DONOR ADVISED FUND AGREEMENT
WELCOME TO THE COMMUNITY FOUNDATION OF UTAH
Thank you for choosing the Community Foundation of Utah. Our staff and team of professionals are available to assist you at any time with a wide variety of services, from creating your fund to grant making.
This Agreement covers the information needed to establish a fund at the Community Foundation of Utah. Please review the agreement and attached procedures. If you have any questions about this agreement or the attached procedures, please call the Community Foundation of Utah Executive Director at (801) 559-3005.
1 Donor Advisor Information
Donor Advisor 1*
Name (First, Middle, Last) Preferred Salutation (e.g., Mr. James L. Smith or Jim Smith)
Preferred Mailing Address City State Zip
Business or Organization Name
Home Phone Business Phone Email
Donor Advisor 2 – This person may also recommend grants from the Fund
Name (First, Middle, Last) Preferred Salutation (e.g., Ms. Jessica Cohen or Jessica Cohen)
Preferred Mailing Address City State Zip
Home Phone Business Phone Email
* All correspondence will be sent to Advisor 1, unless otherwise specified
2 Name of the Fund
Please choose a name for your Fund.
Fund Name: ______
3 Public acknowledgement
You may list our fund name in foundation materials, including the website and annual report.
o Yes
o No
A letter that includes the name of the fund and the donor advisor accompanies grants made to charities. Please select how you would like your grants acknowledged. You can always call us with specific directions at any time as well.
o This grant is from an anonymous Donor Advised Fund at the Community Foundation of Utah.
o This grant is from the (Name of your Fund) at the Community Foundation of Utah.
o This grant is from the (Name of your Fund) at the Community Foundation of Utah, advised by (your name or that of another person you designate).
We often receive acknowledgements and additional requests for support from grantees. Please let us know what you prefer. Note that if we receive a special or personal note or gift we will send it to you.
o I prefer my address be included in grant letters to charities so that they may thank me directly.
o Please do not send me any correspondence from grantees.
o Please send me all correspondence from grantees.
o Please send me the annual reports and event invitations from grantees only.
4 Contributions
The minimum initial contribution for a Donor Advised Fund is $5,000. Additional gifts can be made in any amount. If making a contribution of securities or other assets (listed below), please contact the Foundation so that we may facilitate the transfer. We are pleased to work directly with your financial institution or professional advisor for these and other gifts.
* Check for $______
* Publicly Traded Securities _____ shares of ______
* Real Estate (attach detail of property)
* IRA/Retirement Plan/Life Insurance (attach copy of your beneficiary designation form)
* Closely held stock, Partnership or LLC interest, etc. (attach detail of asset)
* Bequest or other deferred gift
* Other______
I am interested in supporting the work of the Community Foundation of Utah with a grant from my fund to the operating fund of the organization. Your gift will help the Foundation do even more to make Utah a national leader in nonprofit excellence.
* 1% of the assets of my fund in an annual gift
* 2% of the assets of my fund in an annual gift
* 3% of the assets of my fund in an annual gift
* Other amount $ ______in an annual gift.
5 Fund Fees, Balance & Investment
Administrative Fee: The administrative fee supports the Foundation as a steward of charitable resources and a provider of wide-ranging community services. A fee is charged on all new gifts. In addition, there is a fee is charged at the end of each month based on your average daily balance. There is a minimum annual charge of $250. Variation from the fee schedule may be approved on a case-by-case basis. Please see the attached fee schedule for detailed information on fees.
Direct costs: Funds are charged for direct costs incurred by the fund, such as appraisal fees, legal fees and probate costs related to your account.
Investment Fee: The Foundation’s investment managers charge separate fees to cover custody, investment management, and trading activity. Minimal investment fees are assessed monthly on current market value. Investment performance results are reported net of all investment fees.
Please indicate how you intend to operate your fund.
* Spend-down Fund: Intent to liquidate within the next year or two. These funds are placed in a money market account.
