DONOR FUNDRAISING. CFAAC maintains rigorous donor fundraising policies in accordance with IRS guidelines and excludes any type of public fundraising and events. Please contact CFAAC prior to making any third party solicitation. FEES CFAAC assesses a fee to help defray the costs associated with the administration and investment of the fund. Fees cover grant and fund administration, such as due diligence procedures, the receipt and acknowledgement of contributions, processing and payment of grants, and compliance with federal and state reporting requirements. Fees also support online fund access through FundWeb and most of the CFAAC’s extensive donor services designed to enhance advisors’ giving and philanthropic experience. A schedule of fees is available in section VI.
DONOR FUNDRAISING. CFAAC maintains rigorous fundraising policies in accordance with IRS guidelines, which excludes any type of public fundraising and/or events to benefit Donor Advised Funds. Fund Advisors may personally request family members to contribute to a fund with certain restrictions. Please contact CFAAC prior to making any third-party solicitation. FEES Unless specifically described in an associated Administrative Agreement, annual fees are assessed quarterly in March, June, September and December and are calculated as follows: Average month-end balance of the previous three months multiplied by the annual fee percentage and divided by four. Additional terms may be set for some funds, such as those requiring additional or special services. All funds are subject to a minimum annual fee of $150. New funds are assessed a set-up fee of $250. A schedule of fees is available at xxx.xxxxx.xxx or by calling 410-280-1102. CFAAC reserves the right to increase or decrease fees from time to time and will notify the Fund Advisor of any changes affecting the Fund. CONTROL OF ASSETS/MATERIAL RESTRICTION In order for a contribution to be treated as a charitable gift, the IRS requires that CFAAC retain ultimate control over investments, administration, and grantmaking activity. Additionally, the IRS requires all such funds be free of material restrictions imposed by donors in a manner consistent with the requirements of Section 1.507-2 of the Treasury Regulations. VARIANCE POWER CFAAC is committed to abiding by the wishes of the donor of each gift to CFAAC. Occasionally a situation arises that renders this impossible such as when a nonprofit organization closes, a nonprofit is not in compliance with state laws, or a specified program is no longer needed. In these types of situations, CFAAC’s Board of Trustees may decide to use its variance power to delay a grant or direct a grant to a different organization. As stated on page 22 of CFAAC’s Bylaws, the Board of Trustees of CFAAC has the right to redirect the use of any gift under certain conditions to better meet the changing needs of the community.
DONOR FUNDRAISING. The Boston Foundation maintains rigorous donor fundraising policies in accordance with IRS guidelines and the Massachusetts Division of Public Charities. This includes when memorial gifts are solicited for a fund. Please contact the Boston Foundation prior to making any third-party solicitation. EXCESS BUSINESS HOLDINGS Federal law imposes certain limitations on accepting and retaining gifts of assets to a Donor Advised Fund and does not allow Donor Advised Funds to purchase certain business holdings. The holdings of a Donor Advised Fund in a business enterprise, together with the holdings of persons who are disqualified persons with respect to that fund, may not exceed any of the following: • Twenty percent of the voting stock of an incorporated business • Twenty percent of the profits interest of a partnership or joint venture or the beneficial interest of a trust or similar entity • Any ownership of an unincorporated business that is not substantially related to the fund’s purposes The Boston Foundation will identify and monitor any new gift to a Donor Advised Fund of any interest qualifying as an “excess business holding” under the Pension Protection Act (PPA), and will accept such gifts as appropriate according to the Boston Foundation’s Gift Acceptance Policies. Such gifts require disclosures from the donor prior to acceptance. The Foundation will exercise reasonable efforts to dispose of the contributed interest within five years of the date of the gift, as required under the PPA, except in the event that the Treasury Department grants an additional five-year holding period. FEES Please refer to the Boston Foundation’s Charitable Fund Fee Schedule (available upon request) for current fee rates and methodology. The Charitable Fund Fee Schedule is subject to change at the discretion of the Boston Foundation. FUND ADVISORS Upon establishing a Donor Advised Fund, the Fund Founder may give one or more Fund Advisors the authority to access information regarding the fund and make grant recommendations. Fund Advisors will be able to access quarterly statements electronically and may request to have statements sent by mail. A Fund Founder is automatically a Fund Advisor unless otherwise indicated in writing by the Fund Founder.
DONOR FUNDRAISING. CFAAC maintains rigorous fundraising policies in accordance with IRS guidelines, which excludes any type of public fundraising and/or events to benefit Donor Advised Funds. Fund Advisors may personally request family members to contribute to a fund with certain restrictions. Please contact CFAAC prior to making any third-party solicitation. FEES Unless specifically described in an associated Administrative Agreement, annual fees are assessed quarterly in March, June, September and December and are calculated as follows: Average month-end balance of the previous three months multiplied by the annual fee percentage and divided by four. Additional terms may be set for some funds, such as those requiring additional or special services. All funds are subject to a minimum annual fee of $250 for the first five years and $500 per year thereafter. New funds are assessed a set-up fee of $250. A schedule of fees is available at xxx.xxxxx.xxx or by calling 410-280-1102. CFAAC reserves the right to increase or decrease fees from time to time and will notify the Fund Advisor of any changes affecting the Fund.
DONOR FUNDRAISING. The Boston Foundation maintains rigorous donor fundraising policies in accordance with IRS guidelines and the Massachusetts Division of Public Charities. Please contact the Foundation prior to any third party solicitation. FUND FEES Each fund will be allocated a portion of the Boston Foundation’s administrative, investment, and other fees as set forth below. ADMINISTRATIVE FEES Administrative fees are deducted quarterly based on the fund’s principal balance on December 31 of the previous year. New funds are charged a pro-rated fee during the first year based upon the cumulative initial gift value. Administrative fee rates are reviewed annually by the Boston Foundation’s Board of Directors, and are subject to change at the sole discretion of the Boston Foundation. Contact the Development Office for current fund fees. Administrative fees cover grant and fund administration, such as due diligence procedures, the receipt and acknowledgement of contributions, processing and payment of grants, and compliance with federal and state reporting requirements. INVESTMENT FEES The Boston Foundation assesses each fund an investment management fee to cover investment management expenses plus any underlying investment management costs such as consulting, legal costs and taxes related to investment activity. This fee is assessed monthly based on the average of the daily balances in the fund. In addition, the Boston Foundation has negotiated competitive fees from investment managers not typically available to individual investors. Funds are responsible for an allocable portion of these fees as investment management expenses. Such expenses are charged directly to the earnings, with net earnings credited to the fund. Investment fees are subject to change in the sole discretion of the Boston Foundation and its investment managers. For current investment fees, contact the Development Office. COMPLEX GIFT FEE Gift assets that require special review, such as real estate, limited partnership interests, or closely-held stock may incur additional fees to cover tax, legal or other Foundation expenses associated with the transaction. CREDIT CARD FEES Contributions received by credit card result in a processing fee of 3.75% of the amount of the contribution. This fee is assessed to cover bank transaction fees and is charged to the fund receiving the contribution.
