>> Fees & Policies
Endowed and Long Term Fund Distribution & Fee Policies for FY 2008
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:
- Nonprofit 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.
- Nonprofit agencies can elect to receive the full amount for its stated purposes.
- 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.
Project Funds
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: |
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| Earnings | Invested funds will participate proportionately in the short- term pool earnings monthly. |
| Reports: | Quarterly |
Approved by the SCVCF Board of Directors on June 7, 2007 |
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Donor Advised Fund
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.
Grant Advisory Form
The Grant Advisory Form is available online 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.
For More Information
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@scvfoundation.org
- Call us at: 715-386-9490
- Fax us at 715-386-1250
- Write us at:
St. Croix Valley Foundation
516 Second Street, Suite 214
Hudson, WI 54016
Jane Hetland Stevenson, President