Scholarship Funds are appropriate for donors who want to support deserving students. This type of fund is used when the donor would like to establish named scholarship(s) so deserving students may have the opportunity to acquire an education they might not otherwise be able to receive. The scholarship may be for any level of education the donor specifies. Scholarships enable students to pursue academic goals and can be established by individuals, families, organizations, and companies. Donors have much flexibility and may define the guidelines for the candidate selection or designate a field of study or college/university to be attended.
The Foundation incurs expenses involved in the management and operation of community funds. To offset these costs, an administrative fee of 0.25% 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. Davenport Asset Management has been selected to manage the Foundation’s financial investments. Davenport Asset Management charges fees of .68% for the first $10 million, .50% for the next $5 million, and .40% for any amount over $15 million; fees charged will be calculated quarterly. 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 (including scholarships and Community Impact Grants), 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 $25,000 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.