The Adams County Community Foundation in conjunction with the Scioto Foundation charges fees on accounts to maintain its day-to-day operations. Fees vary according to fund type. Those that require greater administrative needs are charged a higher rate.
The Basic Fee for unrestricted Funds, Designated Funds Field of Interest Funds and Donor Advised Funds:
The basic fee is assessed monthly at a rate of one-tenth of one percent (.001) of the month-end asset value (or 1.2% per year) with a minimum fee of $10.00 per month.
A start-up fee is applied to all new accounts to be managed by the Foundation. It is one tenth of one percent of the asset value, with a minimum fee of $200.
Scholarship funds require more extensive administrative duties than other endowed funds, the Foundation assesses a rate of (.00165) per month-end asset value (or 1.99% per year) with a minimum fee of $10.00 per month.
What is the annual grant or scholarship payout? The grant or scholarship payout is the rate or percentage of distribution from a fund for the year. At the beginning of each year, the Board determines the grant distribution payout for that year.
The payout is derived from the following” Rate of distribution X Market Value as of December 31. For a number of years the payout has been 4%. For example, a fund with a market value of $12,500 on 12/31 would have a payout of $500.00.
Note: Grants must always be made for charitable purposes. Recipients may include nonprofit organizations, schools, accredited universities, and government programs. All grants must be made to nonprofit organizations in the United States designated as 501(c)(3) charities by the Internal Revenue Service.