Administrative and Gift Fees
Effective July 1, 2013
Effective July 1, 2013 The Elizabeth City State University Foundation (The Foundation) approved to establish a nominal fee to be charged on collections and funds all in accordance with applicable law known as administrative and gift fees. These fees will be used to cover the costs of fundraising and foundation administrative activities in support of the Foundation's mission.
The ECSU Foundation Board of Directors establishes two fees illustrated below:
Gift Fees: Effective July 1, 2014 a 2% gift fee shall be assessed to each non-endowed gift to the ECSU Foundation. The full gift less any applicable quid pro quo restrictions remains tax-deductible.
- Currently, seven UNC institutions are using gift fee (GF) or endowment fees (EF): East Carolina- 3% GF & 1% EF; NC State- 5% GF & 1.00-1.05% EF; UNC Asheville- 1% GF; UNC-CH-10% from Annual Fund & .08% EF; NC Central-2% EF; Appalachian State-1.25% EF and NC A&T- 6% GF.
- Four others are considering establishing gift or endowment fees.
- According to a survey developed by the Council for Advancement and Support of Education (CASE) in 2010, 83% of institutions have established or are planning to assess an endowment management fee, which is up from 68% who reported using a fee in 2006.
- Administrative Fees: Effective July 1, 2013 a 4% administrative fee will be assessed on all eligible Foundation funds based on the language in the fund agreement documents. After July 1, 2014, this administrative fee shall be assessed only on applicable endowed funds.
The Foundation strives to utilize an equitable fee structure to fund the cost of operations. Administrative fees are used to fund the tasks associated with pursuing, managing and investing the various types of funds held by the Foundation. These fees are essential support necessary to The Foundation's overall operation. The fee structure and rates are reviewed annually by The Elizabeth City State University Foundation Investment Committee.
- Disclosure Statement: Each gift receipt generated by The Elizabeth City State University Foundation will have the following disclosure statement: "It is the policy of The Elizabeth City State University Foundation that a modest portion of gifts and/or the income from gifts may be used to defray the costs of raising and administering funds."
- Effective Date: The administrative fee is effective as of July 1, 2013 and the gift fee is effective July 1, 2014. All policies are subject to periodic review and amendment by The Elizabeth City State University Foundation Board of Directors.
For more information, please call: Institutional Advancement at 252-335-3225.