* Endowed Fund: Intent to grow over time and use a portion of the fund annually; these funds are invested. Five percent is held in a money market account for grant making. Please select one or a mixture of these investment pools for your account.
* Mid-Term Pool: Designed for individuals who desire to earn somewhat higher long-term rates of return than are generally earned in the bond markets, while still limiting the short-term volatility. The Pool will invest primarily in debt-related securities, but will also invest a moderate (minority) portion of the Pool into equity type investments.
____% of my Fund
* Long-Term Pool: Designed for those who can tolerate a moderate amount of volatility in short-term returns. The emphasis is to earn higher long-term rates of return by investing a majority of the assets in equity-type investments and for nonprofit endowments held at the foundation.
____% of my Fund
* Socially Responsible Fund: For those funds whose values align closely with this asset class.
____% of my Fund
If you do not select one or more of the above investment options it will be placed in the Midterm pool. You may change your investment strategy one time per year by calling the Community Foundation of Utah.
6 Reports and access to your account
You may view your account on line anytime. Account information includes grants made, fees and returns, and the amount available for grant making. You may also recommend grants on line. When your Fund is established, you will receive a log in instructions when your Fund is established. We email statements quarterly, however you may request a paper copy be sent to you in lieu of electronic statements.
* I will access my account on line
* I prefer to receive a quarterly statement in the mail
7 Succession Plan
You may request that portions of your fund be administered in any or all of the following ways upon the death or incapacity of the fund’s last surviving Donor Advisor. Total percentages should equal 100%.
Succession option / PercentageTransfer advisory privileges of this fund to Successor Advisor(s) as listed in this agreement.
Transfer the fund’s assets to the Utah Fund, an endowment to help meet the most pressing needs of the state of Utah.
Transfer the fund’s assets to The Community Foundation of Utah to help increase the effectiveness of Utah nonprofits.
Transfer the fund’s assets to one of the Foundation’s Scholarships, Endowments, or Field of Interest Funds. Please discuss your options with staff.
Create a new Scholarship, Endowment, or Field of Interest Funds. If you are starting a new fund there is additional paperwork and a $5,000 minimum requirement. Please discuss your options with staff.
Other - please discuss with the Community Foundation Staff
Total / 100%
8 Successor Advisors
You may designate individuals as Successor Advisor(s), who may make recommendations appropriate for the fund. You may change this designation any time by completing a form available from the Foundation. It is the responsibility of the designated Successor Advisor(s) to contact the Foundation at such time as he/she becomes Advisor(s) to the fund. If we do not hear from the Successor Advisor(s) and are not able to locate him or her within six months of becoming Advisor(s) to the fund, then the fund shall revert to The Utah Fund. Unless indicated otherwise, the remaining assets will be divided evenly among Successor Advisors
Successor Advisor 1
Name (First, Middle, Last) Preferred Salutation (e.g. Ms. Jessica Cohen or Jessica Cohen)
Mailing Address City State Zip
Home Phone Business Phone Email
Successor Advisor 2
Name (First, Middle, Last) Preferred Salutation (e.g., Mr. James L. Smith or Jim Smith)
Preferred Mailing Address City State Zip
Home Phone Business Phone Email
I/We, as the Donor(s), request that the Successor Advisor(s) named assume this responsibility:
______on the following date: ______
______upon the death of the present Advisor(s)
9 Professional Advisor
Please let us know if you are working with a financial, tax or estate-planning advisor.
Advisor Name Name of FirmBusiness Address City State Zip
Business Phone Email (preferred)
10 Interests
The Community Foundation of Utah is here is help you connect to the causes you care about. We hold regular gatherings of our donors for educational and social purposes, and encourage you to join us. We also let our fund holders know about community needs that match their interests, and the organizations addressing them. Please let us know of any specific interests, or if you prefer to not learn about opportunities for giving.
