What are the North Carolina Baptist Foundation's charges?
Administrative fees are assessed on all trusts for which the Foundation manages invested assets. Funds managed for or on behalf of individuals are charged an annual administration fee based on 1.15% of the market value of the fund assets. Churches and other Baptist institutions and agencies are charged an administration fee of 0.65% of the market value. All fees are taken monthly on a pro-rata basis. The fee for churches and other Baptist institutions and agencies is reduced incrementally for amounts over one million dollars. Click here to view the sliding fee schedule
What is an endowment spending policy and how does it work?
A spending policy creates a formula that determines how much income is "spent" or distributed to charities each year. This determination is made each year by the Foundation Investment Committee by examining a number of items including investment performance, market conditions, beneficiary needs and anything else that could impact the endowments' longevity and beneficiaries' ability to continue its ministries. The policy's objective is to keep charitable beneficiaries at a reasonable level of financial support for their ministries and programs. The Foundation implements an endowment spending policy where the average of the December 31st market values for the past five years is multiplied by the spending rate, currently at 4.15%. This spending policy is applicable to endowment funds invested in the growth fund created by individuals. If a church, association, agency or institution creates an endowment, they may elect to participate in our spending policy or develop one of their own. The spending rate is reviewed annually.
Does the North Carolina Baptist Foundation have an annual audit? If so, who performs the annual audit?
The Foundation does have an annual audit performed. The latest audit was performed by Batchelor, Tillery & Roberts, LLP located in Raleigh, NC. Click here to view our latest audit report
How many funds does the Foundation have under management?
Approximately 2,200 funds are under management.
Is it possible to make withdrawals from revocable trusts? If so, how long does it take to process withdrawals?
Withdrawals are possible. Our accounting department requires a written thirty to forty-five day notice to process these requests.
How often are written reports generated?
Reports may be generated monthly, quarterly, semi-annually or annually.
What tax reporting is provided by the Foundation?
All necessary tax reporting is done as required by the Internal Revenue Service.
What rate of return can be expected from the Foundation's investments?
The rate of return will vary. Click here to view the Foundation's investment returns
How often are income distributions made from irrevocable trusts?
Checks may be generated monthly, quarterly, semi-annually, annually or as directed by the document.