Common use of Quasi Clause in Contracts

Quasi. endowments are not endowments under applicable legal definitions, and consequently are not subject to the laws governing the administration of endowments. Consequently, quasi-endowments are classified by the Foundation for accounting purposes as temporarily restricted funds with the Foundation having the authority under the Gift Agreement to expend amounts from the fund needed to achieve the donor’s purposes. Non-endowment Term Funds – Non-endowment term funds are established for restricted gifts made to support donor-designated purposes for a specified period of years or until depleted. The Foundation is permitted to expend the principal as needed to fund such purposes. Gifts to these Funds may be made as a single lump sum contribution by one or more donors, in the form of a pledge to make periodic payments over a specified period of years, an open-ended annual commitment, or through ongoing fundraising activities. Unrestricted Gifts – The Foundation uses the term “unrestricted gift” to refer to gifts made without donor-imposed restrictions as to their use. Unrestricted gifts are held in the IEEE Foundation Fund or may be designated for a specific purpose and segregated from the Fund by action of the Foundation Board of Directors. Such funds may be expended at the discretion of the Foundation Board of Directors only for uses consistent with the purposes of the Foundation as set forth in its charter – to further the educational and scientific purposes of the IEEE. Restricted Gifts – The Foundation uses the term “restricted gift” to refer to gifts the donor requires to be expended for a specific purpose. The funds are placed in a separate fund established for each such purpose. Non-endowment term funds, quasi-endowments and endowment term funds are classified for accounting purposes as temporarily restricted. Charitable Contributions – The Internal Revenue Service defines a payment as a gift with the following criteria: the contributor must intend the payment to be a gift; that the contribution must be in excess of the value of any benefit the donor receives in return; and the recipient organization must be qualified by the IRS to receive gifts. For tax purposes, the donor may only deduct the excess in the value of the gift over the value of any benefit the donor receives in return. Fundraising Solicitation – the direct or indirect request for gifts, monies, or other items of value by, in the name of, or for the benefit of IEEE or the Foundation. Grant – A legally binding contract between the grantor and the grantee organization to provide funds to be applied towards a particular program or project. Grant Solicitation – the solicitation of funds or property from individuals, private foundations, corporations, United States government agencies, or other government agencies or ministries. Indirect Direct Cost Policy as it relates to grants, is calculated based on OMB Circular A-122 issued by the U.S. Federal Government. The rate is calculated once per year and used where applicable. IEEE Organizational Units include Regions, Sections, Chapters, Branches, Conferences, Societies, Councils and all other related IEEE organizational units. THIS SERVICE AGREEMENT, effective as of 1 January, 2010, by and between The Institute of Electrical and Electronics Engineers, Incorporated, a New York not-for-profit corporation having a principal place of business at 0 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000-0000 U.S.A ("IEEE"), and the IEEE Foundation, Inc., a New York not-for-profit corporation having a principal place of business at 0 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000-0000 U.S.A (the “Foundation”).

Quasi. endowments are not endowments under applicable legal definitions, and consequently are not subject to the laws governing the administration of endowments. Consequently, quasi-endowments are classified by the Foundation for accounting purposes as temporarily restricted funds with donor restrictions with the Foundation having the authority under the Gift Agreement to expend amounts from the fund needed to achieve the donor’s purposes. Non-endowment Term Funds – Non-endowment term funds are established for restricted gifts made to support donor-designated purposes for a specified period of years or until depleted. The Foundation is permitted to expend the principal as needed to fund such purposes. Gifts to these Funds may be made as a single lump sum contribution by one or more donors, in the form of a pledge to make periodic payments over a specified period of years, an open-ended annual commitment, or through ongoing fundraising activities. Unrestricted Gifts – The Foundation uses the term “unrestricted gift” to refer to gifts made without donor-imposed restrictions as to their use. Unrestricted gifts are held in the IEEE Foundation Fund or may be designated for a specific purpose and segregated from the Fund by action of the Foundation Board of Directors. Such funds may be expended at the discretion of the Foundation Board of Directors only for uses consistent with the purposes of the Foundation as set forth in its charter – to further the educational and scientific purposes of the IEEE. Restricted Gifts – The Foundation uses the term “restricted gift” to refer to gifts the donor requires to be expended for a specific purpose. The funds are placed in a separate fund established for each such purpose. NonEndowments, non-endowment term funds, quasi-endowments and endowment term funds are classified for accounting purposes as temporarily restrictedfunds with donor restrictions. Charitable Contributions – The Internal Revenue Service defines a payment as a gift with the following criteria: the contributor must intend the payment to be a gift; that the contribution must be in excess of the value of any benefit the donor receives in return; and the recipient organization must be qualified by the IRS to receive gifts. For tax purposes, the donor may only deduct the excess in the value of the gift over the value of any benefit the donor receives in return. Fundraising Solicitation – the direct or indirect request for gifts, monies, or other items of value by, in the name of, or for the benefit of IEEE or the Foundation. Grant – A legally binding contract between the grantor and the grantee organization to provide funds to be applied towards a particular program or project. Grant Solicitation – the solicitation of funds or property from individuals, private foundations, corporations, United States government agencies, or other government agencies or ministries. Indirect Direct Cost Policy as it relates to grants, is calculated based on OMB Circular A-122 issued by the U.S. Federal Government. The rate is calculated once per year and used where applicable. IEEE Organizational Units include Regions, Sections, Chapters, Branches, Conferences, Societies, Councils and all other related IEEE organizational units. THIS SERVICE AGREEMENT, effective as of 1 January, 2010, by and between The Institute of Electrical and Electronics Engineers, Incorporated, a New York not-for-profit corporation having a principal place of business at 0 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000-0000 U.S.A ("IEEE"), and the IEEE Foundation, Inc., a New York not-for-profit corporation having a principal place of business at 0 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000-0000 U.S.A (the “Foundation”).