Common use of GIFT PROVISIONS Clause in Contracts

GIFT PROVISIONS. The Donor establishes this Permanent Fund Account(s) with the Foundation to further the mission of the Presbyterian Church (U.S.A.). To this end, the Donor has (1) completed and executed this Application and Agreement, for approval and acceptance by a duly-authorized officer of the Foundation; and (2) irrevocably transferred the Gift to the Foundation. The Foundation shall permanently hold, invest and reinvest the Gift as the Foundation shall determine within its sole and absolute discretion. The Foundation shall make Distributions to the Charitable Beneficiaries, or Contingent Beneficiaries, as applicable, subject to the Restriction(s). The Foundation may, in its sole discretion, commingle the assets of this Permanent Fund Account with the other endowment funds held by the Foundation and is compensated for investment advisory and/or other services. A reasonable fee may be charged by the Foundation for the management and administration of Permanent Fund Account(s), as determined by the Foundation from time to time. Unless otherwise noted in the Restriction(s), Distributions from this Permanent Fund Account(s) shall be made pursuant to then applicable Board policy and organizational procedures.