Common use of Distribution Amount Clause in Contracts

Distribution Amount. The amount available for distribution from the Fund shall be calculated following the close of the Foundation’s fiscal year on June 30. The calculation shall be based on the average ending balances of the Fund over the past 20 quarters, or if the Fund has not existed for 20 quarters, on the average ending balances of the Fund on June 30 for as many prior quarters as the Fund has existed. Currently, the Foundation’s “Spending Policy” objective is to distribute up to 5% of the average ending balance of the Fund, as calculated above. Distributions shall not commence until the Fund has been invested for one complete fiscal year – July 1 to June 30. Please note that the Foundation may change the Spending Policy from time to time at its sole discretion.