Common use of Variance Power Clause in Contracts

Variance Power. All advised funds established at the Foundation are subject to the Foundation’s “variance power,” as set forth in its bylaws. The variance power gives the Foundation the authority to modify any donor recommendation or condition on distributions from a fund for any specified charitable purpose or to any specified organization, if in the sole judgment of the Foundation, such recommendation or condition becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by the Foundation. In the unlikely event the Foundation is required to exercise its variance power with respect to a fund, it will endeavor to exercise that power so that the modifications conform in a manner as near as possible to the original intent of the fund.

Variance Power. All advised funds established at the Foundation are subject to the Foundation’s “variance power,” as set forth in its bylaws. The variance power gives the Foundation the authority to modify any donor recommendation or condition on distributions from a fund for any specified charitable purpose or to any specified organization, if in the sole judgment of the Foundation, such recommendation or condition becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by the Foundation. In the unlikely event the Foundation is required to exercise its variance power with respect to a fund, it will endeavor to exercise that power so that the modifications conform in a manner as near as possible to the original intent of the fund.

Variance Power. All advised Nonprofit Agency Endowed and Designated funds established at the Foundation are subject to the Foundation’s “variance power,” as set forth in its bylaws. The variance power gives the Foundation the authority to modify any donor recommendation or condition on distributions from a fund for any specified charitable purpose or to any specified organization, if in the sole judgment of the Foundation, such recommendation or condition becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by the Foundation. In the unlikely event the Foundation is required to exercise its variance power with respect to a fund, it will endeavor to exercise that power so that the modifications conform in a manner as near as possible to the original intent of the fund.