Custodial Funds Program

Custodial Funds Program Offers New and Varied Fee Structure to Benefit Churches

At its October 25, 2016 board meeting, the Foundation Board of Directors voted to implement a new custodial funds fee structure in order to benefit churches placing funds within the Foundation. Previously, the custodial funds administrative/management fee charged by ODF was a flat .5% annually charged on a quarterly basis. The new structure will offer reduced fees for accounts maintaining larger balances as outlined in the following chart.

Total funds on deposit

Quarterly fee percentage

Annual fee percentage

<$1MM                0.125%                    0.5%
>=$1MM and <$2MM                0.0625%                    0.25%
>=$2MM and <$3MM                0.05%                    0.20%
>=$3MM                  0.0375%                    0.15%

The custodial funds policy and custodial funds agreements have been modified to outline specifics as well as include the new fee structure and investment pool options.

The board voted unanimously on the new fee structure and considered the following:
• ODF serves as institutional memory, centralized file storage and structured brain trust for funds;
• ODF’s archives survive church leadership, membership, pastoral and staff turnover whereas church records and recall sometimes reside with a few members, or are lost; and
• ODF can provide a great service to churches consisting of professional money management and reporting at reduced costs, especially in instances where churches have limited staff or volunteers with money management experience.

For more information and details call Eric Gray at 405.525.6530 or send an email to egray@okdfdn.org.

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