Fund Closure Sample Clauses

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.
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Fund Closure. A fund advisor may recommend closing a fund by granting up to 100 percent (100%) of the fund balance to a qualified public benefit organization, including any of the community foundation’s funds (e.g., field of interest funds, endowment funds, operating funds). Such recommendations must be received in writing and, if approved, funds will be disbursed in accordance with the community foundation’s articles of incorporation and bylaws, current agreements, laws and regulations. Closing a fund by recommending a grant to another qualified public benefit organization which is approved will occur as follows: 80 percent (80%) of the current balance will be granted within 10 business days of the request date, barring any issues with the organization’s status as a qualified public charity or equivalent. The remaining balance of the fund, including any residual net earnings, will be granted within the following 45 days. Endowed funds are permanent and cannot be closed. Conflict of Terms In the event of an inconsistency between these terms and conditions and any terms and conditions appearing elsewhere in connection with any fund, these terms and conditions, as interpreted by the community foundation, shall govern, and the community foundation reserves the right to take any actions at any time which, in its discretion, it deems reasonably necessary or desirable for the proper administration of any fund at the community foundation or to comply with applicable law. Please contact the community foundation at xxxxxx@xxxxxxxxxxxxxxx.xxx or 650.450.5444 if you have Frequently Asked Questions What is a donor advised fund? A donor advised fund is not a separate legal entity like a trust or a corporation. It is a fund defined by the IRS that a sponsoring charity, like Silicon Valley Community Foundation, creates through a written agreement with a donor. The donor contributes assets to the community foundation which agrees to treat those assets as a separate fund on its books, while the donor retains the privilege of recommending charitable grants from the fund and how the community foundation should invest the fund’s assets. Who owns the assets once the gift is made and the fund is opened? The law requires the community foundation to make clear in the agreement, and to obtain the donor’s written acknowledgement, that the assets in a donor advised fund are the property of the community foundation and that the community foundation has discretion and control over the use and inves...
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Fund Closure. An advisor may recommend closing a fund by granting up to ß00 percent (ß00%) of the fund balance back to a qualified public benefit organization, including any of the community foundation’s funds (e.g. field of interest funds, Community Endowment Fund, operating fund). Such recommendations must be received in writing and, if approved, funds will be disbursed in accordance with the community foundation’s articles of incorporation and bylaws, current agreements, laws and regulations. Endowed funds are permanent and cannot be closed. Closing a fund by recommending a grant to another public benefit corporation which is approved will occur as follows: 80 percent (80%) of the current balance will be granted within ß0 business days of the request date, barring any issues with the organization’s status as a qualified public charity or equivalent. The remaining balance of the fund, including any residual net earnings, will be granted within the following 30 days.
Sample 1
Fund Closure. A Fund Advisor may recommend the closure of a Fund by submitting a grant recommendation of up to 100% of the Fund balance, after payment of all final applicable fees, to a qualified non-profit organization or to The Community Foundation’s discretionary endowments. If approved, the Fund Advisor and The Community Foundation will execute a Termination of Fund Agreement and the Fund will be closed and distributed. An Endowed Fund is a permanent Fund and cannot be closed, however, it can be transferred to The Community Foundation’s discretionary endowment fund.
Sample 1

Related to Fund Closure

  • Account Closure At any time, for any reason, we may take any of these actions subject to applicable law:

  • School Closure The School shall make reasonable efforts to promptly notify the public, which may include notice to the Department of Education, of any circumstance requiring the closure of the School, including, but not limited to, a natural disaster, such as an earthquake, storm, tsunami, flood, or other weather-related event, other extraordinary emergency, or destruction of or damage to the School facility;

  • PLANT CLOSURE 29.01 In the event the Company closes the plant at the Cambridge location as a result of the loss of business or a discontinuation of all operations, severance pay will be calculated at one (1) week’s regular pay per year of service. The severance payment, so calculated, is inclusive of any severance payment required by the Ontario Employment Standards Act (Revised 2000). This agreement is not applicable to a sale of the business or if the closure is occasioned by a labour dispute.

  • School Closures The District may close schools for academic purposes or reduce programming due to public health, safety, severe weather or any other purpose as determined by the District. The District shall not owe Provider any compensation for times when services of Therapists are canceled, declined, or not required due to closure, reduction in programming, or exclusion of Therapists due to health risk assessment screenings or any other reason, and Provider agrees to indemnify District for Therapist claims arising from all such actions. Notwithstanding the foregoing, to the extent required by Section 10-20.56(d-15) of the School Code (105 ILCS 5/10-20.56(d-15)), when enforceable under law, the Parties understand that the District may determine it is required to pay Provider the daily, regular rate of pay and benefits for Therapists for any day of school closure or e-learning day if such closure precludes the Provider’s employees from performing its regularly scheduled duties and employees would have reported for work but for the closure, unless the day is rescheduled and the employees will be paid their daily, regular rate of pay and benefits for the rescheduled day when services are rendered. The Parties agree such payment constitute full satisfaction of Section 10-20.56(d-15). As a precondition to these payments being made, Provider shall provide an invoice for the foregoing pay and benefits costs; however, Provider will not include such pay and benefits costs for any school closure or e-learning day on any invoices until the last invoice of the school year in order to allow the District the opportunity to determine if the day will be rescheduled. When a payment is to be made by the District under this provision, Provider represents and warrants that it shall pay its employees their daily, regular rate of pay and benefits for any such school closure or e-learning day. Upon request, Provider shall provide the District with certified payrolls as evidence of compliance with this section. The District retains sole discretion to determine whether Section 10-20.56(d-15) applies to this Agreement or any day of school closure and, if the District determines such law is applicable, the District retains the discretion to determine if and when a school closure day is rescheduled. For purposes of this section, “school closures” shall not include holidays or other days of closure reflected on the District’s school calendar for which Provider is not scheduled to provide services under the Agreement.

  • School Closings In the event of weather-related or emergency school closings, ECFE teachers arriving on site prior to school cancellation will be paid a minimum of one hour. With approval by the ECFE/SR Supervisor, the ECFE/SR teacher may stay and be paid for the completion of the normal work shift or make up the day at a later date.

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