Stop Funding Climate Change – Donate Today!

Donor Acknowledgment Summary

Summary of Donor Acknowledgement and Gift Agreement

  1. Purpose. The purpose of the fund is to hold donations to selected schools in a donor advised divestment fund to encourage them to divest from fossil fuels.

  2. Impact Assets (IA) is a non-profit financial services firm that will establish and operate the donor-advised fund.

  3. Nature of Gift. Tax-deductible donations are held by IA in a donor-advised fund managed as described in the acknowledgement document. Recommendations to the donor-advised fund will only come from the Advisory Council.  Donors to the account will not have any control over the assets or ability to make recommendations on the investments and grants of the account.

  4. Treatment of Gift. Each school will have a subaccount to keep track of which funds are donated in support of that school’s divestment, but all funds will be aggregated for investment purposes. Once a school divests (see #7), the designated donations will be disaggregated and released to the divesting school.

  5. Timing of Gift. Until the threshold amount is raised to invest in the custom fund described in #8, the funds will be invested in a fossil free Calvert mutual fund and a Fidelity cash reserve fund.

  6. A Divestment Fund Advisory Council (AC) is the adviser of the donor-advised divestment fund and not a legal entity. The AC will advise IA on fund investments and allocations collected as donations to the divestment fund. The AC can also make certain revisions to the conditions of distribution to schools. Finally, the AC will vote on release of funds for schools divesting according to #7. The AC is composed of a minimum of 5 people, which is made up of 0, 1, or 2 representatives from each participating school, where each school gets one vote. If there are 2 representatives, each representative must have a different affiliation to the school. AC members are volunteers.
  1. Distribution of Gift.  A School will be given its portion of donations made to the Divestment Fund when the AC has agreed by a two-thirds vote that the School has met the divestment criteria. If by the end of 2017 a school has not divested, then that school’s funds will be equally distributed to the schools in the fund that have divested. Divestment is measured by the AC against the actions and commitments to action to a) immediately freeze new investments in fossil fuel companies (a list of 200) and b) divest from current fossil fuel investments within 5 years. Additionally, the AC will pay special attention to arguments in favor or against release of funds from representatives of that school.
  1. Investment of Divestment Fund Assets.  The divestment fund itself will not invest in the 200 fossil fuel companies. It negatively screens investments for alcohol, tobacco, pornography, casinos and gambling, and defense/armaments/weapons. It positively screens for investment in renewable electricity.

  2. Fees of IA will be paid monthly from the fund.

  3. Power of AC.  The AC can modify the acknowledgement document if two-thirds of the AC members agree.