1) Establishment of a separate fund shall require a minimum $5,000 gift.
2) Donors are required to establish guidelines for distribution of income generated. Said guidelines must comply with Foundation grant eligibility rules.
3) Once made, all funds shall be managed by and invested by the Foundation.
4) An administrative fee of 1% annually will be charged on fund balances up to $1,000,000. Any funds with balances over $1,000,000 will be charged a fee of 1% for the first $1,000,000 and .5% for amounts over $1,000,000.
5) Funds may be commingled for investment purposes.
6) Donor committees established to oversee large funds (i.e. in excess of $200,000) may be used only in an advisory capacity. The Foundation Board will have final authority for each fund established.
MERRICK FOUNDATION, INC.