Endowments Clause Samples
The Endowments clause defines the terms under which funds or assets are donated, granted, or set aside for a specific purpose, typically to support ongoing activities or objectives of an organization. This clause outlines how the endowment is to be managed, invested, and used, often specifying restrictions on spending the principal and allowing only the income or a portion thereof to be used annually. Its core practical function is to ensure the long-term financial stability of the beneficiary by preserving the principal and providing a sustainable source of funding.
Endowments. Endowment administration in accordance with endowment policy
Endowments. The Corporation shall manage the ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Endowment and the ▇▇▇▇▇ ▇. ▇▇▇▇▇ Endowment for the ▇▇▇▇▇ House Museum and administer the same for purposes consistent with all applicable laws, the testamentary intent, respective bequests and the Articles of Friends of the Museums of Florida History, Inc., including the interpretation, educational programming, maintenance and upkeep of the ▇▇▇▇▇ House Museum. The Corporation shall manage the State of Florida Cultural Endowment Fund and administer the same for purposes consistent with the agreement between the Division of Historical Resources and the Friends of the Museums of Florida History, Inc., including day-to-day expenses related to museum programming. An endowment committee established in by-laws will oversee management and use of the three endowments. • FOOD SERVICE TO MUSEUM OF FLORIDA HISTORY. The Corporation is authorized to utilize Room G22 of the ▇.▇. ▇▇▇▇ Building to provide food service to the visitors of the Museum of Florida History. All monies generated from this activity shall be deposited into the Corporation’s account and used only for programs of the Museum of Florida History.
Endowments. Some divisions have modest endowments. The Operating Agreem ent encour ages divisions to establish and build endowments.
Endowments. Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier. In the United States, the Technical Corrections Act of 1988 tightened the rules on tax shelters (creating modified endowments). These follow tax rules as annuities and IRAs do. Endowment Insurance is paid out whether the assured lives or dies, after a specific period (e.g. 15 years) or a specific age (e.g. 65).
Endowments. Endowments shall be invested with respect to prevailing principles of sound financial management and legal obligations. Earnings are credited according to the amount of principal endowed and any previously unspent earnings on the individual endowment. A portion of the earnings of these accounts becomes available to support the respective endowments in accordance with the directions specified by the donor of the endowment. The Foundation’s or Affiliate’s spending rate policy shall set forth guidelines for determining how much of the earnings of the endowments may be spent.
Endowments s/ Patrick F. Quan ------------------------------------- Name: Patrick F. Quan ------------------------------- Title: Vice President and Secretary ------------------------------- Date: November 21, 2002 -----------------------------------
Endowments. The Corporation shall manage the ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Endowment, the ▇▇▇▇▇ ▇. ▇▇▇▇▇ Endowment, and the State of Florida Cultural Endowment Fund for the ▇▇▇▇▇ House Museum and administer the same for purposes consistent with all applicable laws, the testamentary intent, respective bequests and the Articles of Friends of the Museums of Florida History, Inc., including the interpretation, educational programming, maintenance and upkeep of the ▇▇▇▇▇ House Museum. An endowment committee established in by-laws will oversee management and use of the three endowments. • FOOD SERVICE TO MUSEUM OF FLORIDA HISTORY. The Corporation is authorized to utilize Room G22 of the ▇.▇. ▇▇▇▇ Building to provide food service to the visitors of the Museum of Florida History. All monies generated from this activity shall be deposited into the Corporation’s account and used only for programs of the Museum of Florida History.
Endowments. As further consideration for Duke's consent to the cancellation of the Option and Existing Warrant, Summit shall deliver to Duke on the Closing Date the total amount of Two Million Dollars ($2,000,000), which shall be used by Duke to endow a Chair and a Fellowship at Duke University in accordance with the terms contained in the forms attached hereto as Exhibit K.
Endowments. Fundraising events
Endowments. Bequests or gifts intended to be kept permanently and invested to create income. All endowments shall be established with each donor by a Memorandum of Agreement or trust agreement. This ensures that the donor’s intent is fully understood by the Foundation and Institution.