Fund Closure Sample Clauses

Fund Closure. A fund advisor may recommend closing a fund by granting up to 100 percent (100%) of the fund balance to a qualified public benefit organization, including any of the community foundation’s funds (e.g., field of interest funds, endowment funds, operating funds). Such recommendations must be received in writing and, if approved, funds will be disbursed in accordance with the community foundation’s articles of incorporation and bylaws, current agreements, laws and regulations. Closing a fund by recommending a grant to another qualified public benefit organization which is approved will occur as follows: 80 percent (80%) of the current balance will be granted within 10 business days of the request date, barring any issues with the organization’s status as a qualified public charity or equivalent. The remaining balance of the fund, including any residual net earnings, will be granted within the following 45 days. Endowed funds are permanent and cannot be closed. Conflict of Terms In the event of an inconsistency between these terms and conditions and any terms and conditions appearing elsewhere in connection with any fund, these terms and conditions, as interpreted by the community foundation, shall govern, and the community foundation reserves the right to take any actions at any time which, in its discretion, it deems reasonably necessary or desirable for the proper administration of any fund at the community foundation or to comply with applicable law. Please contact the community foundation at xxxxxx@xxxxxxxxxxxxxxx.xxx or 650.450.5444 if you have Frequently Asked Questions What is a donor advised fund? A donor advised fund is not a separate legal entity like a trust or a corporation. It is a fund defined by the IRS that a sponsoring charity, like Silicon Valley Community Foundation, creates through a written agreement with a donor. The donor contributes assets to the community foundation which agrees to treat those assets as a separate fund on its books, while the donor retains the privilege of recommending charitable grants from the fund and how the community foundation should invest the fund’s assets. Who owns the assets once the gift is made and the fund is opened? The law requires the community foundation to make clear in the agreement, and to obtain the donor’s written acknowledgement, that the assets in a donor advised fund are the property of the community foundation and that the community foundation has discretion and control over the use and inves...
Sample 1Sample 2
AutoNDA by SimpleDocs
Fund Closure. An advisor may recommend closing a fund by granting up to ß00 percent (ß00%) of the fund balance back to a qualified public benefit organization, including any of the community foundation’s funds (e.g. field of interest funds, Community Endowment Fund, operating fund). Such recommendations must be received in writing and, if approved, funds will be disbursed in accordance with the community foundation’s articles of incorporation and bylaws, current agreements, laws and regulations. Endowed funds are permanent and cannot be closed. Closing a fund by recommending a grant to another public benefit corporation which is approved will occur as follows: 80 percent (80%) of the current balance will be granted within ß0 business days of the request date, barring any issues with the organization’s status as a qualified public charity or equivalent. The remaining balance of the fund, including any residual net earnings, will be granted within the following 30 days.
Sample 1
Fund Closure. A Fund Advisor may recommend the closure of a Fund by submitting a grant recommendation of up to 100% of the Fund balance, after payment of all final applicable fees, to a qualified non-profit organization or to The Community Foundation’s discretionary endowments. If approved, the Fund Advisor and The Community Foundation will execute a Termination of Fund Agreement and the Fund will be closed and distributed. An Endowed Fund is a permanent Fund and cannot be closed, however, it can be transferred to The Community Foundation’s discretionary endowment fund.
Sample 1
Fund Closure. A Fund Advisor may recommend the closure of a Fund by submitting a written notification of the intent to close the fund that includes a grant recommendation of up to 100% of the Fund balance, after payment of all final applicable fees, to a qualified nonprofit organization or to The Community Foundation’s discretionary Fund, the Fund for Greater Washington, or to the Fund for Greater Washington Endowment.
Sample 1

Related to Fund Closure

  • Account Closure At any time, for any reason, we may take any of these actions subject to applicable law:

  • School Closure The School shall make reasonable efforts to promptly notify the public, which may include notice to the Department of Education, of any circumstance requiring the closure of the School, including, but not limited to, a natural disaster, such as an earthquake, storm, tsunami, flood, or other weather-related event, other extraordinary emergency, or destruction of or damage to the School facility;

  • PLANT CLOSURE 29.01 In the event the Company closes the plant at the Cambridge location as a result of the loss of business or a discontinuation of all operations, severance pay will be calculated at one (1) week’s regular pay per year of service. The severance payment, so calculated, is inclusive of any severance payment required by the Ontario Employment Standards Act (Revised 2000). This agreement is not applicable to a sale of the business or if the closure is occasioned by a labour dispute.

  • Contract Closure Contracting Officer shall give appropriate written notice to Purchaser when Purchaser has complied with the terms of this contract. Purchaser shall be paid refunds due from Timber Sale Account un- der B4.24 and excess cooperative deposits under B4.218.

  • Christmas Closedown 15.1 It is agreed that whenever annual leave is taken in conjunction with the Christmas/New Year period (as per Calendar in sub-clause 2.11), it is to be taken in accordance with the following procedure.

  • Purchase Closing Section 2.1 Purchase 5 Section 2.2 Closing 5 Section 2.3 Closing Conditions 6

  • School Closures If school must be canceled, the school year shall be extended and vacations and in-service days and holidays not required by Statute may be utilized to meet State and District curriculum requirements. The district will consult with the President of the Association (s) before revising the calendar as required. Such time will be made up without additional pay. Any student school days waived by OSPI due to emergency school closure shall also be work days waived for certificated staff. There shall be no loss of pay in such an instance.

  • Emergency Closure Where there is a temporary closure as a result of an immediate emergency or a planned temporary closure due to renovations, repairs, or moves, the Employer will:

  • School Closings In the event of any school closing, employees will report for duty only if so requested by an appropriate supervisor. Employees requested to report for duty will be compensated by receiving an alternative day off agreed upon with their supervisor. Employees not requested to report would be paid for up to five (5) days of school closing or such days will be made up if all other employees are required to make up such days.

  • School-Initiated Closure Should the School choose to voluntarily surrender this Contract before the end of the Contract term, it may do so in consultation with the Commission at the close of any school year and upon written notice to the Commission given at least ninety (90) days before the end of the school year.

Time is Money Join Law Insider Premium to draft better contracts faster.