1. What is the minimum amount to open a Community of Funds account?
The minimum amount to open and maintain a Community of Funds account is $1,000. The check needs to be made out to the United States Rugby Foundation (“USRF” is acceptable) and earmarked on the memo line of the check the restriction for use. For example, “XYZ Rugby Program.” The USRF will endeavor to follow the donors wishes but maintains variance power to ultimately dispose of the funds as they deem fit.
2. Can clubs request grants to cover every day operation expenses be paid from this account?
No. The Community of Funds accounts are designed to be investment accounts to hold donor restricted contributions and not operational expense accounts. However, the Foundation may provide one grant per quarter from the club’s Community of Funds account to the club and they will be able to use those funds for rugby related expenses. The Foundation recommends that all clubs continue to have an operations account.
3. Can the money donated to a Community of Funds account be used through a USRF grant for capital improvement to a venue such as lights and bleachers and construction of a rugby facility with lockers, showers and meeting space to perform rugby related programs open to the general public?
Yes. The club can use the grants for rugby related expenses. The Foundation will be approving worthy rugby related grant requests.