The Community Foundation of Harrisonburg & Rockingham County Administration Support Fee Policy
The Community Foundation of Harrisonburg & Rockingham County (TCFHR) is entitled in its agreements with donors to take and receive an annual fee to support TCFHR’s general charitable purposes. This fee supports services to donors and to charitable organizations. If there are excess funds raised through fees, those funds shall be applied toward TCFHR’s unrestricted Community Endowment.
- Grant processing
- Review tax exemption status of nonprofit organization
- Gift Receipts
- Successor Advisor follow-up (if appropriate)
- Quarterly fund statements
- Research on nonprofit organizations (local and national)
- Promote needs of nonprofit organizations in Harrisonburg and Rockingham County
- Review tax return of nonprofits as requested
- Promoting philanthropy to the entire community
- Educating community attorneys, accountants, and investment managers on the importance of giving
- Annual Audit to assure financial accountability
Foundation support fees:
The following fees are applied to component funds of TCFHR, unless specified otherwise in the letter of agreement creating the component fund. All fees are annual and assessed quarterly. A minimum annual fee of $100 will be taken from all funds. For scholarship funds established after May 1, 2012, the minimum annual fee will be $250.
|Field of Interest Endowments||1.25%|
|Donor-Advised Funds||1.25% Large distributions related to funds held less than one year will be considered pass-through. Investment gains and losses are allocated to the fund.|
|Pass-Through Gift(Includes bequests)||1.25% (minimum $125) assessed at the time the pass through is made.|
|Additional Fees||Additional fees may be assessed based on services provided.|
|Charitable Remainder Trusts||1%, The trust will also be billed for the cost of tax returns and any unique fees pertaining to the trust. Minimum amount of the Trust when TCFHR serves as trustee is $100,000. If serving as trustee, TCFHR must be designated to receive 100 percent of the remainder unless otherwise arranged.|
** Fees for funds over $2 million – Foundation Support Fee charges at the regular rate for first $2 million. Remaining balance after first $2 million shall be half of the regular fee.