Overview of Fund Types

FUND TYPE

DESCRIPTION

* INITIAL

CONTRIBUTION

GRANTMAKING

DIRECTION

ANNUAL FEES

AGENCY

A  fund established  by a 501(c)(3)

organization for its own benefit.

$100,000

The 501(c)(3) charitable organization receives annual distributions from the fund for its unrestricted use, unless otherwise specified in the fund agreement.

Administrative Fee

Endowed

Expendable

 Fund Balance

0.40%

0.60%

first $1 million

0.20%

0.40%

over $1 million

Investment Fee - 0.40%

Custodial Fee - 0.15%

DESIGNATED

A fund that names a specific charitable organization as its beneficiary.

$25,000

The  client designates the beneficiary in the fund agreement. Distributions are made annually to the designated beneficiary.

Administrative Fee

Endowed

Expendable

 Fund Balance

0.60%

0.80%

first $1 million

0.40%

0.60%

next $2 million

0.20%

0.40%

over $3 million

Investment Fee - 0.40%

Custodial Fee - 0.15%

DONOR ADVISED

A fund that allows the client(s) and successor advisor(s) to actively participate in recommending grants to a variety of charitable organizations.

$25,000

The client(s) and successor advisor(s) make grant recommendations, at any time throughout the year, to a variety of charitable organizations.

FIELD OF INTEREST

A fund that names a specific area of interest, for example education or the arts, as the recipient of grants.

$25,000

The client relies on the Foundation to determine grantees. Distributions are made annually to charitable organizations within the named area of interest.

UNRESTRICTED

A fund that supports a broad range of community  opportunities in the Lakeshore Area.

$25,000

The client relies on the Foundation to determine grantees. Distributions are made annually to support a broad range of community opportunities in the Lakeshore Area.

GROW-A-FUND

A fund that is established with an initial $5,000 contribution and an agreement to build the fund to $25,000, or $100,000 for an agency, within five years at which time it will mature to one of the aforementioned funds.

$5,000

No distributions are made from the fund until maturity.

Administrative Fee

No administrative fees are assessed until maturity. 


Investment Fee - 0.40%

Custodial Fee - 0.15%

SUPPORTING ORGANIZATION

A separate entity that has its own board of directors and grantmaking identities, but enjoys public charity status.

$5 million

The board of directors of the supporting organization makes its own grantmaking decisions throughout the year.

Administrative Fee

0.30% entire fund balance


Investment Fee - 0.40%

Custodial Fee - 0.15%

*  Contributions can be made in any amount after the initial contribution.