VARIANCE POWER definition
VARIANCE POWER. The Fund is protected from obsolescence. The Foundation’s Board of Directors has the authority to modify any restriction or condition on the distribution of funds for any specified charitable purposes if in the sole judgment of the board, such restrictions or conditions become, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community or area being served. This provision is consistent the Foundation Board’s variance power as set forth in tax regulations, 1.170A-9(e)(11)(V)(B), (C) and (D).
VARIANCE POWER. The Board of Trustees shall have the power to modify any donor recommendation, restriction or condition on the distribution of funds for any specified charitable purpose or to specified organizations, if in the Board’s sole judgment (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 served. AGREED: Date ▇▇▇▇ ▇. ▇▇▇▇▇ Date ▇▇▇▇ ▇. ▇▇▇▇▇ COMMUNITIES FOUNDATION OF TEXAS: Date ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, Chief Relationship Officer In order for Communities Foundation of Texas (“CFT”) to provide exemplary service, act as a wise steward of resources, and serve as a trusted partner for community knowledge and collaboration with the funds under its control, all Donor(s) must agree with the following terms:
VARIANCE POWER. All funds established at WCCF are subject to WCCF’s “Variance Power.” The Variance Power gives WCCF’s Board the authority to modify any restriction or condition on the distribution of funds for any qualified specified purposes or to specified organizations if in the sole judgment of the Board (without the necessity of approval of any other trustee, custodian, or agent of WCCF), the restriction or condition becomes, in effect, unnecessary,
Examples of VARIANCE POWER in a sentence
VARIANCE POWER All funds established at the Foundation are subject to the Foundation’s “variance power,” as set forth in its Bylaws.