FINANCIAL_SERVICESONGOING

Fergus Falls Public Arts Commission Agenda Packet April 2026

West Central Initiative to Manage Chloe’s Spark Foundation Fund

City of Fergus FallsWEST CENTRAL INITIATIVEApril 16, 2026

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Description

West Central Initiative entered into a Field of Interest Fund Agreement to manage the Chloe’s Spark Foundation component fund, charging a 2% fee in FY 2026 to provide investment, grantmaking, and administrative services. The fund’s assets become part of WCI’s portfolio, with distributions guided by an advisory committee and WCI’s board to support charitable purposes in its nine-county service area.

Contract Details

Vendor

WEST CENTRAL INITIATIVE

Agency

City of Fergus Falls, MN

Contract Type

FINANCIAL_SERVICES

Document Date

April 16, 2026

Contract Term

Effective date unspecified; Fund terminates when balance falls below WCI minimum or after at least two years of inactivity

Renewal Info

Agreement continues until the fund balance drops below WCI’s minimum for Field of Interest Funds or the fund is deemed inactive for at least two years, at which point remaining assets transfer to WCI’s unrestricted endowment or another aligned charity. Administrative fees may adjust over time per WCI’s published fee schedule.