Variance Power Funds. established with The Community Foundation are subject to The Community Foundation’s variance power, which provides The Community Foundation Board of Trustees with the power to modify any restriction or condition on the distribution of a Fund for any specified charitable purposes or to specified organizations, if, in the sole judgment of The Community Foundation’s Board of Trustees, such restriction or condition becomes obsolete, incapable of fulfillment, or inconsistent with the charitable needs of the community or the requirements of The Community Foundation’s continued section 501(c)(3) tax-exempt public charity status. For Designated, Field-of-Interest, Scholarship, Disaster Relief/Emergency Assistance, and Agency Funds, the original charitable purpose or Field of the Fund will be continued, unless or until the original purpose is no longer capable of being fulfilled. In those instances, The Community Foundation will exercise variance power as described above.
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Variance Power Funds. established with The Community Foundation are subject to The Community Foundation’s variance power, which provides The Community Foundation Board of Trustees with the power to modify any restriction or condition on the distribution of a Fund for any specified charitable purposes or to specified organizations, if, in the sole judgment of The Community Foundation’s Board of Trustees, such restriction or condition becomes obsolete, incapable of fulfillment, or inconsistent with the charitable needs of the community or the requirements of The Community Foundation’s continued section 501(c)(3) tax-exempt public charity status. For Designated, Field-of-Interest, Scholarship, Disaster Relief/Emergency Assistance, and Agency Funds, the original charitable purpose or Field of the Fund will be continued, unless or until the original purpose is no longer capable of being fulfilled. In those instances, The Community Foundation will exercise variance power as described above.
Appears in 2 contracts
