Project Fund/Variance Power Sample Clauses
Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project's mission as that mis - sion may be defined by the Committee from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The Parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of Con- servancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the Parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy's asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Project Fund/Variance Power. Beginning on the Effective Date, the Conservancy shall place all gifts, grants, contributions and other revenues received by the Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Interim Oversight Board from time to time with the approval of the Conservancy. The Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within the Conservancy’s sole judgment, subject to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of the Conservancy, for both tax purposes and for purposes of the Conservancy’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide the Conservancy with variance powers necessary to enable the Conservancy to treat the Project Fund as the Conservancys asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Project Fund/Variance Power. Conservancy retains the unilateral right to spend the Project Fund so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed Council’s intent in making determinations on the expenditures from the Project Fund; however, the Parties acknowledge that expressions of Council intent are not legally binding on Conservancy. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of Conservancy, for both tax purposes and for purposes of the Conservancy’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Project Fund/Variance Power. Beginning on the Effective Date, NumFOCUS shall place all gifts, grants, contributions and other revenues received by NumFOCUS and identified with the Project into a Project Fund to be used for the sole benefit of the Project's mission as that mission may be defined by the FIXME-LEADERSHIP-BODY-NAME from time to time with the approval of NumFOCUS. NumFOCUS retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within NumFOCUS's sole judgment, subject to any donor imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of NumFOCUS, for both tax purposes and for purposes of NumFOCUS's financial statements. It is the intent of the parties that this Agreement be interpreted to provide NumFOCUS with variance powers necessary to enable NumFOCUS to treat the Project Fund as NumFOCUS’s asset in accordance with Interpretation No. 42 of Statement No. 116 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Project Fund/Variance Power. Beginning on the Effective Date, PSL Foundation shall place all gifts, grants, contributions, and other revenues received by PSL Foundation and identified with the Project into a Project Fund to be used for the sole benefit of the Project's mission as that mission may be defined by the TOUPDATE:-PROJECT-NAME from time to time with the approval of PSL Foundation. PSL Foundation retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within PSL Foundation's sole judgment, subject to any donor imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of PSL Foundation, for both tax purposes and for purposes of PSL Foundation's financial statements. It is the intent of the parties that this Agreement be interpreted to provide PSL Foundation with variance powers necessary to enable PSL Foundation to treat the Project Fund as PSL Foundation’s asset in accordance with Interpretation No. 42 of Statement No. 116 issued by the Financial Accounting Standards Board, while this Agreement is in effect.