Effective July 1, 2023, the LCSC Foundation Board will implement the following policy regarding administrative fees on all funds received.
2% Fee on Donations Received
In general, a 2% administrative fee will apply to all donations received by the Foundation to offset the costs of accounting, fundraising, and other administration costs. The fee will not apply to in-kind donations.
The 2% fee will apply at the time of the donation and will be a one-time fee. The 2% fee for gift annuities will apply at the end of the annuity when the funds become available to the Foundation.
½ of 1% (.5%) Annual Fee on Average Endowment Fund Balances
The .5% fee will be charged to Endowment Funds, Alumni Endowments, and Other Endowments. The .5% fee will not apply to the following fund classifications:
- Gift annuities
- General Unrestricted Funds
- Annual Funds
- Funds designated as Other Funds
- LCSC Designated Funds
The .5% fee will be based on the average endowment fund balances and not on the amount of profit or loss earned or allocated for any time period. The fee will be calculated twice during each year using .25% times the fund market values at December 31 and June 30, and will be included with the December and June six months’ market allocation postings.