Common use of Spending Statement Clause in Contracts

Spending Statement. Generally, Donor desires that the annual net income from the Fund be available for distribution in accordance with charitable purposes as set forth by the Internal Revenue Service in IRC 170(c)(2)(B) and/or Reg. Sec. 1.501(c)(3)-1(d)(2). Net income shall be defined as an amount that shall be computed annually based upon the current spending policy of the Foundation. However, it is also the Donor’s intent to, at [his/her] discretion, utilize both income and principal to support [his/her] ongoing philanthropy and support of eligible organizations. During [his/her] lifetime the Donor shall serve as the Advisor to the Fund. Each Advisor shall serve in an advisory capacity only and may make recommendations as to the distributions from the Fund in accordance with policies established by the Foundation from time to time. Further, it is the Donor’s wish that [his/her] child(ren) be the Successor Advisor(s) to the Fund. Whenever two persons are eligible to act as advisors and representatives to the Fund, they shall act by unanimous consent. Whenever more than two persons are eligible to act as advisors or representatives for the Fund, then a direction or decision by a majority of such persons shall constitute an effective recommendation for consideration by the Foundation. At such time that the Advisors no longer wish to advise or are unable to advise, the Fund will become an Unrestricted Fund (or other as designated by the donor) of the Foundation to be advised by the Board of Directors and directed to the greatest needs of the community.

Spending Statement. Generally, Donor desires that the annual net income from the Fund be available for distribution in accordance with charitable purposes as set forth by the Internal Revenue Service in IRC 170(c)(2)(B) and/or Reg. Sec. 1.501(c)(3)-1(d)(2). Net income shall be defined as an amount that shall be computed annually based upon the current spending policy of the Foundation. However, it is also the Donor’s intent to, at [his/her] discretion, utilize both income and principal to support [his/her] ongoing philanthropy and support of eligible organizations. During [his/her] lifetime the Donor shall serve as the Advisor to the Fund. Each Advisor shall serve in an advisory capacity only and may make recommendations as to the distributions from the Fund in accordance with policies established by the Foundation from time to time. Further, it is the Donor’s wish that [his/her] child(ren) be the Successor Advisor(s) to the Fund. Whenever two persons are eligible to act as advisors and representatives to the Fund, they shall act by unanimous consent. Whenever more than two persons are eligible to act as advisors or representatives for the Fund, then a direction or decision by a majority of such persons shall constitute an effective recommendation for consideration by the Foundation. At such time that the Advisors no longer wish to advise or are unable to advise, the Fund will become an Unrestricted Fund ([or other as designated by the donor) ] of the Foundation to be advised by the Board of Directors and directed to the greatest needs of the community.