Common use of Continuity of Funds For Donor Clause in Contracts

Continuity of Funds For Donor. Advised Funds, after the initial Fund Advisor is no longer serving, The Community Foundation will honor a donor’s desire to name Successor Advisor(s). A founding donor or donors (only) may designate in writing Successor Fund Advisor(s) whose role will take effect upon the death of the founding Advisor(s) (donor and/or other Concurrent Fund Advisors named). A Successor Advisor(s) does not have any advisory privilege as long as the initial Fund Advisor(s) (typically the founding donor or donors) is alive. All requests to modify or appoint additional Concurrent or Successor Advisors must be communicated via email or other written form, by the donor. Funds may be advised by a Fund Advisor’s Power of Attorney, but only if the ability to conduct charitable transactions on behalf of the Fund Advisor has been specified in the Durable Power of Attorney signed by the Fund Advisor. Similarly, a Personal Representative for the estate of a deceased Fund Advisor may act on the Fund Advisor’s behalf only if those powers are specified in the Fund Advisor’s will or trust. The Community Foundation allows one generation of Successor Fund Advisors as long as the Fund meets the minimum balance requirement of at least $10,000 and the Fund remains active (see A. below). Successor Advisors may gain the right to name additional Successor Advisor(s) by making a one-time donation of at least $10,000 to the Fund. If no Successor Advisor is named, the Fund will follow the Termination Policy specified in C, below. a. Fund Activity: The minimum amount required to open most Funds is $10,000. (See Scholarship Policy and Fiscal Sponsorship policies for exceptions.) While Funds are not required to maintain a minimum balance of $10,000, donors will be notified when balance becomes $2,000 or less and will be encouraged to either replenish or close the Fund. b. Fund Inactivity In accordance with accepted community foundation standards, unless defined alternatively in a Fund Agreement, a Fund is classified as inactive after three years of inactivity. If a Fund receives no gifts and no grant recommendations are made for three years, The Community Foundation staff will make a reasonable effort to contact the Fund Advisor by telephone, email, and/or certified mail. If the Fund Advisor does not respond to the contact effort within three months after the initial contact attempt, the Fund balance will be transferred to The Community Foundation’s Fund for Greater Washington Endowment. Outreach and closure will be documented in the Fund’s record. c. Fund Closure A Fund Advisor may recommend the closure of a Fund by submitting a written notification of the intent to close the fund that includes a grant recommendation of up to 100% of the Fund balance, after payment of all final applicable fees, to a qualified nonprofit organization or to The Community Foundation’s discretionary Fund, the Fund for Greater Washington, or to the Fund for Greater Washington Endowment. If the grant is approved, the Fund will be closed and distributed. An Endowed Fund, as a permanent Fund, cannot be closed. However, it may be transferred to The Community Foundation’s discretionary Fund for Greater Washington Endowment.

Continuity of Funds For Donor. Advised Funds, after the initial Fund Advisor is no longer serving, The Community Foundation will honor a donor’s desire to name Successor Advisor(s). A founding donor or donors (only) may designate in writing Successor Fund Advisor(s) whose role will take effect upon the death of the founding Advisor(s) (donor and/or other Concurrent Fund Advisors named). A Successor Advisor(s) Advisor does not have any advisory privilege as long as the initial Fund Advisor(s) (typically the founding donor or donorsdonor) is alive. All requests to modify or appoint additional Concurrent or Successor Advisors must be communicated via email or other written formwriting, by the donor. Funds may be advised by a Fund Advisor’s Power of Attorney, but only if the ability to conduct charitable transactions on behalf of the Fund Advisor has been specified in the Durable Power of Attorney signed by the Fund Advisor. Similarly, a Personal Representative for the estate of a deceased Fund Advisor may act on the Fund Advisor’s behalf only if those powers are specified in the Fund Advisor’s will or trust. The Community Foundation allows one generation of Successor Fund Advisors as long as the Fund meets the minimum balance requirement of at least $10,000 and the Fund remains active (see A. below). Successor Advisors may gain the right to name additional Successor Advisor(s) Advisor/s by making a one-time donation of at least $10,000 to the FundFund at the time the Successor Advisor is named. If no Successor Advisor is named, the Fund will follow the Termination Policy specified in C, below. a. Fund Activity: The minimum amount required to open most Funds is $10,000. (See Scholarship Policy and Fiscal Sponsorship policies for exceptions.) While Funds are not required to maintain a minimum balance of $10,000, donors will be notified when balance becomes $2,000 or less and will be encouraged to either replenish or close the Fund. b. Fund Inactivity In accordance with accepted community foundation standards, unless defined alternatively in a Fund Agreement, a Fund is classified as inactive after three years of inactivity. If a Fund receives no gifts gifts, and no grant recommendations are made for three years, The Community Foundation staff will make a reasonable effort to contact the Fund Advisor by telephone, email, and/or certified mail. If the Fund Advisor does not respond to the contact effort within three six months after the initial contact attempt, the Fund balance will be transferred to The Community Foundation’s Fund for Greater Washington EndowmentWashington. Outreach and closure will be documented in the Fund’s record. c. b. Fund Closure A Fund Advisor may recommend the closure of a Fund by submitting a written notification of the intent to close the fund that includes a grant recommendation of up to 100% of the Fund balance, after payment of all final applicable fees, to a qualified nonprofit organization or to The Community Foundation’s discretionary Fund, the Fund for Greater Washington. If approved, or to the Fund for Greater Washington Endowment. If the grant is approved, Advisor and The Community Foundation will execute a Termination of Fund Agreement and the Fund will be closed and distributed. An Endowed Fund, as a permanent Fund, cannot be closed. However; however, it may be transferred to The Community Foundation’s discretionary Fund for Greater Washington Endowment.