Special Needs Trust Fees
The current trust fees for The Foundation of The Arc of Northern Virginia’s (The Foundation) Special Needs Trust (SNT) are as follows:
- Enrollment Fee
The initial one-time Enrollment Fee for a single SNT is $1050.00. Enrollees pay this one-time fee to The Foundation of The Arc of Northern Virginia for enrollment when establishing the SNT. Monthly and quarterly payment plans can be arranged for the enrollment fee at no additional charge. Individuals or families who choose to establish a second SNT for the same individual or his/her sibling with a disability are charged a reduced enrollment fee of $525.00 for the second SNT.
- Management Fee for Funded Accounts
The Trustee fee is 90 basis points (0.90%) per year, automatically drawn quarterly from the SNT (1/4 of .90%).
The Foundation of The Arc of Northern Virginia fee is automatically drawn quarterly from the SNT as described below:
|SNT Account Balance||Annual Fee|
|Up to $1,000,000.00||0.75% (1/4 of .75%)|
|Portion of balance from $1,000,000.00 – $2,000,000.00||0.50% (1/4 of .50%)|
|Portion of balance over $2,000,000.00||0.40% (1/4 of .40%)|
For example, a SNT with a balance of $1,500,000 would pay an annual fee of $10,000 (1,000,000 * .0075 + 500,000 * .0050). Fees are assessed and paid quarterly (the quarterly fee would be $2,500).
- Maintenance Fee for Unfunded Accounts
The annual maintenance fee for an unfunded SNT is $65.00 beginning the year following initial enrollment. If these fees are not paid when billed, they will be due to The Foundation of the Arc of Northern Virginia at the time the SNT is funded.
- Closing Fee
A one-time fee of $250.00 to close a SNT is charged upon the death of the Beneficiary or at the depletion of the trust.
- Beneficiary Advocate (BA) Service Fee
If a SNT Beneficiary requires support above and beyond The Foundation’s usual level of service (for example, repeated emergencies necessitate several hours of staff time to arrange travel and/or temporary housing), the Foundation will charge an hourly fee for this above and beyond level of support. SNT Grantors and Beneficiaries may also request the BA services. Please contact our Beneficiary Advocate at 703-208-1119 Ext. 120 or MRusciano@thearcofnova.org.
As Trust Manager, The Foundation of the Arc of Northern Virginia may from time to time establish or amend the schedule of fees applicable to new SNT sub-accounts. All fees are subject to change.