Fillable Donor Advised Fund Agreement

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Donor Advised Fund Agreement

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DONOR-ADVISED
FUND AGREEMENT
Thank you for setting up a donor-advised fund. Your fund will be administered by the
Greater Kansas City Community Foundation, a 501(c)(3) public charity.
Please complete the following form and return to info@growyourgiving.org.
C O M MUN ITY F O U N D A T I ON
G R E A T E R K A N S A S C I T Y
816.842.7444 | www.growyourgiving.org
Your Fund
1
Name your Fund as you like. You can include your name or remain anonymous.
Examples: James Family Foundation, Pay It Forward Fund
Name of Fund
2
Fund Advisors make recommendations for all Fund-related matters, including grants
and investments. Fund Advisors have online access to view fund statements and
recommend grants. List additional Fund Advisors in Section 9.
Fund Advisor(s)
2
Internal Use Only: Fund ID _________________________
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State
Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State
Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
GREATER KANSAS CITY COMMUNITY FOUNDATION
DONOR-ADVISED FUND AGREEMENT
Source: EA - S2
Successor Advisors make grant and investment recommendations for the Fund after
the Fund Advisors are no longer able or willing to do so. You may list as many or as
few Successor Advisors as you like. List additional Successor Advisors in Section 9.
Successor Advisor(s)
3
Check here if you do not want to name a Successor Advisor. We will contact you regarding your charitable intent for the Fund.
Please indicate how you would like your Successor Advisors to act when making recommendations for the Fund. Select One:
Independently
By Majority By Unanimous Consent
3
Internal Use Only: Fund ID _________________________
Relationship to Fund Advisor(s)
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Relationship to Fund Advisor(s)
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Source: EA - S2
4
Internal Use Only: Fund ID _________________________
Relationship to Fund Advisor(s)
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Relationship to Fund Advisor(s)
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Relationship to Fund Advisor(s)
Mr. Mrs. Ms. Dr.
Email Address
Phone
Address City State Zip Code
First Name Last NameMiddle Initial Sux
Preferred Name or Nickname
Date of Birth
Home
Work
Cell
Home
Work
Source: EA - S2
Investment Recommendation
4
Please select one of the following options for your Fund’s investments.
Option 1: The assets in the Fund will be invested in the Community Foundation’s Investment Pools.
This option is available for funds of any size. Select a mix from the options listed below, or create your own mix. Allocations are
rebalanced to targets once a month. In the interim, cash coming into the Fund will be held in the Money Market Pool.
Investment Pools
AGGRESSIVE
MODERATELY
AGGRESSIVE
MODERATE CONSERVATIVE RISK AVERSE
CUSTOM
MIX*
*Combined total
must equal 100%
Mix Options
}
Money
Market
3% 5% 10% 20% 100%
Short-Term
Fixed Income
10% 25% 35% 42% 0%
Intermediate-Term
Fixed Income
10% 10% 15% 18% 0%
Domestic
Equity
55% 43% 29% 14% 0%
International
Equity
22% 17% 11% 6% 0%
MORE RISK
Long-Term Goals
Lower Spending Rate
LESS RISK
Short-Term Goals
Higher Spending Rate
Option 2: The assets in the Fund will be invested separately in a nancial advisor managed account on your advisor’s
platform. The nancial advisor named in Section 5 will make investment selections for your Fund on your behalf.
This option is available for funds with assets of $100,000 or more. The Community Foundation will contact your nancial
advisor to set up the investment account once you are ready to use the Fund. A Fund advisor or family member may not be
named as the Fund’s nancial advisor.
5
Internal Use Only: Fund ID _________________________
Source: EA - S2
Received by Investment Team ______________________
Financial Advisor Information
5
If your nancial advisor will be involved with your Fund, provide the following details.
Financial Advisor Name
Address
Firm Name
City State Zip Code
Phone
Email Address
Communicating Grant Requests
With your permission, your nancial advisor can communicate your grant requests to the Community Foundation.
Check here to give your nancial advisor permission to communicate your grant requests.
