Restricted Fund / Variance Power. Beginning on the effective date, Sponsor shall place all gifts, grants, contributions, and other revenues received by Sponsor for the purposes of the Project into a restricted fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Committee from time to time with the approval of Sponsor. Sponsor retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Sponsor's sole judgment subject to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money and the fair market value of all property, in the restricted fund be reported as the income of Sponsor, for both tax purposes and for purposes of Sponsor's financial statements. It is the intent of the parties that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the restricted fund as Sponsor’s asset in accordance with Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Restricted Fund / Variance Power. All gifts, grants, contributions, and other revenues received for the purposes of the Project will be restricted funds to be used for the sole benefit of the Project’s mission as described in the Proposal. The parties agree that all money and the fair market value of all property in the restricted fund shall be reported as the income of The Film Collaborative, for both tax purposes and for purposes of TFC’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide TFC with variance powers necessary to enable TFC to treat the restricted fund as TFC’s asset in accordance with Statement No. 136 issued by the Financial Accounting Standards Board while this Agreement is in effect.
Restricted Fund / Variance Power. Beginning on the effective date, EPN shall place all gifts, grants, contributions, and other revenues received by EPN and identified with the Project into a restricted fund to be used for the sole benefit of the Project's mission as that mission may be defined by the [Neighborhood Association] from time to time with the approval of EPN. EPN retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within EPN's sole judgment, subject to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money, and the fair market value of all property, in the restricted fund be reported as the income of EPN, for both tax purposes and for purposes of EPN's financial statements. It is the intent of the parties that this Agreement be interpreted to provide EPN with variance powers necessary to enable EPN to treat the restricted fund as EPN’s asset in accordance with Statement No. 116 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Restricted Fund / Variance Power. Beginning on the Effective Date, Sponsor shall place all gifts, grants, contributions, and other revenues received by Sponsor and identified with the Project into a restricted fund to be used for the sole benefit of the purposes of the Project as those purposes may be defined by the Advisory Board from time to time within the tax-exempt purposes of Sponsor and with the approval of Sponsor. Sponsor retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Sponsor’s sole judgment, subject to any donor-imposed or grantor-imposed restrictions, as to purpose, on the charitable and/or educational use of such assets. The parties agree that all money, and the fair market value of all property, in the restricted fund be reported as the income of Sponsor, for both tax purposes and for purposes of Sponsor’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the restricted fund as Sponsor’s asset in accordance with Accounting Standards Codification (“ASC”) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect. Because the restricted fund is held under the charitable trust doctrine for the purposes of the Project as understood by and with funding sources, the parties intend that assets in the restricted fund are not subject to the claims of any creditor or to legal process resulting from activities of Sponsor unrelated to the Project.
Restricted Fund / Variance Power. Beginning on the Effective Date, Sponsor shall place all gifts, grants, contributions, and other revenues received by Sponsor to support and advance the purposes of the Project into a restricted fund to be used for the sole benefit of furthering the purposes of the Project as those purposes may be defined by Grantee from time to time within the tax-exempt purposes of Sponsor and with the approval of Sponsor (the “Restricted Fund”). Sponsor retains the unilateral right to spend such funds so as to support and advance the purposes of the Project as nearly as possible, subject to any donor-imposed restrictions as to purpose and consistent with the terms of any applicable grant agreement regarding the charitable use of such assets. With regard to the selection of Grantee or any other grantee to carry out the purposes of the Project, Sponsor retains full discretion and control over the selection process, acting completely independently of any revenue source. The parties agree that all money, and the fair market value of all property, in the Restricted Fund be reported as the income of Sponsor, for both tax purposes and for purposes of Sponsor’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the Restricted Fund as Sponsor’s asset in accordance with Accounting Standards Codification (“ASC”) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Restricted Fund / Variance Power. Beginning on the effective date, FISCAL AGENT shall place all gifts, grants, contributions, and other revenues received by FISCAL AGENT and identified with the SPONSORED ORGANIZATION into a restricted fund to be used for the sole benefit of the SPONSORED ORGANIZATION's mission as that mission may be defined by the SPONSORED ORGANIZATION from time to time with the approval of FISCAL AGENT. FISCAL AGENT retains the unilateral right to spend such funds so as to accomplish the purposes of the SPONSORED ORGANIZATION as nearly as possible within FISCAL AGENT's sole judgment, subject to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money in the restricted fund be reported as the income of FISCAL AGENT, for both tax purposes and for Legal/Financial purposes of FISCAL AGENT's financial statements. It is the intent of the parties that this Agreement be interpreted to provide FISCAL AGENT with variance powers necessary to enable FISCAL AGENT to treat the restricted fund as FISCAL AGENT's asset in accordance with Interpretation No. 42 of Statement No. 116 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
Restricted Fund / Variance Power. Beginning on the effective date, the Sponsor shall place all gifts, grants, contributions, and other revenues received by the Sponsor for the purposes of the Project into a restricted fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Committee from time to time with the approval of the Sponsor. The Committee may not spend or otherwise obligate the Sponsor to pay for an amount or amounts exceeding the balance in the restricted fund, nor shall the Committee authorize or permit anyone to do so. The Sponsor retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within the Sponsor’s sole judgment, subject to any more specific donor-imposed restrictions on the charitable use of such assets. The parties agree that all money and the fair market value of all property in the restricted fund, and all income derived therefrom, be reported as belonging to the Sponsor on the Sponsor’s financial statements and tax returns. It is the intent of the parties that this Agreement be interpreted to provide the Sponsor with variance powers necessary to enable the Sponsor to treat the restricted fund as the Sponsor’s asset in accordance with Accounting Standards Codification (ASC) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board (FASB). Because the restricted fund is held under the charitable trust doctrine for the purposes of the Project as understood by and with funding sources, the parties intend that assets in the restricted fund are not subject to the claims of any creditor or to legal process resulting from activities of the Sponsor unrelated to the Project.
