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 and <$2MM||0.0625%||0.25%|
|>=$2MM and <$3MM||0.05%||0.20%|
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.
Custodial Funds Held by ODF for the Following Churches/Organizations:
- Central Christian Church (Enid): Building & Maintenance Fund, Munsinger Chiller Fund
- Christian Church Commission Custodial Fund
- First Christian Church (Chandler): Trustees of FCC Chandler Custodial Fund
- First Christian Church (Duncan) Custodial Fund
- First Christian Church (Duncan) Custodial Fund – Gabriel’s House
- First Christian Church (Edmond) Custodial Fund
- First Christian Church (Kingfisher): Shirley Smith Endowment Fund, The Living Tree
- First Christian Church (Lindsay) Custodial Fund
- First Christian Church (Midwest City) Custodial Fund
- First Christian Church (Moore) Custodial Fund
- First Christian Church (Ponca City): Otta Lea & Charles Beck Fund, Don Early Trust Fund, Feeding the Hungry of Kay County Fund
- First Christian Church (Stroud): FCC Stroud Custodial Fund, FCC Stroud-Cox Operating Endowment
- First Christian Church (Tulsa) Custodial Fund
- First Christian Church (Wagoner) Custodial Fund
- First Christian Church (Yukon) Custodial Fund
- Harvard Ave. Christian Church (Tulsa): Outreach Fund, Program Enhancement Fund
- New Hope Christian Church (Oklahoma City) Custodial Fund
- United Ministry at the University of Tulsa
- University Place Christian Church (Enid) Custodial Fund
For more information and details call Eric Gray at 405.525.6530 or send an email to gro.n1519403826dfdko1519403826@yarg1519403826e1519403826.