Common use of Variance Clause in Contracts

Variance. The Board has the authority to vary the terms of the Fund if continued adherence to any condition or restriction is in the judgment of the Board unnecessary, incapable of fulfillment or inconsistent with the charitable or other exempt purposes of the Foundation or Fund. In this regard, it is understood that the Foundation is explicitly granted unilateral variance power, which is the power to redirect the use of the Fund to another beneficiary and to override the original intent of the Fund without approval of any interested party. No distribution shall be made from the Fund to any individual or entity if such distribution will in the judgment of the Foundation endanger the Foundation’s Code Section 501(c)(3) status.

Variance. The Board Foundation has the authority to vary the terms of the Fund Fund, as outlined in this agreement, if continued adherence to any condition or restriction is in the judgment of the Board unnecessary, Foundation to be incapable of fulfillment or inconsistent with the charitable or other exempt purposes of the Foundation or Fund. In this regard, it is understood that the Foundation is explicitly granted unilateral variance power, which is the power to redirect the use of the Fund to another beneficiary and to override the original intent of the Fund without approval of any interested party. No distribution shall be made from the Fund to any individual or entity if such distribution will in the judgment of the Foundation endanger the Foundation’s Code Section 501(c)(3) status.

Variance. The Foundation’s Board has the authority to vary the terms of the Fund if continued adherence to any condition or restriction is in the judgment of the Foundation’s Board unnecessary, incapable of fulfillment or inconsistent with the charitable or other exempt purposes of the Foundation or FundEndowment. In this regard, it is understood that the Foundation is explicitly granted unilateral variance power, which is the power to redirect the use of the Fund Endowment to another beneficiary and to override the original intent of the Fund without approval of any interested party. No distribution shall be made from the Fund to any individual or entity if such distribution will in the judgment of the Foundation endanger the Foundation’s Code Section 501(c)(3) status.