The Lewis-Clark State College Foundation will begin to utilize administrative fees in January 2020 to cover general operating costs for gift establishment, receipt of assets and contributions, and fund administration. The information below provides important information about how fees will apply to different funds.
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. However, the fee will not apply in the following circumstances:
1. Additional donations to an endowment or annual fund in existence as of January 1, 2020.
2. Funding to athletic or academic programs solicited by coaches or academic staff that simply passes through the Foundation to the respective department.
3. Funding designated to the Center for Arts and History solicited bydepartment staff that simply passes through the Foundation to the department.
4. In-kind donations.
5. Other donations solicited by faculty or others where the donated funds simply pass through the Foundation.
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, subject to the above restrictions.
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:
1. Gift annuities
2. General Unrestricted Funds
3. Annual Funds
4. Funds designated as Other Funds
5. 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.