When the Foundation makes grants to charities, it distributes funds from RCGF which are owned by the Foundation and held in individual donor-advised funds. Donors may not claim additional charitable deductions when such grants are made.

INVESTMENTS

Once a donor-advised fund has been created using a donor's contribution to the Foundation, the donor may recommend an investment advisor to oversee the assets in the account(s).  However, final and exclusive authority to select the investment manager and to make investment decisions rests with the Board of Directors of the Foundation.  All investment managers retained by the Foundation must abide by the policies established by the Foundation.  If a donor does not recommend an investment manager, the Board of Directors will appoint one.

GRANT MAKING

Historically, charitable grants have often been made in response to requests from friends or associates, or out of an awareness of a pressing social issue or organization need.  Today, donors are voicing an increasing desire to be proactive in directing their philanthropic choices.  This sentiment has increased the popularity of donor-advised funds, which provide a good "fit" with the entrepreneurial spirit that many donors have displayed in accumulating personal wealth.  The Foundation, through the RCGF program, offers valuable information and tools to assist you in making informed philanthropic decisions.  You will be able to recommend gifts to your favorite charities, your alma mater, local libraries, and to any other qualified charitable organization.

RECOMMENDATIONS

Donors and any grant advisors authorized by the donors, have the ability, by way of a Grant Recommendation Form, to recommend qualified charitable organizations to receive funds from the Foundation through RCGF, which will honor the recommendation pursuant to any applicable regulations for same. Grant Recommendations are advisory only and are subject to review and approval by the Foundation’s Board of Directors, which retains exclusive control and discretion over all grants made through RCGF. If the recommendation is approved, the Foundation will issue a check to the recommended organization. A letter accompanying the grant will acknowledge the donor’s involvement unless the donor wishes to remain anonymous.¹  Grant recommendations will be processed as soon as possible, but not later than two weeks after receipt by the Foundation.

MULTIPLE RECOMMENDATIONS

Grant recommendations will be processed in the order in which they are received.  In the event that multiple authorized individuals make simultaneous grant recommendations that exceed the amount remaining in the fund, the Foundation or its representative will attempt to contact the donors to inform them of overlapping requests and offer them the opportunity to agree on a recommendation.  If the donors are not available or an agreement cannot be reached, the Board of Directors will evaluate the grant recommendations and award funds as it feels appropriate..

Grants can only be made to charitable organizations that are tax-exempt under Code Section 501(c)(3) and that are not private foundations within the meaning of Code Section 509(a). Grants may not be made to private foundations or foreign charitable organizations. Additionally, grants through RCGF may not be used to pay for membership fees, dues, tuition, benefit tickets, or goods bought at auctions, nor may they be used to fulfill a pre-existing pledge to a charitable organization.

Grant recommendations may be made for sums of $250 or greater to any approved charitable organization. If the amount of a grant recommendation exceeds the balance of a donor-advised fund’s account, the Foundation will make such grant (if approved) in an amount not to exceed the level of funds available in the donor-advised fund’s account after current expenses, if any, have been paid.

NAMING GRANT ADVISORS

Each Donor may give additional people the authority to make grant recommendations for the gift fund.  Authorization must be in writing.  As soon as the proper authorization is received by the Foundation, the individual(s) named will be able to make grant recommendations, subject to any restrictions on grant recommending authority imposed by the Donor who appoints them, until such authority is revoked.  Revocation of grant-making rights must be made by either the appointing Donor or the Donor of Record and must be in writing.

There is no minimum grant distribution requirements at this time.  The Board reserves the right to change this policy at any time to conform to Internal Revenue Service regulations or other regulations, if applicable.

If a fund does not receive a contribution or make a grant distribution for three years, it will be considered a dormant account.  The Board will authorize distribution of funds to qualified charities for dormant accounts if the Foundation or its representative are unable to reach the donor(s) to afford them the opportunity to activate the account.

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