Download the Endowment Incubator® Brochure
- Eligibility: Any public charity with minimum assets and a commitment to build an endowment.
- Investments: Citizens Bank serves as trustee and will manage the assets.
- Structure: Each participant will own a proportionate share of a pooled fund (the Ocean State Charities Trust Endowment Incubator® Fund) with the right to withdraw assets.
- Reporting and Distribution: Quarterly reporting. Investments are retained for reinvestment to build endowment or for distribution in accordance with the policies of Ocean State Charities Trust. Withdrawals from the Fund are permitted under policies of Ocean State Charities Trust.
- Account Services: The Relationship Account Manager at Citizens Bank will be the direct contact for participants regarding account questions. Citizens Bank will administer all transfers and withdrawals.
- Educational Services: Participants will have access to educational events sponsored by Citizens Bank that focuses on fiduciary responsibilities associated with endowment management and legacy fund-raising strategies.
- Operation: Ocean State Charities Trust is responsible for the overall program, marketing and enrollment of participants; and investment oversight. Ocean State Charities Trust in conjunction with Citizen Bank is responsible for the recruitment of new participants into the Fund. Citizens Bank will invest assets, answer participant inquiries, provide educational programming, and process contributions and withdrawals as requested by participants.
- Fees: 1% of assets.
- Donations: If you care to make a donation to your favorite charity who has opened an Endowment account with Citizens Bank; via Ocean State Charities Trust, make the check out to one of our Endowment Incubator participants.
Send donation to: Mr. James Johnson, AIF
Clarfeld Citizens Private Wealth
Relationship Mgr, Trust-Institutional
One Citizens Bank Way
Johnston RI 02919