Foundation Endowment Account Sample Clauses

Foundation Endowment Account. Section FB-1.4(c)(iii). The terms “
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Foundation Endowment Account. ‌ As more fully stated in Section FB-1.1. Formation, the Club and its Members elected to form the Foundation to fund ongoing charitable/service operations on a tax exempt basis and to ensure continued sustainability of the Club’s charitable/service operations. Pursuant to such Club objectives (particularly the Club’s objective to ensure continued sustainability of the Club’s charitable/service operations), one ongoing shared objective of the Foundation and the Club shall be to annually increase the Foundation Endowment Account. The initial target minimum was set at Twenty-Five Thousand Dollars ($25,000); the ending balance of the Foundation Endowment Account on December 31, 2016 was Thirty-Six Thousand Four Hundred One Dollars and Forty Six Cents ($36,401.46).
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Foundation Endowment Account. (the “Minimum Foundation Endowment Account”), which minimum may include increases in the balance of the Foundation Endowment Account, whether increased through investment growth or earnings (decreased through losses or market value decreases) or through the exercise of discretion by the Foundation Board by transferring funds into the Foundation Endowment Account from the Main Foundation Account (or any other source). The principal amount of such Minimum Foundation Endowment Account is also referred to herein as the “Foundation Corpus” or “Foundation Endowment Amount”, which as of December 31, 2016 has been established as Thirty Five Thousand Dollars ($35,000). The Foundation Endowment Amount cannot be utilized by the Foundation. Rather, only the cumulative earnings from the Foundation Endowment Account minus the Foundation Endowment Amount (herein referred to as “Foundation Endowment Account Earnings”) are available to fund the Charitable/Service Budget amount to be funded by the Foundation. Upon Foundation Board approval, Foundation Endowment Account Earnings may be internally transferred to the Main Foundation Account for disbursement as Available Charitable Funds. The term “Foundation Endowment Account Transfer Deadline” shall have the meaning ascribed to such term in Section OA-3.2(b). Refer to OA Article 3: Foundation Endowment Account for more regarding the Foundation Endowment Account.
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Foundation Endowment Account. Section OA-3.1.
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Foundation Endowment Account. OA Article 4: Scholarships The Club and the Foundation share the purpose of serving the young residents of their local community by fostering postsecondary education. The Youth Service Projects Subcommittee shall prepare and deliver to the Service Projects Committee not later than Service Projects Subcommittee Deadline of each calendar year a strategic plan and associated proposed budget relative to its Service Projects Subcommittee Responsibilities and the achievement thereof during the next Fiscal Year (for the applicable Fiscal Year, the “Youth Service Projects Subcommittee Strategic Plan”). Inasmuch as postsecondary education in America and the needs of the greater McHenry area have been changing, it is agreed and understood that the Youth Service Projects Subcommittee Strategic Plan need not recommend scholarships in any particular Fiscal Year but may recommend other means of fulfilling the Youth Service Projects Subcommittee Responsibilities (i.e., service projects focused upon developing youth and young adults through leadership development activities, involvement in community and international service projects, and exchange programs that enrich and xxxxxx world peace and cultural understanding (e.g., sponsor high school students in McHenry and Johnsburg to attend Rotary Youth Leadership programs, scholarships for high school seniors residing in McHenry and Johnsburg who will be attending
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Related to Foundation Endowment Account

  • Separate Account If Student-Generated Content is stored or maintained by the Provider, Provider shall, at the request of the LEA, transfer, or provide a mechanism for the LEA to transfer, said Student- Generated Content to a separate account created by the student.

  • Client Account 4.1 In order to facilitate trading in CFDs, the Company will open a Client Account for the Client, which will be activated upon the Client depositing the minimum initial deposit as determined by the Company in its discretion from time to time. The minimum initial deposit may vary according to the account type of the Client Account. This information is made available on our Website.

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Separate Accounts The trustee shall maintain within the trust fund a separate account for each Agricultural Contractor that signs the trust agreement to hold deposits made pursuant to this article.

  • Settlement Account 4.1 The Scheduling Coordinator shall maintain at all times an account with a bank capable of Fed-Wire transfer to which credits or debits shall be made in accordance with the billing and Settlement provisions of Section 11 of the CAISO Tariff. Such account shall be the account as notified by the Scheduling Coordinator to the CAISO from time to time by giving at least 20 days written notice before the new account becomes operational, together with all information necessary for the CAISO's processing of a change in that account.

  • Special Account 1. For the purposes of this Schedule:

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Deposit Account (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

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