Gift Management Fees
The Ridgewater College Foundation is an independent 501(c)3 nonprofit organization, whose primary objective is to raise money to benefit Ridgewater College. As an independent organization, fees are necessary to support the ongoing operations of the Foundation which include but are not limited to:
- Maintaining and accounting for 350+ distinct funds
- Administering the scholarship application and award process
- Receipting and processing of all gift types (cash, check, credit card and stock gifts)
- Reporting on all contributions and disbursements
- Vetting disbursements against established criteria
- Building and maintaining relationships with donors and prospective donors
- stewarding donors via acknowledgements, special events and communications
- Providing donors with endowment and stewardship recipient reports which show all fund activity in each fiscal year.
The Foundation’s fee structure is reviewed at least annually and approved by the Foundation’s Board of Directors. As of November 2021, the Foundation has two distinct fees as described below.
- Administrative Fees Charged to the Endowments
An administrative fee of 0.5% to 2% shall be assessed each year by board action. Said administrative fee shall be calculated on the average fund balance of the Ridgewater College Foundation’s endowment funds as of June 30. The calculated amount will be transferred to the Foundation’s unrestricted operating fund on July 1 in the fiscal year following the calculation date.
- Development Fee on Bequests
All bequest gifts will have a one-time 5% development fee assessed, including both scholarship and endowed gifts. Bequest gifts include but are not limited to direct distributions from a donor’s estate, including proceeds from life insurance policies, retirement funds, trusts or other assets.