Maybe you have noticed the increasing number of scholarship funds and other specific activities donors have asked the IBMA Foundation to manage. Because there are costs involved in administering these valuable programs, the IBMA Foundation board of directors recently adopted a policy that will become effective July 1, 2023. Ten percent of each restricted fund contribution and each distribution from our restricted endowments at the Community Foundation of Middle Tennessee will be allocated to the unrestricted fund, from which administrative costs are paid. The board may waive or modify this policy in unusual circumstances, where Foundation costs of administering a particular donation would be minimal. The policy will be reviewed and updated on an annual basis.
You can be assured that every penny you give supports the Foundation’s mission to foster the growth of bluegrass music. If you have questions, please contact IBMA Foundation executive director Nancy Cardwell at (615) 260-4807 or firstname.lastname@example.org.