Administrative Funds are appropriate for donors who want to support the ongoing work of the Suffolk Foundation and assure its ability to serve Suffolk and surrounding communities. An administrative fund is used to offset operating expenses, thereby increasing the amount available for charitable distribution. The family of R. Curtis Saunders, Jr., has established a perpetual memorial fund that will assist in maintaining administrative funds to support the work of the Suffolk Foundation.
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.