Tigert Fund
Donor Advised Fund Policies
A donor advised fund is created by a donor through a charitable gift to The Tigert Fund at the University of Florida Foundation, Inc. (the "Foundation") and provides the donor with the privilege of making recommendations to the Advisory Committee of the Tigert Fund with respect to disbursement of the fund assets to various U.S. charities. The donor may also recommend to the Advisory Committee the transfer of fund assets from the Tigert Fund to another account at the Foundation where such Fund assets will be used for the benefit of the University of Florida (at least 50% of each gift must be eventually designated in this fashion). The donor should understand that his or her donor advised fund is a component fund of the Tigert Fund. The following are guidelines and procedures governing this donor advised fund.
1. Advisory Committee. The Tigert Fund shall be governed by an Advisory Committee which will consist of no fewer than three (3) members of the Foundation Board of Directors, and shall be appointed by the Chair of the Foundation Board.
2. Fund Agreement. A signed fund agreement (The "Fund Agreement") between the Foundation on behalf of the Tigert Fund and the donor clearly states the final authority of the Tigert Fund Advisory Committee and investment policies of the Tigert Fund. (The IRS requires that the final decision for disbursement of the funds rest with the Advisory Committee of the Tigert Fund.)
3. Minimum Contribution. The minimum required to establish a donor advised fund at the Tigert Fund shall be $50,000. Each contribution thereafter must be at least $10,000.
4. Acceptance of Contribution. Gifts to the Tigert Fund shall consist of cash or readily marketable securities. The acceptance of any other types of assets shall be in the sole discretion of the Tigert Fund Advisory Committee. If the approved asset gifted to the Tigert Fund is non-cash, the donor who made the gift of the non-cash asset must also provide sufficient cash to cover the carrying costs of the asset until liquidation.
5. Investment Fee. An annual investment fee will be assessed against the market value of the Tigert Fund investment pool at the same rate as the endowment pool of the Foundation, currently 1%.
6. Gift/Transfer Fee. No gift fee will be assessed at the time of the original contribution to the Tigert Fund. A gift fee will be assessed on monies that are transferred from the Tigert Fund, whether to an external charity or for the benefit of the University of Florida. This fee will be equal to the Foundation’s gift fee, currently 2.5%.
7. Investment. Each donor’s gift will be invested in the Tigert Fund pool in accordance with investment policies of University of Florida Foundation.
8. Allocation to Foundation. At least 50% of each contribution to the Tigert Fund and any investment growth attributable to that 50% must be reserved for transfer from the Foundation’s Tigert Fund to a Foundation account for the benefit of the University of Florida for such purposes as are outlined in the Fund Agreement, if any, or if none, for its general purposes. The donor may direct transfer of such portion to a Foundation account for the benefit of the University of Florida at any time during the term of the fund.
9. Disbursements. The Tigert Fund shall make disbursements from the balance of the fund not already allocated to the Foundation to qualified 501(c)(3) charities organized and operating in the United States of America. The donor may recommend appropriate disbursements to the Tigert Fund Advisory Committee at any time during the duration of the term of the fund. Such disbursements shall only be made by the Tigert Fund on the first day of each month. All recommendations for disbursements must be in writing and received by the Tigert Fund Advisory Committee no later than the fifteenth day of the month prior to the requested disbursement date. In addition, all recommendations must be for disbursements in amounts equal to or greater than $1000. Furthermore, no disbursements shall be made to an organization in exchange for goods or services or to fulfill a legally binding pledge of the donor. All disbursements from donor advised funds must legally be made as contributions with no goods or services received in exchange; for example, gifts from donor advised funds cannot be used for memberships or for tickets or tables for fundraising events, in accordance with IRS regulations.
10. Private Foundations. Disbursements shall not be made to private foundations within the meaning of that term in section 509(a) of the Internal Revenue Code.
11. Advisor. As set forth above, the donor may from time to time advise the Tigert Fund in writing regarding the disbursements of income and principal from the donor advised fund of the donor. Should the donor wish to involve someone from his or her immediate family in such philanthropic decisions regarding the fund, the donor may designate in writing one family member to advise the Tigert Fund of disbursements of fund income and principal (the "Advisor"). The Advisor, and any successor, may be replaced at anytime by a subsequent written authorization signed by the donor.
12. Termination. The donor advised fund shall terminate at the earlier of the donor’s death (or in the case of two donors, the death of the surviving donor) or 20 years from the establishment of the fund. When the fund is terminated all remaining assets in the fund not otherwise designated shall be disbursed to the Foundation for the purposes outlined in the Fund Agreement, if any, or if none, for UF’s general purposes.
13. Report. The Tigert Fund shall issue an annual report to each donor which will include the market value of the assets in the fund of the donor and all contributions and disbursements during the period covered by the report.
14. No State Match Until Designated for the University of Florida. Gifts to the Tigert Fund will not be eligible to be considered for state match until transferred from the donor’s Tigert Fund account to a Foundation account for a specific eligible University of Florida purpose.
Last Revised: 01/29/2007
