Common use of Operation of Fund Clause in Contracts

Operation of Fund. Donor understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions:  Distributions from this fund shall never exceed the amount available for distribution as calculated by the Foundation. All, or a portion of the fund balance, may be considered non-distributable depending on restrictions on endowed gifts, match funds or other considerations.  ADVISOR NAME(S) is hereby designated as advisor(s) of the Fund, with SUCCESSOR ADVISOR NAME, serving as successor advisor in the event of incapacity or death. Upon the deaths of the advisor and successor advisor, any remaining fund balance shall be reconstituted as an endowed FUND TYPE fund of the Foundation bearing the established Fund name. The Donor reserves the right during her lifetime to amend this fund agreement with respect to the designation of successor advisors and contingent use of the Fund, subject to the approval of the Foundation.  The Pension Protection Act of 2006 prohibits the use of donor-advised funds: to fulfill a pre-existing pledge made to a non-profit organization; to support a political campaign; and to pay for a membership, dinner, performance or any other activity that provides a non-incidental benefit to the donor.  The Fund shall at all times be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity.  The Fund shall be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied.  Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, or contract with independent third parties.  Foundation will keep accurate financial records related to the administration and management of this Fund and shall provide Donor written reports on the activity of the fund.  Foundation will assess in accordance with its adopted policy, an annual fee to satisfy the administrative and investment costs of this Fund. The Foundation reserves the right to amend its fee schedule, but only as part of a policy change that affects all donor advised funds with the Foundation.  This agreement shall be interpreted in a manner consistent within the foregoing intentions and so as to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. Foundation is authorized to retroactively amend this agreement to conform to the provisions of any applicable law or government regulation in order to carry out the provisions contained herein.

Operation of Fund. Donor Organization understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions:  Distributions from this fund If distribution of Fund Income is requested in Attachment A, Fund Income shall never exceed be herein defined as the amount available for distribution distributable under the Foundation’s Investment Policy, and may be amended as calculated determined appropriate by the Foundation’s Board. All It is intended that the Fund herein established will be continued as long as the need therefore exists and money or property is available in the Fund for this purpose. In the event that the Foundation’s Board finds that circumstances and conditions shall exist such as to render unnecessary, undesirable, impractical or a portion impossible to implement the Fund as contained in the Agreement, the Foundation Board shall have the right to exercise its variance power in its good faith determination to use such funds for other charitable purposes as most nearly approximates the purpose of the fund balance, may be considered non-distributable depending on restrictions on endowed gifts, match funds or other considerations.  ADVISOR NAME(S) is hereby designated as advisor(s) of the Fund, with SUCCESSOR ADVISOR NAME, serving as successor advisor in the event of incapacity or death. Upon the deaths of the advisor Fund and successor advisor, any remaining fund balance shall be reconstituted as an endowed FUND TYPE fund of the Foundation bearing the established Fund name. The Donor reserves the right during her lifetime to amend this fund agreement with respect to the designation of successor advisors and contingent use of the Fund, subject to the approval of the Foundation.  The Pension Protection Act of 2006 prohibits the use of donor-advised funds: to fulfill a pre-existing pledge made to a non-profit organization; to support a political campaign; and to pay for a membership, dinner, performance or any other activity that provides a non-incidental benefit to the donorSAMPLE ORGANIZATION.  The Fund shall at all times time be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity.  The Fund shall be presumed to be intended to be used only for charitable purposes and to be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor an Organization or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied.  Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, or contract with independent third parties.  Foundation will keep accurate financial records related to the administration and management of this Fund and shall provide Donor Organization written reports on the activity of the fund.  Foundation will assess in accordance with its adopted policy, an annual fee to satisfy the administrative and investment costs of this Fund. The Foundation reserves the right to amend its fee schedule, but only as part of a policy change that affects all donor advised such Organization (Agency Endowment) funds with the Foundation.  This agreement shall be interpreted in a manner consistent within the foregoing intentions and so as to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. Foundation is authorized to retroactively amend this agreement to conform to the provisions of any applicable law or government regulation in order to carry out the provisions contained herein.

Operation of Fund. Donor understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions:  Distributions Scholarships will be distributed from Fund Income not less than once annually for the purposes stated in this fund agreement. Fund Income shall never exceed be herein defined as the amount available for distribution distributable under the Foundation’s Investment Policy, and may be amended as calculated determined appropriate by the Foundation. All, or a portion of the fund balance, may be considered non-distributable depending on restrictions on endowed gifts, match funds or other considerations’s Board.  ADVISOR NAME(S) It is hereby designated intended that the Fund herein established will be continued as advisor(s) long as the need therefore exists and money or property is available in the Fund for this purpose. In the event that the Foundation’s Board finds that circumstances and conditions shall exist such as to render unnecessary, undesirable, impractical or impossible to implement the Fund as contained in the Agreement, the Foundation Board shall have the right to exercise its variance power to use such funds for other charitable purposes as most nearly approximates the purpose of the Fund, with SUCCESSOR ADVISOR NAME, serving as successor advisor in the event of incapacity or death. Upon the deaths of the advisor and successor advisor, any remaining fund balance shall be reconstituted as an endowed FUND TYPE fund of the Foundation bearing the established Fund name. The Donor reserves the right during her lifetime to amend this fund agreement with respect to the designation of successor advisors and contingent use of the Fund, subject to the approval of the Foundation.  The Pension Protection Act of 2006 prohibits the use of donor-advised funds: to fulfill a pre-existing pledge made to a non-profit organization; to support a political campaign; and to pay for a membership, dinner, performance or any other activity that provides a non-incidental benefit to the donor.  The Fund shall at all times time be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity.  The Fund shall be presumed to be intended to be used only for scholarship purposes and to be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied.  Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, or contract with independent third parties.  Foundation will keep accurate financial records related to the administration and management of this Fund and shall provide Donor written reports on the activity of the fund.  Foundation will assess in accordance with its adopted policy, an annual fee to satisfy the administrative and investment costs of this Fund. The Foundation reserves the right to amend its fee schedule, but only as part of a policy change that affects all donor advised such scholarship funds with the Foundation.  This agreement shall be interpreted in a manner consistent within the foregoing intentions and so as to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. Foundation is authorized to retroactively amend this agreement to conform to the provisions of any applicable law or government regulation in order to carry out the provisions contained herein.