Common use of Project Fund/Variance Power Clause in Contracts

Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Evergreen Oversight Board from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of Conservancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.

Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s 's mission as that mission mis - sion may be defined by the Evergreen Oversight Board Committee from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The parties Parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of ConservancyCon- servancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the parties Parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s 's asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.

Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s 's mission as that mission mis - sion may be defined by the Evergreen Oversight Board Committee from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The parties Parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of ConservancyConser- vancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the parties Parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s 's asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.

Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s 's mission as that mission may be defined by the Evergreen Oversight Board Committee from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The parties Parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of Conservancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the parties Parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s 's asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.

Project Fund/Variance Power. Beginning on the Effective Date, the Conservancy shall place all gifts, grants, contributions and other revenues received by the Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s 's mission as that mission may be defined by the Evergreen Oversight Board Committee from time to time with the approval of the Conservancy. The Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within the Conservancy’s 's sole judgment, subject to any donor­ imposed restrictions, as to purpose, on the charitable use of such assets. The Conservancy agrees expects to make a good faith effort to consider any expressed donor intent such expenditures at the direction of the Project in making determinations on the expenditure ordinary course of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on ConservancyProject's operations. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of the Conservancy, for both tax purposes and for purposes of the Conservancy’s 's financial statements. It is the intent of the parties that this Agreement be interpreted to provide the Conservancy with variance powers necessary to enable the Conservancy to treat the Project Fund as the Conservancy’s asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.

Project Fund/Variance Power. Beginning on the Effective Date, Conservancy shall place all gifts, grants, contributions and other revenues received by Conservancy and identified with the Project into a Project Fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Evergreen Oversight Board from time to time with the approval of Conservancy. Conservancy retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Conservancy’s sole judgment. Conservancy agrees to make a good faith effort to consider any expressed donor intent in making determinations on the expenditure of that donor’s gift; however, the Parties acknowledge that expressions of donor intent are not legally binding on Conservancy. The parties agree that all money, and the fair market value of all property, deposited in the Project Fund be reported as the income of Conservancy, for both tax purposes and for purposes of Conservancy’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Conservancy with variance powers necessary to enable Conservancy to treat the Project Fund as Conservancy’s asset in accordance with Financial Accounting Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.