Restricted Fund / Variance Power. Beginning on the Effective Date, CSS shall place all gifts, grants, contributions, and other revenues received by CSS for the purposes of the Project into a restricted fund to be used for the sole benefit of the Project’s mission as that mission may be defined by the Committee from time to time with the approval of CSS. Neither party shall spend or otherwise obligate CSS to pay for an amount or amounts exceeding the balance in the restricted fund, nor shall either party authorize or permit anyone to do so. CSS retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within CSS’s sole judgment, subject to any more specific donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money and the fair market value of all property in the restricted fund shall be reported as the income of CSS on CSS’s financial statements and tax returns. It is the intent of the parties that this Agreement be interpreted to provide CSS with variance powers necessary to enable CSS to treat the restricted fund as CSS’s asset in accordance with Accounting Standards Codification (ASC) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board (FASB). Because the restricted fund is held under the charitable trust doctrine for the purposes of the Project as understood by and with funding sources, the parties intend that assets in the restricted fund are not subject to the claims of any creditor or to legal process resulting from activities of CSS unrelated to the Project.
Restricted Fund / Variance Power. Beginning on the Effective Date, Grantor shall place all gifts, grants, contributions and other revenues received and accepted, at Grantor’s sole discretion, by Grantor, and identified with the Project into a restricted fund to be used for the sole benefit of the Project’s mission as that mission may be defined by Grantee from time to time with the approval of Grantor and consistent with Grantor’s exempt purposes. Grantor retains the unilateral right to spend such funds so as to accomplish the purposes of the Project as nearly as possible within Grantor’s sole judgment, subject to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties agree that all money, and the fair market value of all property, in the restricted fund shall be reported as the income of Grantor, for both tax purposes and for purposes of Grantor’s financial statements. It is the intent of the parties that this Agreement be interpreted to provide Grantor with variance powers sufficient to enable Grantor to (a) treat the restricted fund as Grantor’s asset, and (b) allow Grantor to disburse the funds to another recipient or to carry out the Project itself should the Grantor deem for any reason that Grantee is not an appropriate recipient of the funding.
Restricted Fund / Variance Power. Beginning on the Effective Date, Grantor shall place all gifts, grants, contributions, and other revenues received by Grantor to support and advance the purposes of the Project into a restricted fund to be used for the sole benefit of furthering the purposes of the Project as those purposes may be defined by Grantee from time to time within the tax-exempt purposes of Grantor and with the approval of Grantor (the “Restricted Fund”). Grantor retains the unilateral right to spend such funds and use such other assets so as to support and advance the purposes of the Project as nearly as possible, subject to any donor-imposed restrictions as to purpose and consistent with the terms of any applicable grant agreement regarding the charitable use of such assets. With respect to the selection of Grantee or any other grantee to carry out the purposes of the Project, Grantor retains full discretion and control over the selection process, acting completely independently and without the required consent of any funder or revenue source. The parties agree that all money, and the fair market value of all property, in the Restricted Fund be reported as the income of Grantor, for both tax purposes and for purposes of Grantor's financial statements. It is the intent of the parties that this Agreement be interpreted to provide Grantor with variance powers necessary to enable Grantor to treat the Restricted Fund as Grantor's asset in accordance with Accounting Standards Codification (“ASC”) paragraphs ASC 000-000-00-00 and -26, formerly expressed in Statement No. 136 issued by the Financial Accounting Standards Board, while this Agreement is in effect.
