Unrestricted Funds are appropriate for donors who want their charitable giving to accomplish the most for the quality of life in Suffolk and the surrounding areas but recognize that the community needs can change over time. Perhaps the most important of all foundation assets, Unrestricted Funds enable the Distribution Committee to respond to changing community needs as they arise. The distribution of these funds will usually take place annually after the Board of Directors reviews applications from area non-profits. THERE IS NO MINIMUM GIFT REQUIREMENT UNLESS THE FUND IS TO BE NAMED. A NAMED FUND REQUIRES A $10,000 MINIMUM GIFT.
To find out more about establishing a fund with the Suffolk Foundation contact William Hill, Executive Director of the Suffolk Foundation. Office – 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. SunTrust Investment Services, Inc. has been selected to manage the Foundation’s financial investments. The Foundation receives monthly reports from SunTrust and, the Henderson/Mills SunTrust 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.