Common use of Purpose of Fund Clause in Contracts

Purpose of Fund. The primary purpose of the Fund is to benefit certain qualified charitable organizations. The term “qualified charitable organization” as used herein shall mean an organization described in Section 501(c)(3) of the Internal Revenue Code, which is also described in Sections 509(a)(1), 509(a)(2), or 509(a)(3) of the Internal Revenue Code (except for an organization that is Type III and not functionally integrated; and that primarily (more than 50%) benefits Montana communities and citizens. The Fund is intended to further or carry out the nonprofit purposes of the qualified charitable organizations to the extent that those purposes are consistent with the general nonprofit purposes of the Community Foundation. This Fund is a permanent irrevocable fund, as defined by M.C.A. Section 15-30-2327 and the Administrative Rules thereunder, as amended (an "irrevocable fund"). It is intended that gifts to the Fund will qualify for the Montana Charitable Endowment Tax Credit to the extent the donor so elects. Accordingly, all provisions of this Agreement shall be interpreted and applied in a manner that is consistent with this intention. All powers or discretions granted herein shall not be exercised or exercisable except in a manner consistent with this intent.

Purpose of Fund. The primary purpose of the Fund is to benefit certain the Agency, which is a qualified charitable organizationsorganization. The term “qualified charitable organization” as used herein shall mean an organization described in Section 501(c)(3) of the Internal Revenue Code, which is also described in Sections 509(a)(1), 509(a)(2), or 509(a)(3) of the Internal Revenue Code (except for an organization that is Type III and not functionally integrated; and that primarily (more than 50%) benefits Montana communities and citizens. The Fund is intended to further or carry out the nonprofit purposes of the qualified charitable organizations Agency to the extent that those purposes are consistent with the general nonprofit purposes of the Community Foundation. This Fund is a permanent irrevocable fund, as defined by M.C.A. Section 15-30-2327 and the Administrative Rules thereunder, as amended (an "irrevocable fund"). It is intended that gifts to the Fund will qualify for the Montana Charitable Endowment Tax Credit to the extent the donor so elects. Accordingly, all provisions of this Agreement shall be interpreted and applied in a manner that is consistent with this intention. All powers or discretions granted herein shall not be exercised or exercisable except in a manner consistent with this intent.