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_____ Matching and challenge grants _____ Faith
_____ Capital Campaigns _____ Education
_____ Emerging community needs _____ Rural and Economic Development
_____ Arts and culture _____ Children and Youth
_____ Health and human services _____ Medical Research
_____ Environment and Conservation _____ Civic and Advocacy
_____ Animal Welfare _____ Women’s Issues
_____ LGBT Support and Rights _____ Other: ______
_____ Social Enterprise, Mission Related or Impact Investment
_____ Please do not inform me about giving opportunities
11 Signatures
Donor Advisor(s) listed in section 1 must sign below
The undersigned have received and reviewed the Policies and Procedures for Operating a Donor Advised Fund and agree to the terms and conditions described therein. The undersigned understand that any contribution, once accepted by The Community Foundation of Utah, represents an irrevocable gift to The Foundation and is not refundable. The undersigned hereby certify that all information presented in connection with this application is accurate, and the undersigned will promptly notify The Foundation in writing of any changes.
Donor Advisor 1
______
Signature Date
______
Name (please print)
Donor Advisor 2
______
Signature Date
______
Name (please print)
The Community Foundation of Utah
______
Signature Date
Executive Director or Board Chair
2016 FEE SCHEDULE
Each named fund within the Community Foundation of Utah (the “Foundation”) is assessed ongoing administrative, balance and investment management fees. This fee schedule is effective as of January 2016 and replaces previous schedules.
Contribution Fee: The contribution fee supports the Foundation as a steward of charitable resources and a provider of wide-ranging community services. The fee is charged on all fund contributions. There is a minimum annual charge of $250.
Administrative Fee: Administrative fees are charged on a percentage basis at the end of each month, based on the average daily balance.
Investment Fee: The Foundation’s investment managers charge separate fees to cover custody, investment management, and trading activity. Investment performance results are reported net of investment fees.
Direct Costs: Funds are responsible for direct costs incurred by the fund, such as appraisal fees, legal fees and probate costs related to your account. In certain cases the Foundation will require an escrow in the account to cover contingencies relating to current and future Direct Costs.
Variation from the fee schedule may be approved on a case-by-case basis. Please see the below fee schedule for detailed information.
Fund Type / Description / Contribution Fee / Administrative FeeThe Utah Fund / As community needs change, so will the programs that the fund supports. No minimum contribution. / 2% of Market Value (M/V) / First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
Donor Advised Fund / Allows individuals and families to recommend nonprofits and programs to receive grants while growing the principal. Minimum contribution to establish: $5,000 / First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
/ First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
Corporate Advised Fund / Allows businesses to recommend nonprofits and programs to receive grants while growing the principal. Minimum contribution to establish: $5,000 / 5% of M/V
/ First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
Field of Interest Fund and Multi Donor Funds / Allows donors to select a specific area of interest, such as the arts, environment, children or health, and establish a fund for its benefit. Minimum contribution to establish: $5,000 / 3% of M/V / First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
Fund Type / Description / Administrative Fee / Balance Fee
Scholarship / Allows a board-approved volunteer committee to review applications for scholarships and select recipients based on set criteria. Minimum contribution to establish: $5,000 / 5% of M/V / Balance = 1% of M/V
Nonprofit Agency Endowment / Provides endowment funding for a specific nonprofit organization, and can be set up to allow the organization to continue to build the fund over time. Minimum contribution to establish: $25,000. / There is a charge of $100 per nonscheduled distribution / First $50,000 = .0% M/V
Balance = .5% M/V
Designated Fund / Allows donors can create a fund or donate a gift to benefit a specific nonprofit organization. Minimum contribution to establish: $5,000. / First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
/ First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
Flex Fund / Allows specific nonprofit organizations to establish a non-endowed fund and take advantage of the Foundation’s investment pools. Minimum contribution to establish: $25,000. / First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
/ First $500,000 = 1% of M/V
Next $500,000 = 0.75% of M/V
Balance = 0.5% of M/V
POLICIES AND PROCEDURES FOR ESTABLISHING AND OPERATING DONOR ADVISED FUNDS