Common use of Distributable Amount Clause in Contracts

Distributable Amount. The amount available to be distributed from the Fund on a periodic basis (the “Distributable Amount”) shall be a percentage of the fair market value of the Fund determined annually as provided in the Foundation’s Spending Policy (or other distribution policy) as adopted from time to time, and in accordance with those laws, rules and regulations applicable to Funds administered by the Foundation in effect from time to time. The Distributable Amount shall be deemed to be the income of the Fund, and the remaining assets of the Fund shall be deemed to be the principal. The principal of the Fund may not be granted, loaned or distributed and shall remain in the Fund unless otherwise approved for distribution by the Foundation Committee of The Winston-Salem Foundation (“the Foundation Committee”).

Distributable Amount. The amount available to be distributed from the Fund on a periodic basis (the “Distributable Amount”) shall be a percentage of the fair market value of the Fund determined annually as provided in the Foundation’s Spending Policy (or other distribution policy) as adopted from time to time, and in accordance with those laws, rules and regulations applicable to Donor-Advised Funds administered by the Foundation in effect from time to time. The Distributable Amount shall be deemed to be the income of the Fund, and the remaining assets of the Fund shall be deemed to be the principal. The principal of the Fund may not be granted, loaned or distributed and shall remain in the Fund unless otherwise approved for distribution by the Foundation Committee of The Winston-Salem Foundation (“the Foundation Committee”).