Confirmation of contributions to the fund will be provided to the donor within a reasonable amount of time but not more than two weeks after the date of contribution.  Contribution confirmations serve as receipts and should be kept with the donor's tax records for purposes of IRS reporting.  Consultation with the donor's tax advisor should take place prior to claiming any deduction in connection with a contributions.  IRS Form 8283 must be completed by the donor and filed with federal income tax returns for gifts of property valued at $500 or more.  A blank copy of Form 8283 will accompany the confirmation of receipt of contributions.

Quarterly statements will be sent to the Donor of Record reflecting additional contributions to the RCGF, grants made, and income earned.  Each report will document quarterly activity; except the fourth-quarter report which will reflect activity for the calendar year. Reports will show:

Current quarter figures, including:

• Beginning and ending asset values by type of investment;
• Total donor contributions to date; and
• Total grants paid to charities to date.

• The name of the recipient charity;
• The amount paid to such charity; and
• The date on which each grant was paid.

• The amount of each contribution;
• The date on which the Foundation received each such contribution; and
• The type of each asset contributed.

Each donor may select any person, including a spouse, child, or another descendant, heir, or representative to appoint as their successor donor and to be assigned, upon the donor’s resignation or death, the rights and duties associated with the donor-advised fund, including the right to make grant recommendations.

In the case of resignation, the original donor must send the Foundation a signed letter of resignation.  If a successor has already been named, that person is deemed to be the successor donor.  If no successor has been named prior to sending a letter of resignation or the original donor wishes to change the named successor, an Account Information Change Form naming the successor must accompany the letter.  In the case of death of a donor, the successor must provide the Foundation with written notification and sufficient proof of the death of the donor, whereupon the successor will assume all rights and duties of the donor. If the successor is a minor, the Foundation’s Board of Directors reserves the right to require that grant recommendations be made by the minor’s legal guardian. A successor may, in turn, appoint his or her own successor.

Rather than choosing an individual to succeed a donor at death, a donor may recommend (subject to review and approval by the Foundation’s Board of Directors) that a charitable organization receive the proceeds of any remaining assets in the donor-advised fund account upon the Foundation’s notification of the donor’s death.

If successor individuals or charitable organizations are not designated by the last surviving donor, then, upon notification to the Foundation of the death or resignation of that donor, the Foundation will distribute the proceeds to one or more charitable organizations.  Distributions are granted at the sole discretion of the Foundation’s Board of Directors in accordance with applicable regulations governing same.

Each donor-advised fund within RCGF is subject to annual administration fees as set forth below, with a minimum fee of $250 annually. This fee is prorated and charged against each fund’s account at the beginning of each quarter, based upon the fund balance on the first day of the prior quarter. The assets in each donor-advised fund, each of which may carry its own fees and underlying expenses, are invested in marketable securities . 

RCGF Fee Schedule

An additional fee of 1.00% will be charged if grants in the first year of any one donor fund exceeds 20% of that individual fund value.