dividends generated by its various funds as well as capital appreciation. The Foundation may also use a portion of the principal of certain funds (such as new funds with little or no capital appreciation) to meet the established payout or to fund special projects as determined by the Board or as designated by the donor of such funds. This spending strategy reflects the total return approach to investing and disbursing funds described above.
For 2006, the management fees for funds are 1% of the average market value of the fund.
Gift Acknowledgment: All gifts will be acknowledged by formal, written letter within 48 hours after the asset is received, according to IRS guidelines as amended.
Types of Gifts for Potential Acceptance:
