- Why have changes been made to the fee schedule for friends of funds? Answer: Over the past year the foundation has been faced with rising costs associated with the administration and fiscal sponsorship of agency/friends of funds. In particular, recent regulatory changes on a state-specific basis require that ICF be registered in all 50 states. At the same time the on-going economic pressures of Mexican and Central American nonprofits have prompted the foundation become more pro-active in increasing the profile of those charities with friends of funds at the foundation. The added affiliation fee will help defray these costs and help better support the charities with friends of fund charities to get their message out.
- What is the cost of the annual affiliation fee? Answer: $350. The fee will be applied each year on January 1st
- Is there a minimum fund balance that must be maintained? Answer: While there will be no minimum fund balance requirements for “Friends of Funds,” funds with a $0 balance for more than 180 days or funds that are unable to pay the annual affiliation fee will be closed.
- Is there a minimum grant size for grants from “Friends of Funds”? Answer: While there is no minimum grant size for charities holding friends of funds, only those funds that have accumulated at least $5,000 in their fund may issue a grant.
- When will be new fee schedule go into effect? Answer: January 1, 2011
- Will gifts received to friends of funds before 12/31/2010 be exempt from the new fee schedule? Answer: No, existing friends of funds will be assessed a one-time gift fee on 1/1/2011 based on funds held under management as of that date in lieu of a grant fee. Thereafter, no grant fee will apply.
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