Sample Agreement.
This agreement, dated ____________________, is between ___________________________ (‘Donor’), with address ___________________________________________________________, and the Essex County Community Foundation, (‘Foundation’), a tax exempt 501 (c) (3) corporation organized under Massachusetts nonprofit corporation law, located at 15 Cherry Street, Massachusetts.
The Parties agree as follows:
1. Establishment of Fund
Donor wishes to establish a Donor Advised Fund, called __________________________ (‘Fund’). The Donor donates assets, listed in Schedule A attached hereto, to the Foundation to be allocated to the Fund. The Foundation acknowledges receipt of those assets for that purpose.
The Fund shall include the assets donated herewith, other donations as may from time to time be transferred to the Foundation by the Donor or other donors for the benefit of the Fund, which are acceptable to the Foundation, and all un-disbursed income from the assets of the Fund.
2. Variance Authority
The Fund and its contents, including future contributions, have been irrevocably transferred to the Foundation together with all right, title and interest in and to the donated assets. The Foundation shall have ultimate authority and control over all assets in the Fund, and the income derived there from, in accordance with the provisions of the Articles of Organization and Bylaws of the Foundation (as they may be amended from time to time), notwithstanding any recommendations that might be made by the Donor.
3. Purposes
The Fund shall be used for support for charitable or educational purposes through grants made from the fund to Agencies recommended by the donor.
4.Distributions (please tick the appropriate box)
Option 1 - permanently restricted
The Fund shall be maintained as a permanent endowment. Therefore, distributions from the Fund shall be made in accordance with the spending policy established by the Board of the Foundation. Recommendations for such distributions may be made from time to time to the Foundation by the Donor.
Option 2 – temporarily restricted
Distributions, including principal, may be made to each Agency as determined by the Board of the Foundation. Recommendations for such distributions may be made from time to time to the Foundation by the Donor.
Notwithstanding such distributions of principal, at all times the balance of the assets in the Fund will not be less than the minimum level determined by the Foundation’s Board of Trustees for this type of Fund.
5. Grant recommendations
The Donor shall be granted the right to provide specific grant recommendations to the Foundation’s Board of Trustees and shall serve in this advisory capacity without compensation.
6. Advisory Committee
Should the donor wish to appoint advisors to the Fund, an advisory committee should be established. The names and addresses of the advisor(s) are listed in Schedule B attached hereto and incorporated as part of this Document. The Donor may also appoint one successor generation of advisors to act after the Donor’s lifetime. The names and addresses of the successor advisor(s) are listed in Schedule B attached hereto and incorporated as part of this Document. Following the death or resignation of the successor advisor(s), or in the absence of advice from any persons named herein, the Foundation shall support the charitable interests of the Donor as described in Schedule B and incorporated as part of this Document.
7. Fees
The Fund is subject to the schedule of fees, adopted and updated from time to time by the Foundation’s Board of trustees, for investing and administering the Fund.
8. Successor arrangements
If the Foundation proposes to dissolve, the assets of the Fund shall, after payment or making provision for payment of any liabilities, properly chargeable to the Fund, be distributed to another similar fund established for the same purposes in a tax exempt 501 (c) (3) nonprofit organization organized under Massachusetts nonprofit corporation law.
In witness whereof, the parties have executed this Agreement, effective on the date specified first written above.
Donor(s): _____________________________________________________
ESSEX COUNTY COMMUNITY FOUNDATION
President: __________________________________________________
SCHEDULE A
Assets donated _______________________________________________________
SCHEDULE B
Advisors
Name ______________________________________________________________
Address _____________________________________________________________ ______________________________________________________________
Telephone __________________________
Email __________________________
Relationship to donor _____________________________________________________________
Name ______________________________________________________________
Address ______________________________________________________________
______________________________________________________________
Telephone ___________________________
Email ___________________________
Relationship to donor ____________________________________________________________
(Add additional advisors on separate sheet)
Please contact ECCF if you wish to establish a fund or would like more information about donor funds.
|
|
