You can support the community and causes you care most about today and after your lifetime, all while maximizing your financial and tax advantages. Because our community and its needs change over time, the Foundation is ever-aspiring to be flexible in our granting. By creating a discretionary or field of interest fund, you enable the Foundation to meet immediate and emerging needs in our region.
To learn more about what a discretionary and field of interest fund is, read this flyer [PDF].
The Foundation charges an annualized administrative fee for Discretionary or Field of Interest Funds that is currently set at 1.25% of the fund’s total market value; this amount is drawn on a monthly basis. Balances above $5 million are charged a reduced 1% administrative fee. Investment fees are set by our fund managers and are approximately 0.90% of the fund’s market value.
The minimum size for a Named Fund is $10,000. There is no maximum; we have funds that are quite large, more than $15 million.
The agreement you sign when you establish the Fund governs whether invasions of principal are permitted. We allow you to establish either a permanent or an unrestricted fund. We request that a minimum of $10,000 be maintained in the Fund since the Foundation’s mission to build lasting endowments.
We use a total return spending policy and have established a 4.0% payout rate, based on the Fund’s market value averaged over twenty trailing quarters.
Yes. Once a Fund is created, additional gifts of any amount may be contributed to it at any time.
When you open your fund, you will receive access to our on-line donor portal. Through the portal you will be able to view financial information, monthly fund statements and when grants are sent.
We are not able to send grant checks to the Donor or any party other than the organization. Checks are mailed directly by the Foundation to the nonprofit.
Yes; we will accommodate your needs for anonymity in our annual report and in grantee correspondence, as you wish.
We hope that the Fund will continue after your lifetime. The Fund is typically maintained as a permanent endowed in your name.
Cynthia and Warren C. Lane Jr. Memorial Fund
The lives of Cynthia and Warren Lane were deeply rooted in Worcester County, where they raised their three children and contributed vigorously to nonprofits serving their community.
An avid volunteer for the Boylston Public Library, Cynthia also delivered Meals on Wheels to her town’s elderly residents. A prominent lawyer and civic leader, Warren litigated creation of the first NOW account. He served as trustee of educational institutions throughout New England, including Becker College, which in 2004 awarded him an honorary doctorate.
With their funds, Cynthia and Warren will benefit their community in perpetuity. The discretionary fund will meet the region’s evolving needs and their designated fund will support a cherished cause, education, by enabling local college libraries to expand their book collections.
"My parents valued learning, as ardent travelers and as perpetual students of history and culture. They believed in education as an avenue to a better life.” - Corbin Lane
Contact Kelly Stimson
Vice President for Donor Services & Relations
Contact Jacob Vazquez