Contributing to Your Fund Account

The following are general guidelines for you to use when making contributions to your Donor Fund at the Bermuda Community Foundation through Friends of BCF. Contributions are irrevocable upon acceptance by Friends of Bermuda Community Foundation.

Contributions are subject to the Gift Acceptance Policy of the Friends of the Bermuda Community Foundation.

Contribution Minimums

Donor Individuals

(e.g., person, trust, estate)

Initial contribution - $25,000
Additional contributions - $5,000

Donor Entities

(e.g., family-owned business, company, corporation)

Initial contribution - $100,000
Additional contributions - $5,000

Third-party Contributions

Relatives, friends, colleagues or business partners may be interested in contributing to your Fund account. At this time, there are no contribution minimums to an existing Donor Advised Fund. The following rules apply regarding third-party contributions.

Minimum contribution - $0 as at FY 2016 ending June 30, 2016. Meaningful contributions of all sizes are welcomed.
Third parties may only make contributions to your Fund account. They cannot recommend grants and hold no other rights or privileges. If you would like your relative, friend, etc. to have access, rights and privileges to your Donor Fund, you may elect to appoint him / her as a Fund Advisor using the Account Information Change Form. Contact info@friendsofBCF for more information.
You may not gift any item or monetary reward to third parties in exchange for their contribution, or guarantee that specific grant recommendations will be honored in exchange for contributions made by third parties.

Contribution Types

The following guidelines will help you determine what types of assets are eligible as contributions to your Fund account. Please note that as an early-stage organisation, FBCF's gift acceptance policy (Click here to view) applies and the foundation may not be able to accommodate the acceptance of all gift types at this time.

Cash equivalent assets

US dollars tendered by check or wire.

Publicly traded securities

Stocks (certain restricted and closely held stocks may be accepted subject to Friends of Bermuda Community Foundation Board approval), bonds and mutual fund shares.

Testamentary gifts

You may decide to name your Fund account as the beneficiary of cash equivalents, securities or other assets itemized in your will, living trust or other testamentary instrument, or as a beneficiary of other types of property, such as:[1]

Individual Retirement Accounts (IRA)
401(k) plans
Charitable remainder trusts
Certain charitable lead trusts
Cash value of life insurance policies
Brokerage or other accounts allowing designation of beneficiaries

Other assets

Real estate, collections (art, coins, other items with recognized and significant auction value), non-publicly traded securities (shares of a privately-held company), etc. will be considered on a case-by-case basis. Prior to contributing assets such as these, contact Friends of Bermuda Community Foundation to discuss your contribution.

[1] We recommend you consult a tax and / or legal advisor to determine if your Fund account may be identified as a beneficiary of any testamentary vehicle or of any other vehicles and accounts allowing designation of beneficiaries. As with all contributions, Friends of Bermuda Community Foundation reserves the right to review and approve contributions based on the policies outlined in this Guide and the Gift Acceptance Policy. Any contributions deemed unacceptable by Friends of Bermuda Community Foundation will be returned to the contributor.

Contribution Forms

We require two forms for making contributions to your Donor Advised Fund:

Fund Agreement

For use by Donors when making an initial contribution to establish an account (accompanied by the Fund Agreement and Investment Options forms). This document is developed in collaboration with BCF staff. Contact us at info@friendsofBCF to discuss establishing a donor fund.

Gift Intention Form

For use by Donors and third parties when making donations subsequent to an initial contribution. Friends of BCF Gift Intention Form.pdf

Contribution Acknowledgment

Once Friends of Bermuda Community Foundation reviews, approves and accepts contributions from any donating party, we will send a written confirmation indicating contribution acceptance to the Donor of Record and, if applicable, to the contributing party. This written documentation may serve as a record for any Federal or State tax deductions the contributing party may make.[1]

When you recommend a grant from your Donor Fund to a Board-approved charity or not-for-profit, and it is received by that charity, the recipient organization may choose to send written acknowledgment of the donation. Sending any written acknowledgements for grants received by non-profit organizations is at the sole discretion of those organizations. Friends of Bermuda Community Foundation has no involvement or influence over the acknowledgement process, receipts, etc., of the recipient organization(s).

[1] We recommend you consult a tax and / or legal advisor to determine the allowable tax deductions at the Federal and State level relating to your particular circumstances.

Fees on Contributions

The following fees are assessed on incoming gifts/donations to Friends of BCF:-

Type of Gift	Gift Amount	Fee
Donation to a Registered Charity (Bermuda). All online donations and any gifts that are connected to fundraising events or short-term campaigns are assessed at a flat transaction fee rate of 5%.	Up to $99,999	1% ($25 fee minimum)
Establish or Contribute to any Donor-directed (DAF's, Designated, Agency, etc.) Fund at BCF	$100,000 to $499,999	85 basis points
	$500,000 or more	65 basis points
Establish a Named Donor Fund for the benefit of BCF or contribute to the Central and Operating Endowment Funds at BCF	All	$25

To view the detailed fee schedule click here.