Management of the Fund. The Foundation shall hold, manage, invest and reinvest the Fund, shall collect the income and shall pay and disburse the net income and principal therefore exclusively for general charitable uses and purposes, in accordance with the provisions specified in the Articles of Incorporation of the Foundation. The Articles of Incorporation have been adopt- ed by the Board of Directors of the Foundation, and their provisions, as they may be amended from time to time, are hereby incorporated by reference and conclusively assented to and adopted. The phrase “charitable uses and pur- poses” shall be defined as all of those activities, uses and purposes described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the “Code”). The Fund shall be held by the Foundation as an endowment from which only an amount determined in accordance with the Foundation’s endowment spending policy established by the Board of Di- rectors, as amended from time to time, shall be distributed.
Appears in 4 contracts
Samples: Field of Interest Fund Agreement, Field of Interest Fund Agreement, Unrestricted Fund Agreement
