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Grant Distributions, Fees and Policies

Grant Distribution Policy

Assets in an endowment fund must be invested 12 months before any grants are paid to charity.

After that initial 12 months, grant payments consisting of one fourth of the annual amount will be paid to the charity at the beginning of each quarter.

The Annual Distribution Amount shall be the annual grant amount from an endowed fund and will be four and one half percent (4.5%) of the net value of the fund, until the grant distribution policy of the Foundation is changed.  The net value shall be determined by averaging the previous twelve (12) quarters’ ending values.  If the fund has not existed twelve (12) quarters, the net value will be the average of the ending quarter values since its inception.

If a fund has not been in existence for 12 months by January, the grant withdrawal will be delayed until the beginning of the next quarter after the 12-month period.  At that time, the calculated grant amount for the remaining quarterly payments for that foundation year will be withdrawn and placed in the temporary investment account for payment when due.

Fee Policy

Basically, two service charge plans exist depending on whether the fund is of a permanent or temporary nature. Any out-of-pocket expenditure by Community Foundation of Burke County, Inc. for investment services or other property management services will be charged in addition to anything set forth below.

  • PERMANENT FUNDS are endowed funds from which income is distributed.  An annual fee of one percent (1%) of the fund balance will be charged at the beginning of each fiscal quarter at the rate of one-quarter (1/4) of one percent (1%) of the fund balance computed on the previous month-end fund balance.  This one percent (1%) fee applies to Designated, Donor Advised, Field of Interest, Unrestricted and Scholarship Funds.  Surcharges may be made for each scholarship awarded in addition to the annual fee of one percent (1%).

  • TEMPORARY FUNDS or Donor Advised (Nonendowed) Funds are not established in perpetuity.  No fee is charged and all earnings are directed to the Foundation for administration.  These funds are established by an individual or business, which retains privilege of recommending fund distributions to board approved non-profit organizations.
  • CHARITABLE REMAINDER TRUSTS are set up with transfers of money, securities or both to a trust that pays the donor income for life.  The trust can also provide income for a survivor or survivors for life.  Then the trust assets become a permanent endowment with the Community Foundation and the income is paid to the charitable interests of the donor.  An annual fee of 1% of market value will be charged quarterly.  A CPA will levy this charge in addition to the direct cost of preparing the annual tax return.

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