Variance Power. All funds established at the Foundation are subject to the Foundation’s “variance power”, required by Treasury Regulations for the Foundation and its donors to enjoy the more favorable income tax treatment of a community foundation as opposed to the less favorable income tax treatment of a private foundation. Treasury Regulations Section 170A-9(e)(11)(v)(B)(1) specifically states that the governing body of a community foundation must have the power “to modify any restriction or condition on the distributions of funds for any specified charitable purpose or to specified organizations if, in the sole judgment of the governing body (without the necessity of approval by any participating trustee, custodian or agent), such restriction becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served”.
Variance Power. The Fund is protected from obsolescence. If, in the sole judgment of the Board of Directors of the Foundation, the purposes for which the Fund was created ever become unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by the Foundation, the Foundation’s Board of Directors shall modify any restriction or condition on the use or distribution of the income and principal of the Fund.
Variance Power. The Fund is subject to the variance power described in Treas. Reg. Sec. 1.170A-9(f)(11)(v)(B)(1), as amended from time to time. Pursuant to the variance power, the Board shall have the power to modify any restriction or condition on the distribution of funds for any specified charitable purpose or to specified organizations, if in their sole judgment (without the approval of any advisor, trustee, custodian or agent) such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community or area served by the Community Foundation.
Variance Power. The Donor acknowledges and agrees that the Fund is protected from obsolescence, and that all assets of the Fund will be administered by the Foundation, in accordance with the provisions and terms of the Articles of Incorporation and Bylaws of the Foundation, all of which are incorporated herein by reference and conclusively assented to and adopted. The Donor further acknowledges and agrees that, notwithstanding any provision contained in this Agreement to the contrary, should any of the purposes, restrictions, or conditions imposed upon the Fund or its assets ever become obsolete, unnecessary, incapable of fulfillment, or inconsistent with the charitable purposes or needs served by the Foundation, the Foundation’s Board of Trustees shall have the sole variance power to modify such purpose, restriction, or condition, and in so doing, the Board shall use its reasonable efforts to use Fund assets for a purpose as similar as possible to those set forth in this Agreement.
Variance Power. Donor acknowledges and agrees that, pursuant to tax law, the board shall have the power to modify any restriction or condition on the distribution of funds for any specified charitable purposes or to specified organizations set forth above, if, in the sole judgment of the board (without the approval of any trustee, custodian, or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served.
Variance Power. It is understood that the Fund is a component part of the Foundation, which shall be held as general assets of the Foundation and not as a separate trust fund. The Foundation will administer the fund subject to the laws of the State of Kansas and the Foundation’s Articles of Incorporation and Bylaws. GMCF will monitor the distribution of the Fund to ensure it is used exclusively for charitable or other exempt purposes (within the meaning of Codes Section 170(c)(1) or (2)(B)), and will recommend modifications if needed as specified in United States Treasury Regulations Section 1.170A-9(e)(11)(v)(B). If any conditions or restrictions with respect to gifts from the fund are unnecessary, incapable of fulfillment, or inconsistent with the charitable or exempt purposes of the Fund, the Foundation reserves the right to vary the terms to ensure the charitable intent of the fund is honored. AUTHORIZED FUND REPRESENTATIVE 1 AUTHORIZED FUND REPRESENTATIVE 2 Fund Representatives have the authority to recommend: 1) distributions, 2) changes to the investment of assets, and 3) continuity and distribution upon dissolution. Business or Organization Name (if applicable) / Mailing Address / City State Zip / Phone Name (Please Print) Name (Please Print) Address / City / State / Zip Address / City / State / Zip Signature Signature Date Phone Date Phone Email Email Successor Fund Representative(S) The Donor(s) to this fund hereby designate the following successor advisors: (Please provide current contact information) Full Name (First, Middle, Last) Relationship to donor advisor(s) GREATER MANHATTAN COMMUNITY FOUNDATION Signature Signature Xxxxxx X. Xxxxxxxx President & CEO Name / Title (Please Print) Date Date
Variance Power. In accordance with IRS regulations and the Bylaws of the Foundation, the board of directors shall have the power to modify any restriction or condition imposed by a donor on the investment or distribution of assets if, in the sole judgment of the board of directors, such restriction or condition becomes illegal, unnecessary, uneconomical, impossible to perform, or inconsistent with the charitable needs of the community or area served, and such modification would more effectively serve the charitable purposes of the foundation taking into consideration the wishes of the donor.
Variance Power. The ACF Board shall have the power, as required by United States Treasury Regulations, to modify any restrictions or conditions on the distribution of funds for any specified charitable purpose or to specified organizations if in the sole judgment of the ACF Board (without the approval of any advisor, trustee, custodian or agent) such restrictions or conditions become, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community or the area served. The ACF Board shall exercise this power consistent with the principal of maintaining, as close as possible, the original intent of the donor(s).
Variance Power. The Community Foundation may modify any recommendation or condition on distribution from a fund for any specified charitable purpose or to any specified charitable organization if, in the sole judgment of the Community Foundation, such recommendation or condition becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community. Whenever possible, the Community Foundation will confer with the donor or the donor’s representative before the fund is modified and stay as close as possible to the original intent of the donor. If the Community Foundation ceases to be a qualified charitable organization, or if the Community Foundation proceeds to dissolve, the assets of the fund shall after payment or making provision for payment of any liabilities properly chargeable to the fund, be distributed to to be used exclusively for charitable purposes. If the is not a qualified charitable organization, said assets shall be distributed in such a manner and to such an organization in the Xxxxxx County community as satisfies the requirements of a qualified charitable organization and serves purposes similar to those of the original underlying donor intent.
Variance Power. The ACF Board shall have the power, after reviewing the Articles of Incorporation of the Agency or Agencies listed on Exhibit A and dissolution provisions of the same as required by United States Treasury Regulations, to modify any restrictions or conditions on the distribution of funds for any specified charitable purpose or to specified agencies if, in the sole judgment of the ACF Board, (without the approval of any advisor, trustee, custodian or agent) such restrictions or conditions become, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community or the area served. The ACF Board shall exercise this power consistent with the principal of maintaining, as close as possible, the original intent of the donor(s).
