Common use of Additional Advisors Clause in Contracts

Additional Advisors. The privilege of making recommendations shall be extended to donors and their successors. All requests to appoint additional advisors and successor advisors must be communicated to the Foundation in writing by the donor(s) establishing the fund. If any present donor fails to establish a succession plan prior to death, incapacity or resignation, upon such occasion, the remaining balance of the fund shall be transferred to the Foundation’s unrestricted fund. The Foundation serves as advisor for all designated, field of interest and unrestricted funds. Inactive funds If there are no gifts to a Donor-Advised fund for 36 consecutive months and the Foundation has not received a grant recommendation from the advisor during the same 36 month period, the Foundation will attempt to contact the advisor to ascertain the advisor’s desired level of involvement with the fund. If the advisor or successor advisor does not respond after three attempts by the Foundation to contact the advisor (and, if one has been named, a successor advisor) at the most recent address or phone number in the Foundation’s records, then the remaining balance in the fund shall be transferred the Foundation’s unrestricted fund.