The Northern Oklahoma College Foundation, Inc. (“Foundation”) is the private fundraising organization for Northern Oklahoma College (“College”), as designated by the NOC Board of Regents. The Foundation exists solely for the benefit of the College.
A shared goal of the College and the Foundation is to achieve higher levels of educational excellence through increased philanthropic support and alumni and volunteer engagement. Both the College and the Foundation recently revised/adopted the Fund Management Fees Policy. The purpose of this policy it to establish the fees which the Foundation assesses and uses to support its mission to raise and administer gifts on behalf of the College.
The purpose of the fees is to assist with the operating cost of the Foundation, including costs of gift receipt, processing, disbursement, investment oversight, accounting and tax reporting, systems and data management support, donor relations and development efforts to increase the level of private support for both the Foundation and the College.
The Foundation Board of Trustees establishes reasonable fees, including administrative fees applied to the gifts upon receipt and management fees applied to certain funds held in the Foundation. The fee structure has been set initially by the Foundation Board and will be reviewed at least annually by the Foundation Investment Committee and recommendations for changes will be approved by both the Foundation Board and College Board.
The specialized knowledge and skills required to manage, steward and grow engagement and giving requires resources beyond what is available in the current operational budget. Therefore, the Northern Oklahoma College Foundation will implement the following fee structure:
Management Fees
An annual management fee of 1.5% is assessed on all permanently restricted endowment funds held by the Foundation calculated on the endowed market value balance held by the fund each June 30th (Calculation Date). The management fee supports the Foundation’s professional stewardship and management of all funds and will be used to support the Foundation’s operating budget beginning July 1st of the next fiscal year after the Calculation Date and will be transferred annually.
No interest will be credited to non-endowed funds maintained in pass through accounts. This includes, but is not limited to, designated scholarships, departmental or program funds. Any interest earned on these accounts will go to the Foundation as a Management Fee to compensate the Foundation for the administration of these funds.
Miscellaneous Fees
- Merchant Services – Credit Card Transaction Fee –Rates vary.
- Third Party Processing Fee – Rates vary.
- Insufficient Check Charged Back Fee – Rates vary.