6
Internal Use Only: Fund ID _________________________
Source: EA - S2
Please list any additional professional advisors (accountants, attorneys, nancial
advisors) with whom the Community Foundation may share information about your
Fund should they inquire. If you would like to give any of the following advisors
permission to view your Fund online and/or communicate your grant requests,
please indicate in Section 9.
Professional Advisor Information
6
Professional Advisor Name & Profession Firm Name
Professional Advisor Name & Profession Firm Name
Professional Advisor Name & Profession Firm Name
Received by Investment Team ______________________
The nancial advisor named below will have online access to view your Fund information, including balance, contribution and
grant history. If you selected Option 1 in Section 4, your nancial advisor can change the asset allocation in the Community
Foundation’s Investment Pools. If you selected Option 2 in Section 4, your nancial advisor will invest the Fund’s assets separately
in a nancial advisor managed account.
7
Internal Use Only: Fund ID _________________________
Received by Investment Team ______________________
Source: EA - S2
Referral Information
8
Check here if the nancial advisor listed in Section 5 guided you in the decision to establish the Fund.
If you were not referred by your nancial advisor, please share how you heard about us:
Additional Information
9
Please include any additional information you would like us to know.
Contribution Information
7
If you know how you plan to contribute, please provide details. If there are additional
assets you plan to contribute to the Fund, please list in Section 9. If you plan to
contribute an interest in a private business or real estate, please contact us.
Check
Wire
Bank Name:
Securities or Mutual Funds
Number of Shares and Symbol(s):
Estimated Initial Contribution:
$
Bequest: You do not plan to use the Fund during your lifetime. The contribution will be made upon your death.
Approximate Date of Initial Contribution:
Terms & Required Signature(s)
10
Greater Kansas City Community Foundation
Date
Founder Signature
Date
Printed Name
Founder Signature
Date
Printed Name
Accepted by:
8
V.21.2
Internal Use Only: Fund ID _________________________
The Founder(s) establish this Fund with the Greater Kansas City Community Foundation (referred to as the “Community Foundation”).
The current Fund Advisor(s) may make recommendations for grants (from income and principal), investments, and other
administrative matters unless otherwise noted herein. If two or more are named, any may act alone. Upon the death, resignation or
incapacity to serve of the Fund Advisor (or the surviving Fund Advisor if two or more individuals have been named), the Successor
Advisor(s) will then advise the Fund. If two or more persons are eligible to be successors, then a recommendation by a majority of such
persons shall constitute an eective recommendation for consideration by the Community Foundation unless otherwise noted herein.
If the persons named in this document or after the date of this document are not available to advise and consult with the Community
Foundation due to death, resignation or incapacity to serve, the Community Foundation shall use the principal and income from the
Fund for charitable purposes.
For assets in a nancial advisor managed account: The assets in the Fund will be managed directly by the named nancial advisor
on a discretionary basis, until such time that the Community Foundation or the Fund Advisor(s) exercise(s) the option to make a
dierent selection for management of this Fund. The named nancial advisor will manage the assets of this Fund in accordance with
the Fund advisor(s)’ charitable objectives and the most current nancial policies and standards of the Community Foundation,
which can be found at www.growyourgiving.org/fap-guidelines. The Community Foundation will regularly review the nancial
performance of this Fund.
For assets in the Community Foundation’s Investment Pools: The responsibility for managing the Community Foundation’s investment
program is vested in the Community Foundation’s Board of Directors through its Investment Committee. The percentages in the mix
options may change from time to time upon Investment Committee review. For additional details regarding investment mixes and
pools, refer to www.growyourgiving.org/investing to view the Investment Performance Summary and the Supplemental Report.
As required by IRS regulations:
a) the investment recommendation is advisory only and the Community Foundation may, at its sole and absolute discretion,
follow or decline to follow the recommendation;
b) the Community Foundation may at any time, at its sole and absolute discretion, change the investment of all or any portion
of the assets in the Fund;
c) if the investment recommendation is accepted, the investments will be administered in accordance with the nancial policies
and duciary standards of the Community Foundation; and
d) investments are subject to normal market and interest rate uctuation risks, and any gain or loss generated by the above
investments will be credited or charged to the Fund.
The Community Foundation’s administrative fee schedule is attached. The fee schedule is subject to modication and may be
increased or decreased at the sole discretion of the Community Foundation.
