DETERMINING YOUR FUND ADVISORS

Designating Fund Advisors to your Donor Fund enables you to create a legacy of giving by naming individuals or entities to carry on your philanthropic goals beyond your lifetime.

You are not required to name Fund Advisors to your Donor Fund. If you choose to do so, you must name them, and make any changes to your designation, during your lifetime. You may not name or modify Fund Advisors through a testamentary instrument (e.g., a will or living trust).

If at the time of the resignation and / or death of the last Donor(s) no Successor(s) is named on a Donor Fund, the account value will be transferred to Friends of Bermuda Community Foundation.

We recommend that you review your Fund Advisors periodically to ensure information is current and that your choices remain aligned with your personal circumstances and philanthropic goals.

There are two types of Fund Advisors you may choose for your Fund account. Either one or both may be named:

The Donor of Record advises the Friends of BCF on their account

Fund Advisory Committee and Chair

The Donor of record appoints a Fund Advisor or Fund Advisory Committee and Chairperson.  Your Fund Advisor(s) may be an individual(s) of your choosing, such as a spouse, partner, child or sibling. A personal estate may not be named as a Fund Advisor.

• If different than the Donor, your Fund Advisor(s) will not assume control of your Donor Fund until the resignation and / or death of the last Donor(s). For example, if one of two Donors resigns or dies, the remaining Donor will maintain control of the account until his or her resignation or death

• Friends of Bermuda Community Foundation must receive written notification and proof of the resignation and / or death of the last Donor(s), at which time we will provide written verification to the named Fund Advisor(s).  If the last Fund Advisor resigns or dies, the Board of the Friends of BCF will serve as the Fund’s Advisors.

In the event that at the time of the resignation and / or death of the last Donor(s) a charity named as a grant recipient is no longer an eligible grant recipient according to Friends of Bermuda Community Foundation (please see “Making Grant Recommendations”), the portion of the account assets designated for that charity will be distributed equally among the other qualified recipient charities. If no other charity Successor is named, the account value will be transferred to Friends of Bermuda Community Foundation.