Endowed Fund Sample Clauses

Endowed Fund. Subject to Paragraph 5 hereof, the Fund shall be held as an endowment fund and invested and administered in accordance with the investment and other policies applicable to endowment funds adopted by the Foundation and amended from time to time. The distributions are not intended to be restricted to income only or otherwise limit the ability to distribute principal in accordance with the spending policy of the Foundation; see Attachment (A). The Sponsor(s) understand(s) and acknowledge(s) that under the current policies of the Foundation the amount available to grant from an endowment fund is determined annually by the Board of Trustees of the Foundation. The Foundation, after considering any recommendation which the Sponsor may wish to make, reserves the right to terminate its obligations and responsibilities under this Agreement by (a) transferring the residue of the Fund to some suitable entity which shall be organized and operated exclusively for charitable, educational, religious or scientific purposes and which shall at the time qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law), such residue to be held by the successor charitable organization as a field of interest endowment of the same purposes as set forth herein, or (b) holding the residue for the general purposes of the Foundation.
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Endowed Fund. Distributions of income from the Fund will be made upon written request from the Fund Advisor, subject to the following: • The annual distribution shall not exceed 6% of the year end value of the Fund assets. • The amount of the distribution shall be determined by the Community Foundation based on the expected total return on the investments in the Community Foundation’s permanent funds, the desirability of maintaining the value of the Community Foundation’s permanent funds and any other factors deemed relevant by the Community Foundation. • Upon request of the Fund Advisor or at the discretion of the Community Foundation, any distribution may be reinvested. • No distributions shall be made until the value of the Fund exceeds $5,000, and no distribution shall reduce the value of the Fund to less than $5,000. • The minimum distribution that may be made from the Fund is $250.
Sample 1
Endowed Fund. Donor intends this Fund to be a permanent endowment. The principal will not be spent and grants from the fund shall be limited to the Fund's distributable amount determined in accordance with the Foundation's Spending Policy. (The annual distributable amount will be the earnings of this principal, which is typically about 4%. For example, if the fund's principal is $100,000, then the annual distributable amount that can be used for grantmaking will be approximately $4,000.) Endowed funds must be in LAMV-CF's Long Term Growth account, as described in the last Attachment. [Alternative 2: fund is not intended to be endowed]. Distributions fromthe Fund may be made in any amount up to the full balance of the Fund.
Sample 1

Related to Endowed Fund

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