The Donor-Advised Fund Policies are attached; signing below indicates acceptance of these policies. The Community Foundation
reserves the right to make the nal decision regarding distributions from the Fund.
Received by Investment Team ______________________
Source: EA - S2
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Administrative Fees
Administrative Fees
11
9
Funds will be charged for direct expenses incurred by the Community Foundation on behalf of a specic fund, such as commissions for
the sale of contributed stock or legal fees. 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.
For funds receiving a bequest that will be fully disbursed to one or more charities upon receipt, the Community Foundation will assess a
one-time 3% fee on such bequest.
This administrative fee schedule applies to funds at the Greater Kansas City Community Foundation. Administrative fees are used
exclusively to support our mission-based operations. These fees are your investment in a 501(c)(3) public charity dedicated to
increasing charitable giving, educating and connecting donors to community needs they care about, and leading on critical
community issues.
The administrative fee structure illustrates the annual cost for a fund. These fees are assessed to the Fund on a monthly basis.
(The monthly fee equals one-twelfth of the annual fee, based on the average fair market value of Fund assets for the month. If
there are no assets in the Fund for the entire month, there is no fee.) For newly established funds, the annual fee is prorated over
the remainder of the year.
Fund Assets
up to $7 million
Annual
Administrative Fee
first $500,000
1.00% or $250
(whichever is greater)
next $500,000 0.60%
next $2 million 0.30%
next $4 million 0.10%
Sample Fee Calculations
Fund assets of $10,000
$250 minimum fee applies: 1.00% of $10,000 is less than $250
Total annual administrative fee = $250 ($21/month)
Fund assets of $30,000
1.00% fee on $30,000 = $300
Total annual administrative fee = $300 ($25/month)
Fund assets of $600,000
1.00% fee on the first $500,000 = $5,000
0.60% fee on the next $100,000 = $600
Total annual administrative fee = $5,600 ($467/month)
For funds with assets of $7 million or more, please contact us at info@growyourgiving.org or 816.842.0944.
Source: EA - S2
Donor-Advised Fund Policies
12
10
Contributions to Donor-Advised Funds
Contributions to donor-advised funds at the Community Foundation are gifts to a public charity and eligible for the maximum
tax deduction allowed by law. The Community Foundation accepts gifts of cash, publicly traded securities, private business
interests (closely held stock, limited liability company interests, limited partnership interests), and real estate. Contributions
are subject to the review and approval by the Community Foundation prior to acceptance and are irrevocable once accepted.
The Community Foundation does not provide legal, tax or nancial advice, so the Community Foundation encourages donors to
consult with their own professional advisors prior to making a contribution.
Contributions of Non-Cash Assets
The general policy of the Community Foundation is to sell all contributed property as soon as practical after receipt to minimize
market risk. For non-publicly traded securities or other assets for which no readily liquid market exists, the Community Foundation
will exercise discretion as to the timing and price of sales. Any costs incurred by the Community Foundation necessary for the
disposition of securities and other assets and for the management of such assets prior to disposition will be an expense of
the donor-advised fund. Should sucient liquidity not be available in the donor-advised fund to cover any expenses, taxes or
liabilities due as a result of the fund’s ownership of a non-cash asset, the donor of such asset(s) agrees to contribute additional
liquid assets to the donor-advised fund as necessary to fully and timely cover such obligations.
Grants from Donor-Advised Funds
Through a donor-advised fund, Fund Advisors can enjoy supporting any 501(c)(3) public charity in the United States, including
governmental, educational and religious institutions. Fund Advisors may suggest grants directly to international organizations for
an additional fee that covers the additional due diligence required of international grants. The IRS does not allow the Community
Foundation to make distributions to private non-operating foundations, to individuals or to pay fundraising expenses. Rest
assured that the Community Foundation will exercise due diligence to make sure grants from donor-advised funds are given to
organizations that have met IRS requirements.
Additional information about specic granting guidelines can be found at www.growyourgiving.org/grant-guidelines.
Because contributions to donor-advised funds are eligible for a charitable tax deduction, grants subsequently made from
donor-advised funds are not tax deductible.
