How We Operate
Our board of directors administers BCF, some of whose members were appointed after a request for expressions of interest was placed in Bermuda newspapers in 2012. Board members are appointed by three members of BCF who solicit applications from the community via a self-nomination process. This process provides a transparent and robust governance model in which it would be extremely difficult for any individual or group to take control. Certain tasks are allocated to a range of support committees, but ultimately the board is responsible for BCF’s mission integrity and welfare. We are a transparent institution in terms of how we operate.
How We Are Funded
All BCF board and committee members are volunteers and are unpaid for their work in these roles. However, there are costs (staff, salaries, rent, phone, postage, marketing, etc.) in operating BCF.
The board strives to keep costs as low as possible: we deliberately run a “lean and mean” operation using some outsourced resources and economising on rent and other operational costs by sharing office space, technology, etc.
In order to cover operating costs, BCF donors are asked to consider make initial donations to the BCF fund. Learn more about how we are funded.
In addition, fees assessed on the capital of the funds are donated to BCF each year. The administrative fee is typically 1–1.5 percent of the value of the fund. However, certain funds requiring a higher level of administration may incur a fee of 2.5-5 percent of the value of the fund.