Hi Liz!
Here is what we do! Up until last year, we processed distributions/grants weekly. Last year we moved to twice a month (noting that if needed, we can add an extra in).
Our President has authority to approve up to a certain dollar amount. Above that, our grants committee approves requests via Docusign.
Then our entire Board ratifies all distributions/grants at our quarterly meetings on consent agenda.
Hope that helps!
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Leslie Petersen
Office Manager
Wichita Falls Area Community Foundation (TX)
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Original Message:
Sent: Aug 29,2024 09:20 AM
From: Elizabeth Teubert
Subject: Fundholder Distribution policy
Hi all,
I'm trying to find out how other CFs approve their fundholder distributions? Currently we do this once a month and here's the gist of it:
- Fundholder distribution requests are approved by the Board either by consent agenda at a Board meeting or via email.
- Distributions that were requested between the 16th of the previous month and 1st of the current month will have checks processed on the 13th of the current month without Board approval because they met pre-approved guidelines:
- The Board pre-approves any distribution of $10,000 or less to a public charity that has previously received a Board-reviewed distribution from MCF.
- Fundholder distributions that are greater than $10,000 or are from new organizations or are requests received between the 2nd and 15th of the current month are to be approved by the board. After Board approval, these distributions are processed at the end of the month.
Our board meetings are bi-monthly so these are on the consent agenda and on the off months these are emailed to the board for approval. Checks are sent out twice a month.
Thank you for your input!
Liz
Madison Community Foundation
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Elizabeth Teubert
Executive Assistant & Scholarship Coordinator
Madison Community Foundation
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