Common use of TERMS, CONDITIONS, AND SIGNATURES Clause in Contracts

TERMS, CONDITIONS, AND SIGNATURES. 1. The Fund shall be a charitable Donor-Advised Fund, as defined in Section 4966 of the Internal Revenue Code of 1986, as amended (“Code”) and the Fund shall be administered under and subject to the Federation’s policies, including the Federation's Donor-Advised Fund Policies and Procedures as may be amended from time to time (the “Fund Policies”). 2. The date on which the initial contribution is received by the Federation constitutes the "establish date" of the Fund. 3. The Fund shall consist of the property listed in the Initial Contribution section of this document (the “Property”), and such other property as may, from time to time, be transferred to the Federation by the Donor or other persons and accepted by the Federation for inclusion in the Fund, and all income from the foregoing property. Delivery of the Property constitutes an irrevocable gift by the Donor to the Federation. 4. The Fund shall be the property of the Federation; it shall not be deemed a trust fund held by it in a trustee capacity. The Federation in its normal corporate capacity shall have the ultimate ownership, authority and control over all property in the Fund, and the income derived therefrom, for the charitable, educational and religious purposes of the Federation. 5. The assets of the Fund shall be used for charitable, educational or religious purposes within the exempt purposes of the Federation, either directly or by contributions to other organizations for such purposes. 6. Distributions from the Fund of the income or principal or both, within the limitations provided for in this agreement, shall be made at such times, in such amounts, in such ways, and for such charitable, educational or religious purposes as the Federation shall determine. The Fund Advisor(s) may from time to time submit to the Federation recommendations with respect to distributions, which recommendations shall be solely advisory and the Federation is not bound by such recommendations. 7. It is intended that the Fund shall be a component part of the Federation's, and not a separate trust, and that nothing in this Agreement shall affect the status of the Federation as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 and as an organization which is not a private foundation within the meaning of Section 509(a) of the Code. This agreement shall be interpreted in a manner consistent with the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. The Federation is authorized to amend this Agreement to conform to the provisions of any applicable law or government regulation in order to carry out the foregoing intention. Reference herein to provisions of the Internal Revenue Code of 1986 shall be deemed references to the corresponding provisions of any future Internal Revenue Code. 8. Upon the termination, by death or otherwise, of the privilege of a Fund Advisor to make recommendations, the Fund shall cease to be a Donor-Advised Fund but shall become a part of the Unrestricted Endowment Fund of the Federation. 9. Fees will be assessed to the Fund as follows: 1.0% on the first $3 million; 0.75% on the next $7 million; 0.5% on the next $15 million; 0.25% over $25 million. Fees are charged on a quarterly basis, and are based on the average daily value of all cash and non-cash assets held in the fund. Fees are subject to change. Any such changes will be communicated to you in writing. $100 minimum fee per year. 10. In compliance with the Internal Revenue Code, grants are not permitted to individuals for non-charitable purposes; for political contributions or to support political campaign activities; or for any purpose that would provide benefits, goods or services to a donor to the Fund, the Fund’s advisor(s) or other related parties. A Fund Advisor is subject to IRS penalties if the Fund’s donor(s), advisor(s) or other related parties receive benefits, goods or services in connection with a grant recommendation. This includes grants to satisfy pledges made by any person including a fund advisor and non-deductible (or partially tax-deductible) memberships, event tickets, sponsorships, registration fees in tournaments, and cause-related marketing activities. Grants are not allowed to private non-operating foundations.