Operation of Fund. Donor understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions: Scholarships will be distributed from Fund Income not less than once annually for the purposes stated in this agreement. Fund Income shall be herein defined as the amount distributable under the Foundation’s Investment Policy, and may be amended as determined appropriate by the Foundation’s Board. It is intended that the Fund herein established will be continued as long as the need therefore exists and money or property is available in the Fund for this purpose. In the event that the Foundation’s Board finds that circumstances and conditions shall exist such as to render unnecessary, undesirable, impractical or impossible to implement the Fund as contained in the Agreement, the Foundation Board shall have the right to exercise its variance power to use such funds for other charitable purposes as most nearly approximates the purpose of the Fund. The Fund shall at all time be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity. The Fund shall be presumed to be intended to be used only for scholarship purposes and to be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied. Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, or contract with independent third parties. Foundation will keep accurate financial records related to the administration and management of this Fund and shall provide Donor written reports on th...
Operation of Fund. Donor understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions: Annual Fund Income from Fund will be used to make charitable grants, consistent with the Donor’s intentions as described in Attachment A, in accordance with its “Guidelines for Grantmaking” as they are currently adopted, and which may be amended from time to time. Fund Income shall be herein defined as the amount distributable under the Foundation’s Investment Policy, and may be amended as determined appropriate by the Foundation’s Board. It is intended that the Fund herein established will be continued as long as the need therefore exists and money or property is available in the Fund for this purpose. In the event that the Foundation’s Board finds that circumstances and conditions shall exist such as to render unnecessary, undesirable, impractical or impossible to implement the Fund as contained in the Agreement, the Foundation Board shall have the right to exercise its variance power to use such funds for other charitable purposes as most nearly approximates the purpose of the Fund (see Attachment A for fund alternative purpose). The Fund shall at all time be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity. The Fund shall be presumed to be intended to be used only for charitable grant purposes and to be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied. Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, ...
Operation of Fund. The principal of the fund shall be invested by the governing board of the WCA Foundation. Distributions of said fund may be made in keeping with the foundation’s current spending policy and shall be determined by the Board of Directors of the WCA Foundation. After the principal has reached at least $5,000, the income shall be utilized to enhance the employee and patient health care of UPMC Chautauqua. If the fund does not reach a total of $5,000 within five years, the donor may direct the donated amount to another designated or non-designated fund within WCA Foundation. Upon reaching the required minimum, decisions to expend or accumulate the money in the fund, including any earnings shall be made by the Board of Directors, or its designee, in accordance with the requirements of the New York Prudent Management of Institutional Funds Act (NYPMIFA), considering the donors’ intentions as stated herein, the intended duration and preservation of the fund, general economic conditions, inflation or deflation, total expected returns, other available resources, alternatives to expenditure, and the WCA Foundation’s investment policies. The Foundation shall retain ultimate authority and control over the investment, expenditure, distribution and income from the fund. The undersigned donor(s) hereby: □ #1 give the institution, W.C.A. Foundation, Inc., permission to spend as much of your endowment gift (including all or part of the original value of your gift) as may be prudent under the criteria set forth in Article 5-A of the Not-For-Profit Corporation Law (The New York Prudent Management of Institutional Funds Act - NYPMIFA). Or □ #2 do not give the institution, W.C.A. Foundation, Inc., permission to spend below the original dollar value of the endowment gift or the appreciation of the fund over the original dollar value. Spending is allowed of the income from the fund if it is prudent to do so. The criteria for the expenditure of endowment funds is set forth in Article 5-A of the Not-For-Profit Corporation Law (The New York Prudent Management of Institutional Funds Act - NYPMIFA). The Board of Directors of the WCA Foundation shall accept recommendations from a grant selection committee comprised of WCA Foundation employees, members of its Board of Directors and community volunteers, so long as the grants are consistent with the Fund’s objectives and the Foundation’s charitable purposes. The Foundation shall retain ultimate authority and control over the investment, ...
Operation of Fund. Except as otherwise provided herein, this Agreement shall not limit the authority of the Fund or PFMFD to take such action as either may deem appropriate or advisable in connection with all matters relating to the operation of the Fund and the sale of its shares.
Operation of Fund. Except as otherwise provided herein, this Agreement shall not limit the authority of the Fund or Distributor to take such action as it may deem appropriate or advisable in connection with all matters relating to the operation of the Fund and the sale of its shares.
Operation of Fund. 13 6.11 Relationship of Parties; No Joint Venture, Etc... 13 6.12
Operation of Fund
