Foundation Corpus definition
Foundation Corpus or “Foundation Endowment Amount”, which as of December 31, 2016 has been established as Thirty Five Thousand Dollars ($35,000). The Foundation Endowment Amount cannot be utilized by the Foundation. Rather, only the cumulative earnings from the Foundation Endowment Account minus the Foundation Endowment Amount (herein referred to as “Foundation Endowment Account Earnings”) are available to fund the Charitable/Service Budget amount to be funded by the Foundation. Upon Foundation Board approval, Foundation Endowment Account Earnings may be internally transferred to the Main Foundation Account for disbursement as Available Charitable Funds. See Subsection OA-3.2(b), below. Section OA-3.2. Permitted Uses of the Main Foundation Account and the Foundation Endowment Account
Examples of Foundation Corpus in a sentence
The Board of Directors shall have the power and duty to enter upon and take possession of the Foundation Corpus to collect and receive the income and profits therefrom; to invest and reinvest the Foundation Corpus in accordance with their judgement; to pay out the Foundation Corpus and income in accordance with this agreement; and to execute documents and to do all other acts or things as the Board shall deem to be in the best interest of the Foundation and in furtherance of the purposes of the Foundation.