Fund Guidelines
1. A minimum Contribution or Fund Balance of $10,000 is required to establish a separate named fund. (For Scholarship Funds, $20,000 or more) Additional contributions can be made to the fund at any time.
2. The donor and a representative of the Foundation shall both sign a Richland County Foundation Agreement of Transfer, which indicates the initial contribution, name of fund, type of fund, and the direction/purpose for the fund. The Agreement of Transfer also indicates the responsibilities of the Foundation for investment and disbursement of grants from the fund.
3. The Foundation will maintain confidentiality of donor contributions unless the donor requests otherwise.
4. The donor may give direction for the fund or designate the fund as unrestricted, giving the responsibility to the Board to Trustees to determine the greatest need in the community. The Board of Trustees is ultimately responsible for grant disbursements from all funds in accordance with the Richland County Foundation Agreement of Transfer.
5. The Foundation encourages the establishment of permanently endowed funds, where grants are made only from a portion of net investment earnings, as defined by the Foundation’s Spending Policy.
6. The Board of Trustees is responsible for investing the assets of the fund, utilizing a diversified balance of investments to provide a current stream of earnings for grantmaking, as well as providing growth in the fund to provide future grantmaking ability. All funds pay a proportionate amount of the investment management fees.
7. An annual Foundation operating support fee is charged allocated to all funds. The fee varies from 1.20% to 0.1% of the market value of the fund assets, depending on the type and size of the fund and the amount of staff administration required. The fee is calculated and charged quarterly.
8. Grants are made from each component fund to 501(c)(3) public charities in accordance with Foundation policies and fund directions.
9. When a grant is made, the name of the fund will be identified to the receiving nonprofit organization unless otherwise directed by the donor. Foundation newsletters, the annual report and news releases will also identify the fund name in association with grants unless the donor requests anonymity.
