Maryland Family Assistance Funds
How the MASSB Foundation Works
1. Getting Started
- The county board establishes a Fundraising Committee. These counties currently have active accounts with the Foundation.
- The county board adopts resolutions that establish its committee, and protocols for fundraising, and the distribution of donations. See Exhibit A.
- The county board sends its executed resolutions to the Foundation's trustee (at the address named on Exhibit A).
2. Donations “In”
- The county board engages in fundraising, and collects funds by having checks made out to “MASSB Foundation” (or the name of the fund as approved by the county board), and with the memo line ideally noting the name of the local board (e.g., Anne Arundel County).
- The county board sends all amounts for deposit to the MASSB Foundation using the Deposit Transmittal Letter attached as Exhibit B.
- Note: the first deposit letter needs to include the resolutions attached as Exhibit A.
- See Donation History for an indication of our growth since 2007.
3. Deposits Received
- Upon receipt of any donations from a county board, the MASSB Foundation trustees will establish a sub-account in the name of the county board, will credit that account with the deposits received, and will send a receipt to the local Board.
- All deposits will be held in the MASSB Foundation’s non-interest bearing checking account (because this account is expected to result in short-term payouts).
- If MASSB authorizes an endowment account, the MASSB trustees will invest all endowment deposits (along with all other endowed assets for which the trustees are responsible) in pooled, professionally-managed investments (including money market funds for some liquidity), with all earnings being divided equitably between all sub-accounts (based on their relative balances).
- On a regular basis, the Foundation's trustees will adjust each local board’s sub-account for its deposits, earnings (if endowed), and withdrawals.
- NOTE that MASSB pays all expenses for the Foundation, meaning no fees will reduce any local board’s sub-account within the MASSB Foundation.
- At least quarterly, the MASSB Foundation’s trustees send a written report to the MASSB board and to each participating county board that has established a sub-account with the Foundation. Each report present an opening and a closing balance for each local board’s sub-account, and itemizes deposits, investment results, and authorized withdrawals.
4. Money “Out”
- Each county board may at any time send the trustees a written request recommending the withdrawal of funds from its sub-account. See Exhibit C for the withdrawal letter to be used for this purpose.
- In order to protect the tax-exempt status of the MASSB Foundation, its trustees will not release funds to a county board in the absence of written assurance, satisfactory to the trustees, that the funds will be used solely in accordance with the following purposes set forth in the MASSB Foundation’s trust agreement:
- protecting children against abuse or neglect, preserving families against violence or breakdown, and enabling vulnerable children and adults to obtain emergency housing, medical care or supplies, or other services associated with promoting survival or self-sufficiency.