Benevolent Accounts Sample Clauses
The Benevolent Accounts clause establishes a framework for managing funds or accounts designated for charitable or benevolent purposes within an agreement. Typically, this clause outlines how such accounts are created, who is authorized to manage or disburse the funds, and the specific types of charitable activities or beneficiaries that may receive support. By clearly defining the administration and use of benevolent accounts, the clause ensures transparency and accountability, preventing misuse and aligning the use of funds with the intended philanthropic objectives.
Benevolent Accounts. A benevolent Account is established as a Personal Account to collect funds “In Memory of” or to collect contributions to assist someone who has a medical or emergency need. The Account is established and managed solely by an administrator who is designated at the time of Account opening as the sole Authorized Signer on the Account. Benevolent accounts are established as a non-interest-bearing account that may remain open for only one year or less. No POD beneficiaries or Joint Account Holders are allowed on a benevolent Account. BECU does not issue charitable donation receipts with respect to benevolent Accounts.