The Kitsap Community Foundation (KCF) assesses an Administrative Fee on each of its Funds to cover administrative costs. Fees may be revised from time to time as circumstances warrant.
The annual management fee for Endowment Funds depends upon the size of the Fund.
For Funds of $1,000,000 or less: the greater of $200 or 2% of the Fund's market value
For Funds of $2,000,000 or less: 2% of the Fund's first
$1,000,000 plus 1% of the amount
For Funds over $2,000,000: the fee will be negotiated
These administrative fees are assessed quarterly based on the quarter ending market value of the Fund and will be prorated for funds opened during the quarter.
This fee also applies to Pass-Through Funds that are invested.
The annual management fee for Pass-Through Funds held at KCF (i.e. not invested) is the greater of $50 or one percent (1%) of the fund's balance.
The fee will be assessed quarterly based on the quarter ending balance of the fund and will be prorated for funds opened or closed during the quarter.
Investment costs are in addition to the aforementioned fees.
When a contribution is made by credit card, the fee charged by the credit card company will reduce the amount of the contribution credited to the Fund.
Administrative fees provide KCF with the ability to appropriately staff services that provide oversight and due diligence as to how funds are invested and expended. This ensures a competitive return that enables donor/investor dollars to be used to meet identified community needs and support charitable beneficiaries in good standing with regulatory agencies. Administrative fees also provide the Foundation with the ability to fund vital community initiatives such as periodic community needs assessments, collaborations with other non-profits, and other community awareness programs.