Common use of Establishment of Fund Clause in Contracts

Establishment of Fund. A Scholarship Fund shall be established as a fund on the books of BCF and known as the (the “Fund”). [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor understands and agrees that s/he has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achieved. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 3. In the event that total gifts are less than $5,000 on the 1st anniversary of the date of this Agreement; $10,000 on the 2nd anniversary of the date of this Agreement; $15,000 on the 3rd anniversary of the date of this Agreement; $20,000 on the 4th anniversary of this Agreement; or $25,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor to ensure that Donor has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five thousand dollars ($25,000). Once the minimum balance is achieved, a Scholarship Fund shall be established as a fund on the books of BCF and known as the (name of fund) (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property transferred with this Agreement and any other gift that the Donor or others may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.

Establishment of Fund. A Scholarship Community Grants Fund shall be established as a fund on the books of BCF and known as the (the “Fund”). [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor Xxxxx understands and agrees that s/he has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 15,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achieved. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 3. In the event that total gifts are less than $5,000 3,000 on the 1st anniversary of the date of this Agreement; $10,000 6,000 on the 2nd anniversary of the date of this Agreement; $15,000 9,000 on the 3rd anniversary of the date of this Agreement; $20,000 12,000 on the 4th anniversary of this Agreement; or $25,000 15,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor to ensure that Donor has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five fifteen thousand dollars ($25,00015,000). Once the minimum balance is achieved, a Scholarship Community Grants Fund shall be established as a fund on the books of BCF and known as the (name of fund) (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property transferred with this Agreement and any other gift that the Donor or others may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.

Establishment of Fund. A Scholarship Fund Upon the effective date of this Agreement, Donor shall contribute dollars ($ ) to BCF.1 This gift constitutes an irrevocable gift to BCF. Upon receipt of Donor’s gift, a named unrestricted fund shall be established as a fund on the books of BCF and known as the (the “Fund”). 1 [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor Xxxxx understands and agrees that she/he she has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 15,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achievedirrevocable. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 32. In the event that total gifts are less than $5,000 3,000 on the 1st anniversary of the date of this Agreement; $10,000 6,000 on the 2nd anniversary of the date of this Agreement; $15,000 9,000 on the 3rd anniversary of the date of this Agreement; $20,000 12,000 on the 4th anniversary of this Agreement; or $25,000 15,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor to ensure that Donor has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five fifteen thousand dollars ($25,00015,000). Once the minimum balance is achieved, a Scholarship Leadership Fund shall be established as a fund on the books of BCF and known as the (name of fund) Leadership Fund (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property transferred with this Agreement and any other gift that the Donor or others may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.

Establishment of Fund. A Scholarship An Agency Fund shall be established as a fund on the books of BCF and known as the (the “Fund”). [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor Agency understands and agrees that s/he it has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 15,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achieved. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 32. In the event that total gifts are less than $5,000 3,000 on the 1st anniversary of the date of this Agreement; $10,000 6,000 on the 2nd anniversary of the date of this Agreement; $15,000 9,000 on the 3rd anniversary of the date of this Agreement; $20,000 12,000 on the 4th anniversary of this Agreement; or $25,000 15,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor the Agency to ensure that Donor the Agency has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five fifteen thousand dollars ($25,00015,000). Once the minimum balance is achieved, a Scholarship Fund (type of fund) fund shall be established as a fund on the books of BCF and known as the (name of fund) (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property transferred with this Agreement and any other gift that the Donor or others Agency may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.

Establishment of Fund. A Scholarship Designated Fund shall be established as a fund on the books of BCF and known as the (the “Fund”). [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor understands and agrees that s/he has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 15,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achieved. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 3. In the event that total gifts are less than $5,000 3,000 on the 1st anniversary of the date of this Agreement; $10,000 6,000 on the 2nd anniversary of the date of this Agreement; $15,000 9,000 on the 3rd anniversary of the date of this Agreement; $20,000 12,000 on the 4th anniversary of this Agreement; or $25,000 15,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor to ensure that Donor has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five fifteen thousand dollars ($25,00015,000). Once the minimum balance is achieved, a Scholarship Designated Fund shall be established as a fund on the books of BCF and known as the (name of fund) (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property transferred with this Agreement and any other gift that the Donor or others may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.

Establishment of Fund. A Scholarship Fund donor advised fund shall be established as a fund on the books of BCF and known as the (the “Fund”). [OPTIONAL LANGUAGE FOR PAYMENT OVER FIVE YEARS OF GIFTS TO ESTABLISH MINIMUM BALANCE OF NAMED FUNDS: Donor Xxxxx understands and agrees that s/he has five (5) years from the date of the Agreement to raise the minimum balance of $25,000 15,000 required to establish the Fund. All gifts (or the net sales process of the gifts) received for this purpose shall be irrevocable and will be held in a temporarily restricted account until the minimum balance is achieved. Fees shall be deducted monthly from the temporarily restricted account as set forth in Paragraph 32. In the event that total gifts are less than $5,000 3,000 on the 1st anniversary of the date of this Agreement; $10,000 6,000 on the 2nd anniversary of the date of this Agreement; $15,000 9,000 on the 3rd anniversary of the date of this Agreement; $20,000 12,000 on the 4th anniversary of this Agreement; or $25,000 15,000 on the 5th anniversary of this Agreement, the account may be closed and the gifts to the account will be treated as unrestricted gifts for use as determined by BCF’s Board of Directors. If circumstances so warrant, BCF staff will work with Donor to ensure that Donor has reasonable time to achieve each financial benchmark prior to account closure. No distributions shall be made from the account until the principal balance of the Fund is at least twenty-five fifteen thousand dollars ($25,00015,000). Once the minimum balance is achieved, a Scholarship Fund donor advised fund shall be established as a fund on the books of BCF and known as the (name of fund) (the “Fund”). The Fund shall be held, managed and maintained by BCF as a (permanently restricted endowment or temporarily restricted fund.) The Fund shall include the property gift transferred with this Agreement and Agreement, any other gift that the Donor or donor and/or others may later transfer to BCF for inclusion in the Fund subject to acceptance by BCF board. All gifts (or the net sales proceeds of the gifts) to the Fund shall be irrevocable. Assets of the Fund may be commingled for purposes of investment with other assets of BCF. BCF has the sole responsibility to manage and invest the funds and may retain firms or individuals to assist in this responsibility.