A fee of 5% is charged on all restricted gifts. These include all gifts designated to a specific initiative, an annual or endowed scholarship, or an annual or endowed program fund. Unrestricted gifts made to the Foundation are not assessed a gift fee.
What is the Foundation's gift fee?
The fee on restricted-purpose gifts is our cost of being accountable to you and our other donors. This accountability includes our commitment to provide timely gift receipts, accurate records and accounting of funds, an annual independent audit of our financial statements and processes, and efficient disbursement of gift funds to students and programs at the College.
Why does the Foundation have a gift fee?
The gift fee allows the Foundation to reduce its reliance on direct funding for its operations from RCC, thus freeing College funds for education. Gift fee revenue is directly related to the Foundation's cost of doing business. Effective fund-raising requires deployment of financial resources to cover direct costs of soliciting, processing, and accounting for donated funds. As gifts to benefit RCC increase, the costs of gift receipting, accounting, monitoring and disbursement increase.
How often does the gift fee change?
In order to assure budgetary and financial stability, the Foundation Finance & Investment committee reviews the gift fee on a regular basis to determine if adjustments are needed.