I. Standard Fee Policy

The Community Foundation standard administrative fee on all funds is one percent (1%) of market value per year, assessed monthly.

II. Leighton Endowment for the Advancement of Philanthropy

The establishment of the Leighton Endowment for the Advancement of Philanthropy in December, 1997 will permit the Community Foundation to waive the administrative fee on most endowed funds, effective July 1, 1998.

Prior to establishment of the Leighton Endowment for the Advancement of Philanthropy, endowed funds contributed one percent of their market value annually to the Community Foundation to help defray expenses. Now this amount will be left invested in each endowed fund, fueling additional growth in corpus, and expanding the grant resources available for charities throughout our community now and in the future.

The Leighton Endowment for the Advancement of Philanthropy is being managed to grow faster than the rate of inflation in hopes of permitting the Community Foundation to continue to waive an administrative fee on endowed funds in perpetuity. However, should the Community Foundation's rapid growth one day require that endowed funds share a fraction of the cost of their administration, each fund will pay only its pro-rata share of the net amount of operating expense remaining over and above that covered by the Leighton Endowment for the Advancement of Philanthropy and other sources of operating revenue.

III. Administrative Fee Schedule (effective July 1, 1998):

Standard Fee: The Community Foundation of St. Joseph County standard fee on all funds is 1% of Market Value annually, assessed monthly.

Endowed Funds: Standard fee is waived on most funds, courtesy of Leighton Endowment for the Advancement of Philanthropy.

Philanthropic (Non-endowed) Funds: No fee on cash balances. 1% of Market Value annually on invested balances, assessed monthly.

Other non-endowed funds (e.g. charitable gift annuities, special project funds, etc.): 1% of market value annually, assessed monthly.

Supporting Organizations: .4% on the first $4 million, .2% on assets over $4 million annually, assessed monthly.

The Community Foundation reserves the right to assess a reasonable fee on endowed funds that require an unusual amount of administration or service due to their special nature. All funds, endowed and other, will continue to cover direct expenses, if any, associated with their initial establishment (e.g. transfer costs, title work, environmental assessments, special legal work, etc.) or non-routine costs of operating the fund.

Revised 7/1/1998