Fund Activity and Fund Statements
The Community Foundation is responsible for ensuring donor-advised funds are used for charitable grantmaking and do not confer
any private benet on the donor or any other person. The Community Foundation monitors the use of donor-advised funds to
ensure their activity leads to charitable distributions. The Community Foundation does not have a minimum amount for grants or
maximum frequency of grants. Fund Advisors can suggest grants in any amount and as often as they like. The Community Foundation
periodically checks in on donor-advised funds that are not being used to ensure the Community Foundation understands
Fund Advisors’ plans for their funds. Fund statements showing gift, grant and investment activity for a donor-advised fund are
available through the online donor portal.
Role of Donor-Advised Fund Advisors
At any time during a donor’s lifetime the donor may designate one or more adult individuals to be Fund Advisors, as well as
Successor Advisors to serve upon the Fund Advisor’s (or the surviving Fund Advisor if two or more have been named) death,
resignation or incapacity. Each Fund Advisor may individually make recommendations for grants, investments and other
donor-advised fund related matters. Successor Advisors may make recommendations concerning grants and investments
for donor-advised funds and must act by majority unless otherwise noted in the fund agreement. Unless the donor has specied
otherwise, each Successor Advisor may recommend individuals from succeeding generations to act in his or her place. The
Community Foundation is happy to work with generations of Fund Advisors.
Who Can Manage the Investments of a Donor-Advised Fund
A Fund Advisor may recommend that a donor-advised fund be invested in the Community Foundation’s investment pools
or with the donor’s financial advisor. Financial advisors may manage the investments of a donor-advised fund in a separate
account as long as the nancial advisor is not (i) the donor, (ii) a Fund Advisor or Successor Advisor, (iii) any family member
of a donor/Fund Advisor/Successor Advisor (dened as that person’s spouse, ancestors, children, grandchildren, great-
grandchildren, brothers, sisters and the spouses of children, grandchildren, great-grandchildren, brothers and sisters) and (iv)
any entity where more than 35% of the entity is owned/controlled by any of these persons.
Source: EA - S2
11
Condentiality and Privacy Policy
The Community Foundation holds all information concerning our donors and their donor-advised funds in strict condence.
The Community Foundation will only release information about a donor if the donor has given permission, or if a government
agency or court has the legal authority to request the information. All personal data collected on this form is subject to the
Community Foundation’s privacy policy, which can be found at www.growyourgiving.org/privacy-policy.
Bequests and Beneciary Designations
The Community Foundation can carry out donors’ charitable goals beyond their lifetimes. To name a donor-advised fund at
the Community Foundation as a beneficiary of a will, trust, life insurance policy or retirement plan account, the following
language may be helpful in completing estate planning documents or beneficiary designation forms: After describing what
the donor wants to leave to his or her fund (i.e., a percentage of the estate/trust/account or a specific dollar amount), please
note that it will pass “to the Greater Kansas City Community Foundation (EIN 43-1152398) for the following component fund:
[name of the fund].”
Fundraising
The Community Foundation cannot sponsor or reimburse expenses for any fundraising activities or any other events intended
to benet any donor-advised fund, and will not be responsible for the collection of any amounts from any benet, ball, banquet,
athletic event or third-party online fundraising page. The Community Foundation will only be responsible for the proper
disbursement of funds actually received. Any advertising, promotional or other materials must be consistent with this policy.
Additional information about fundraising can be found at www.growyourgiving.org/fundraising-guidelines.
Honoring Donor Intent/Variance Power
The Community Foundation carries out a donor’s charitable intent through a donor-advised fund. In rare circumstances, the
Community Foundation may determine that the donor’s charitable purposes may have become unnecessary, obsolete,
incapable of fulfillment, impractical or inconsistent with the community’s charitable needs. In that case, the Community
Foundation may need to exercise its variance power to change the charitable purpose of the fund. In doing so, the Community
Foundation will strive to make distributions that are consistent with the donor’s charitable interests.
Additional Detail on These Policies
Please see the Procedures for the Establishment and Operation of Funds and relevant sections of the Bylaws of the Greater
Kansas City Community Foundation, available at www.growyourgiving.org/procedures.
Source: EA - S2
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Donor Advised Fund Agreement

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Completed 28 September 2021

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