Memorial Funds are appropriate for donors saddened by the death of a dear and valued friend or family member. The fund becomes a permanent living memorial that will be meaningful throughout the years. The Memorial Fund is usually either unrestricted or dedicated to a field of interest important to the deceased.
To find out more about establishing a fund with the Suffolk Foundation, contact Win Winslow, Executive Director of the Suffolk Foundation. Office: 757–923–9090.
The Foundation incurs expenses involved in the management and operation of community funds. To offset these costs, an administrative fee of ¼% per quarter of the total fund balance will be assessed against all funds. Also, financial management fees will be assessed to all funds based on the cost incurred by the Foundation. Fees charged will be calculated quarterly. Davenport Asset Management has been selected to manage the Foundation’s financial investments. The Foundation receives monthly reports from Davenport Asset Management. The Davenport Asset Management team meets with the Board semi-annually to personally review the investment portfolio.
With respect to all distributions, the Foundation will conduct a thorough review of prospective recipient organizations, and reviews outcome reports at a project’s completion. It is the responsibility of the Foundation to investigate allegations of improper use of grant funds for the private benefit of any individual and to see that grants are used by the grantees exclusively in the furtherance of charitable purposes.
A minimum gift of $10,000 is required to establish a named fund. Any established fund may be added to, but there are minimum gift requirements to establish a named fund.