There's a new giving club that just about anyone can participate in!
How weGive365 Works
weGive365 members give a minimum of $1 per day equaling $365 annually. By pooling lots of small funds into one large fund, weGive365 members are able to make impactful grants which improve our community today and into the future.
50% of the funds raised are placed in the grants pool and 50% are placed in an endowed fund which will be allowed to grow to support future grants.
What does that look like?
If 50 people join weGive365, in the first year there would be a pool of about $18,250. 50% of that total is allocated to grants - that's $9,125!
How do we decide on grants?
As a weGive365 member, you vote on who gets the grants! Grant requests are submitted annually to the fund. Members have the opportunity to review them and vote on how many should be funded and at what level.
weGive365 Fund operation:
- In each year 50% of the donations will be available for grants. If the fund gains 50 members during 2013 the total fund would be $18,250. Of this $9,125 would be available for grants in 2014.
- The retained funds ($9,125) would be invested at the Rochester Area Foundation for future grant funding once the fund endowment reached $100,000.
- At $100,000 it is anticipated that an additional $5000 annually would be available for grant funding.
- If the endowed fund were to reach 200 people then 80% of the funds received would be available for grant funding.
- It is anticipated that if the fund were to grow past 200 people, additional grant money would be directed from endowment to grants. This point can be assessed in the future by the steering committee.
- If the fund were to dip below the thresholds, the grant funding available would revert to the lower percentage but would never be lower than 50% available for grant funding
- Investment fees and administrative fees would be assessed only on the endowed portion of the fund. Investment fees are those charged by the investment companies to the funds. Administrative fees are set by the Rochester Area Foundation and as of 4/17/2013 they are as follows: for endowed funds up to $500,000 .8% of the fund balance. Fees are assessed quarterly.
- Investment fees are passed through quarterly from the investment company to the funds on a prorated basis depending on fund balance. As of 4/17/13 they are .25% of the balance of the fund at the quarter assessment date.