Common use of Donor Advised Fund Clause in Contracts

Donor Advised Fund. Permanent endowed fund. Not returnable to Donor. The amount of distributions shall be distributed for such charitable purposes as the Board of the Community Foundation shall from time to time direct. The minimum single distribution shall not be less than $100. The Donor may, from time to time, advise the Community Foundation concerning the distributions of the Fund for such charitable purposes on an annual basis, provided: □ such advice is consistent with the Community Foundation’s determination of (Initials) charitable needs of a 501(c)(3) charitable organization and with any guidelines promulgated by the Community Foundation enumerating specific charitable needs; □ the Donor may not direct use of funds to fulfill a pledge, for a personal benefit, to (Initials) provide grants to individuals, or to fulfill any other legal obligation of a donor or donor advisor; and □ the Community Foundation will not be bound by any advice offered by the donor, the (Initials) Board of the Community Foundation at all times retaining the authority and responsibility for directing the distribution from the Fund. The Donor may transfer the opportunity and privilege to provide grant suggestions by delivering written notice of the name, address and phone number of the Donor’s successor to the Community

Donor Advised Fund. Permanent endowed fund. Not returnable to Donor. The amount of distributions shall be distributed for such charitable purposes as the Board of the Community Foundation shall from time to time direct. The minimum single distribution shall not be less than $100. The Donor may, from time to time, advise the Community Foundation concerning the distributions of the Fund for such charitable purposes on an annual basis, provided: □ such advice is consistent with the Community Foundation’s determination of (Initials) charitable needs of a 501(c)(3) charitable organization and with any guidelines promulgated by the Community Foundation enumerating specific charitable needs; □ the Donor may not direct use of funds to fulfill a pledge, for a personal benefit, to (Initials) provide grants to individuals, or to fulfill any other legal obligation of a donor or donor advisor; and □ the Community Foundation will not be bound by any advice offered by the donor, the (Initials) the Board of the Community Foundation at all times retaining the authority and responsibility for directing the distribution from the Fund. The Donor may transfer the opportunity and privilege to provide grant suggestions by delivering written notice of the name, address and phone number of the Donor’s successor to the CommunityCommunity Foundation. In the event the Donor ceases to exist, fails to name a successor advisor, or is unable to advise the Community Foundation concerning distributions, the Community Foundation shall make all distributions from the Fund consistent with the charitable purposes of the Community Foundation.