Inactive Funds Sample Clauses
The 'Inactive Funds' clause defines the treatment and status of funds that are no longer actively managed or invested. Typically, this clause outlines the criteria for when a fund is considered inactive, such as a lack of transactions or contributions over a specified period, and details the procedures for handling such funds, which may include transferring balances, freezing accounts, or notifying stakeholders. Its core practical function is to ensure proper management and accountability for dormant or unused funds, preventing neglect or misuse and providing clear guidance on next steps.
Inactive Funds. If a Fund shows no activity (grants or contributions) for three years or more, the Federation will attempt to contact the Primary Advisor(s), other Fund Advisor(s), and/or any Interested Parties. If the Fund remains inactive for another year after this notification, and the Fund is inactive for a total of four years, the Fund may be closed and the Fund assets may be distributed according to this agreement.
Inactive Funds. The Fund shall be deemed inactive if no recommendations are made with respect to distributions from the fund for a period of two years. The Community Foundation shall give written notice to the Advisor. The Donor or Advisor shall have 90 days from the date of the written notice to make a recommendation with respect to a distribution from the Fund. If the Donor or Advisor fails to make a recommendation within the 90-day period, the Community Foundation shall terminate the Fund and assets of the Fund shall be distributed to the permanent endowment fund of the Community Foundation.
Inactive Funds. If the value of the Fund drops below the then applicable established minimum account and there is no activity by asset transfer into an Agency Fund for 36 consecutive months, the Foundation will attempt to contact the Fund representatives to ascertain the Charitable Organization’s intentions to bring the Fund above the minimum required account balance. If the representatives do not respond after three attempts by the Foundation to contact them, the Foundation may, in its sole discretion, distribute the entire fund balance to the Beneficiary Organization.
Inactive Funds. If there is no activity in a DAF for 5 years, then 100% of the DAF will be transferred to the Community Foundation’s unrestricted control to assist with operations and discretionary grant making.
Inactive Funds. The Foundation encourages the Primary Advisor(s) to maintain an active role with the Fund. In order to carry out its mandate of distributing charitable dollars to the community, the Foundation shall annually review the Fund’s activity. Should the Fund have no activity (e.g., contributions, grants, or inter-fund transfers) for more than two years, the Foundation will attempt to contact the Fund’s Primary Advisor(s), professional advisor(s) (if any), and/or other named advisor(s). If the Fund remains inactive for another year following the Foundation’s notice of inactivity (for a total of three years of inactivity), the Fund may be closed and the Foundation may follow the instructions for disposition of Fund assets as indicated in this Agreement.
Inactive Funds. If there are no gifts to a donor-advised fund for 36 consecutive months and the Foundation has not received a grant recom- mendation from the advisor during the same 36 month period, the Foundation will attempt to contact the advisor to ascertain the advisor’s desired level of involvement with the Fund. If the advisor or successor advisor does not respond after three attempts by the Foundation to contact the advisor (and, if one has been named, a successor advisor) at the most recent address or phone number in the Foundation’s records, then the fund shall be used to support the Foundation’s charitable activities based on the Foundation’s spending policy at that time. If at a later date the advisor (or, if the advisor has died, a named successor advisor) chooses to become engaged in advising the fund, such privilege will revert back to such advisor (or such successor advisor).
Inactive Funds. The Fund shall be deemed inactive if no recommendations are made with respect to distributions from the fund for a period of two years. The Community Foundation shall give written notice to the Advisor. The Donor or Advisor shall have 90 days from the date of the written notice to make a recommendation with respect to a distribution from the Fund. If the Donor or Advisor fails to make a recommendation within the 90-day period, the Community Foundation shall terminate the Fund and assets of the Fund shall be distributed to the permanent endowment fund of the Community Foundation. Donor Advised Endowment Fund Agreement 1/4/2017 5 IN WITNESS WHEREOF, this Agreement is signed this day of , 20 , DONOR BY: PRINT NAME: ADDRESS: BY: PRINT NAME: ADDRESS: WHITEFISH COMMUNITY FOUNDATION, INC. BY: PRINT NAME: TITLE: Donor Advised Endowment Fund Agreement 1/4/2017 6 These Guidelines are incorporated by reference in the Whitefish Community Foundation Donor Advised Endowment Fund Agreement, and they apply to all Donor Advised Endowment Funds established as a permanent irrevocable fund pursuant to M.C.A. Section 15-30-2327. Any Donor Advised Endowment Fund (“Fund”) established with the Whitefish Community Foundation (the “Community Foundation”) shall be subject to the following terms and conditions:
Inactive Funds a. If the neither the Donor nor its successor Advisor advises the Foundation regarding grants from the Fund for three (3) consecutive years, the Foundation may send written notice to the last known address of the Donor and/or successor Advisor of its intention to terminate the right to recommend distributions from the Fund unless the Donor or Advisor gives other instructions within ninety (90) days of the notice.
b. At the end of the ninety (90) day notice period, the advisory rights granted under this Agreement will cease to apply, and the Fund will be used thereafter as described in 3(c) above.
Inactive Funds. In order to carry out its mission of distributing charitable dollars into the community, WCCF will review on a periodic basis the grantmaking activity of its Donor-
Inactive Funds. Fund Advisors must recommend at least one grant or impact loan annually or the Fund will move to “Inactive” status. Upon notification, Funds in “Inactive” status have 90 days to recommend a grant or impact loan, after which time, the Federation reserves the right to take action at its discretion, up to and including closure of the fund due to inactivity.