TYPE OF FUND. (select the type of Fund you wish to establish and initial by your selection) / Endowed Fund: Endowed funds are established to protect the principal. The principal is not available for spending as per the establishment of the fund. Distributions will be made in perpetuity according to the funds charitable purposes as long as those purposes can be served. Endowment funds are subject to the Foundation’s Spending Policy, which may be amended at the sole discretion of the GMCF Executive Board of Trustees. / Expendable Fund: Expendable funds are established with the intent that both the earnings and principal will be distributed for charitable causes. Once the original gift and related earnings are exhausted, the fund terminates unless additional gifts are made to the fund.
Appears in 8 contracts
Samples: Fund Agreement, Fund Agreement, Fund Agreement
