Field of Interest Fund Agreement.
1. Name of Fund: (hereinafter the “Fund”) Stars and Stripes Foundation.
2. Field of Interests to be supported by Fund: To support organizations that honor veterans, inspire patriotism and embrace freedom.
3. Type of Fund:
Non-Endowed: Access given to both Principal and Income to make grants.
Endowed: If Donor has not chosen to permit access to both principal and income to make grants, Donor acknowledges that the Fund shall be a permanent fund and as such shall be subject to the distribution policy of the Community Foundation of Sarasota County as amended from time to time. At this time the distribution policy is 4.75%. Donor further acknowledges that this election of permanent fund is irrevocable:
4. The Initial Contribution to the Fund shall be: $100.00. This amount shall be paid in the following manner: (Please indicate cash, check, marketable securities or other): ☐Cash ☒Check ☐Securities - name of securities:
Donor intends that this Fund, and any distributions from this Fund, shall be administered in accordance with the 1.) Procedures for Establishment and Operation of Funds and Affiliated Organizations of the Community Foundation of Sarasota County, Inc. (“Procedures”); 2.) Articles of Incorporation of the Community Foundation of Sarasota County, Inc. (“Articles”) and 3.) Bylaws of the Community Foundation of Sarasota County, Inc. (“Bylaws”), each as may be amended from time to time. Donor acknowledges by signature below that the information provided herein is accurate and that Donor has received and read a copy of the Procedures, Articles and Bylaws, and agree to be bound by them for the purposes of establishing this Fund.
5. Advisory Committee of Fund: Donor may recommend an Advisory Committee to be appointed by the Community Foundation subject to the Procedures of the Community Foundation. If Donor has chosen to recommend that an Advisory Committee be appointed, please indicate here and complete Exhibit A. (Note: Donor may be a member of the Advisory Committee if the Community Foundation approves such recommendation only if Donor did not contribute IRA Rollover funds to this Fund .)
6. Modifications to Fund: The Fund is subject to a limited power to modify the Fund at the sole discretion of the Community Foundation as provided in the Procedures and to the extent permitted by the Florida Uniform Prudent Management of Institutional Funds Act s.617.2104, F.S. and the Federal Tax Code.
7. Fees: This Fund shall be subject to an Administrative Fee and Investment Fee as described in our Procedures. All Fees are subject to change from time to time per the terms of our Procedures, Articles and Bylaws. The current Administrative Fee Schedule is attached.
Agreed to by Donor:
Thomas E. Piazze, Jr.
The Community Foundation of Sarasota County, Inc.
Roxanne G. Jerde, President/CEO
Thank you for choosing the Community Foundation of Sarasota County as your partner in philanthropy.
Recommendations for Appointment to Advisory Committee
Thomas E. Piazze, Jr., Chairperson
TO SUPPORT THE COMMUNITY FOUNDATION OF SARASOTA COUNTY’S MISSION -BASED OPERATIONS
Field of Interest Funds
This administrative fee schedule applies to funds at the Community Foundation of Sarasota County and its regional affiliates. The fees, used exclusively to support the Community Foundation’s mission, are your investment in a public charity dedicated to increasing charitable giving, connecting donors to community needs they care about, and leading on critical community issues.
Annual Administrative Fees on the Market Value of Fund Assets
- 1.00% ON FUNDS UP TO $5 MILLION
- .90% on funds over $5M and up to $10M
- .80% on funds over $10M and up to $25M
- .70% on funds over $25M
The fees stated above are the annual fees; fees are charged to the fund quarterly, based on the average fair market value of assets for the preceding quarter. For newly established funds, the annual fee is prorated.
Funds may be charged for extraordinary direct expenses incurred on behalf of a specific fund, such as commissions for the sale of contributed stock. The Community Foundation may request additional fees for extraordinary services such as special grant processing and review (which may apply pursuant to a contract with the Community Foundation or after the death of the founder(s) of the Fund if no advisors are serving) or other non-standard services.
A separate Investment Fee of an estimated .50% to .55%, SUBJECT TO CHANGE is passed through from our Investment Advisors on all of our pooled funds. This Fund shall be part of the pooled funds unless otherwise designated by Donors. Please note that this fee is in addition to the Administrative Fee.