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What is the minimum gift to begin an Acorn Fund? You can begin your Acorn Fund with $1,000 or more. When do I set up the future endowment fund? You decide the type of fund that you want the future endowment fund to be and you execute the agreement when you start your Acorn Fund. What is the fee for my Acorn Fund? There is no fee. However, once it reaches $5,000, the fund will be charged an annual fee according to the fund type and the Community Foundation’s fee schedule. Is there a time limit to build the $5,000 endowment fund? Yes, when you begin your Acorn Fund, you agree to a completion date up to five years from the date of the Acorn Fund Agreement. So what happens when my fund reaches its goal? Once contributions to the Acorn Fund reach the $5,000 minimum, not including earnings from principal, the assets will establish your endowment fund. Will my Acorn Fund’s assets be invested? If so, what happens to the earnings? All contributions will be invested according to the Community Foundation’s policy for endowment funds. The earnings from the fund will go into the Community Endowment Fund, an unrestricted endowment, until your permanent fund is established. Can charitable distributions be made from my Acorn Fund? In order for your fund to grow and reach its goal in as short a time as possible, distributions may not be made from an Acorn Fund. Upon reaching maturity, distributions will be scheduled. What if the fund doesn’t reach $5,000 in the allotted time period? The assets will be placed in the Community Endowment Fund, a permanent unrestricted endowment. They will not go to waste, but will provide grants benefiting the entire region served. |
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