Control of Funds. Grantee understands that, in compliance with applicable laws, Grantor retains full legal ownership of, and discretion and control over, funds contributed to Grantor for the purposes of the Project and placed in the restricted fund, until such funds are granted or spent in accordance with this Agreement. With respect to the selection of Grantee or any other grantee to carry out the purposes of the Project, Grantor retains full discretion and control over the selection process, completely independent of any funder or revenue source. Grantor retains the unilateral power, without approval from any funding source, from Grantee, or from any other interested party, to redirect use of funds received for purposes of the Project away from Grantee to another beneficiary capable of fulfilling the purposes of the Project. However, Grantor holds the restricted fund in charitable trust under the laws of the State of New York, so that uses of the fund are limited to the Project's purposes. It is the intent of the parties that this Agreement be interpreted to provide Grantor with variance powers necessary to enable Grantor to treat the restricted fund as Grantor's asset in accordance with Accounting Standards Codification (ASC) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board (FASB).
Appears in 4 contracts
Samples: Fiscal Sponsorship Grant Agreement, Fiscal Sponsorship Grant Agreement, Fiscal Sponsorship Grant Agreement
