Restrictions on Distributions. The Foundation honors the charitable intentions of its donors consistent with community needs and applicable laws and regulations. Grants may not result in benefits, goods, or services to the donor, members of their families, and businesses they control. Failure to observe this restriction can subject the donor to tax penalties. Benefits include the payment of pledges, event tickets, meals, sponsorships, registration fees, discounted merchandise, preferred parking and/or seating, and memberships unless the membership confers nothing of value.
Appears in 13 contracts
Samples: Unrestricted Fund Agreement, Field of Interest Fund Agreement, Designated Fund Agreement
Restrictions on Distributions. The Foundation honors the charitable intentions of its donors consistent with community needs and applicable laws and regulations. Grants may not result in benefits, goods, or services to the donor, members of their families, and businesses they control. Failure to observe this restriction can subject the donor to tax penalties. Benefits include the payment of pledges, event tickets, meals, sponsorships, registration fees, discounted merchandise, preferred parking and/or seating, and memberships unless the membership confers nothing of value.
Appears in 2 contracts
