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Funds Operation Policy
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Fund Operation Policies
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Fund Operation Policies 1. The types of funds to which these policies apply are: Donor Advised Funds, Field of Interest Funds, Scholarship Funds, Agency Endowments, Designated Funds, Memorial Funds, Future Funds, and Multiple Use Funds. 2. Donations of any amount will be accepted. 3. Bequests of any amount will be accepted. 4. Undesignated donations and bequests will be placed in the General Purpose Fund. 5. The fee schedule, as adopted and as amended from time to time, applies to funds subject to these policies. 6. Minimum fund level for operation of a permanent fund is $25,000 in contributed principal for funds created after January 1, 2004. 7. Minimum grant disbursement is $100. 8. Every donor is furnished with the set of adopted Fund Operation Policies. 9. Memorials of any amount will be accepted. Memorials which have cumulative donations less than $25,000 will be part of the General Purpose Fund. Memorials with donations greater than $25,000 may be operated as another type of permanent fund. 10. Multiple Use Funds are several operating funds under one fund agreement such as Donor Advised Fund and Scholarship. The Multiple Use Funds require a donation of $25,000 to support the first fund and $25,000 to support each additional fund type. For example a combination Donor Advised Fund and Scholarship Fund need a minimum level of $50,000 to operate. 11. Future Funds allow persons to make contributions to Stark Community Foundation (SCF) over time with the goal of creating an operational donor advised, scholarship, field of interest, agency endowment, or designated fund. The initial contribution should be at least $5,000. Only contributed donations count in growing a fund to its minimum level. SCF will encourage the fund to grow to its minimum level within 5 years of the signing the fund agreement. While it is less than its minimum level of $25,000, recommendations may not be made by donors or their assigns. a. Income from Future Funds will be placed in and used by the General Purpose Fund. Only contributed donations will be included as fund balances. b. Income from Agency Endowment and Designated Funds which are less than $25,000 may be distributed, but only once during a calendar year. 12. A life insurance policy that is used to create an operating fund requires SCF to be named as a beneficiary to a minimum fund level of $25,000 and the policy must be owned by SCF. 13. Staff is to use its discretion when recognizing gifts that are not yet received and will follow FASB accounting rules in reporting such gifts as assets. 14. Agencies can choose how they will pay SCF for processing pass through fundraising services by either a. or b. In either case, donations are net of transaction fees. a. Donation deposits remain with SCF for 1 year and SCF retains the income earned. Donations will not receive acknowledgements from SCF because the agency will be responsible. These donors will not have names and addresses added to the Foundation's permanent database. The recipient agency will be responsible for donor acknowledgments. b. SCF charges a processing fee of $2.00 per receipt and $10.00 per report for services. Income earned is retained by the agency. Donations will be transferred at the agency's request. The recipient agency which will be responsible for donor acknowledgments. 15. Pass-through-transactions occur when the Distribution Committee permits, upon advise of the donor, fund principal to leave SCF with an investment period of less than a year. In such cases, brokerage transaction fees, real estate fees, and a full year's administrative fee will be charged before funds are disbursed. 16. The Foundation will apply the principle of variance power when appropriate to fulfill the donor's intent. |
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