Variance Power. It is understood that the Fund is a component part of the Foundation, which shall be held as general assets of the Foundation and not as a separate trust fund. The Foundation will administer the fund subject to the laws of the State of Kansas and the Foundation’s Articles of Incorporation and Bylaws. GMCF will monitor the distribution of the Fund to ensure it is used exclusively for charitable or other exempt purposes (within the meaning of Codes Section 170(c)(1) or (2)(B)), and will recommend modifications if needed as specified in United States Treasury Regulations Section 1.170A-9(e)(11)(v)(B). If any conditions or restrictions with respect to gifts from the fund are unnecessary, incapable of fulfillment, or inconsistent with the charitable or exempt purposes of the Fund, the Foundation reserves the right to vary the terms to ensure the charitable intent of the fund is honored.
Appears in 8 contracts
Samples: Fund Agreement, Fund Agreement, Fund Agreement
