The Greater Cincinnati Foundation (GCF) charges fees to each charitable fund established with the Foundation to cover the cost of operating the Foundation (the “Service Fee”) and the cost of investment management services (the “Investment Fee”).
Service fees cover the administration associated with all funds, including: staff consultation, individual fund accounting, fund statement preparation and distribution, contribution and acknowledgement processing, oversight of investment management, grant disbursement processing, grant report evaluation and follow up with grantees, the independent audit and compliance with federal and state reporting requirements. This fee is the primary revenue source for GCF’s operating fund to provide services to donors and the community.
All funds are assessed a minimum annual base service fee of $250. The minimum fee is assessed in December and will only apply if a fund’s normal service fees for the year are below the $250 minimum.
Because GCF is a community foundation and not a professional investment manager, the Foundation has agreements with more than twenty local financial institutions to manage its investments according to policies established by GCF’s Governing Board. Donors may select an investment manager from this approved list at the time they establish a fund.
The applicable Service Fee depends on the type of charitable fund the donor establishes. The investment management fee varies by manager. All fees are quoted on an annual basis. Fees are assessed and charged to each fund on a pro-rated monthly basis according to the fair market value of the fund on the last day of each month. GCF assesses and charges the fees directly to the funds, and then distributes the Investment Fee to the appropriate firm.
