Variance Power. The ACF Board shall have the power, after reviewing the Articles of Incorporation of the Agency or Agencies listed on Exhibit A and dissolution provisions of the same as required by United States Treasury Regulations, to modify any restrictions or conditions on the distribution of funds for any specified charitable purpose or to specified agencies if, in the sole judgment of the ACF Board, (without the approval of any advisor, trustee, custodian or agent) such restrictions or conditions become, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community or the area served. The ACF Board shall exercise this power consistent with the principal of maintaining, as close as possible, the original intent of the donor(s).
Appears in 5 contracts
Samples: Designated Endowment Fund Agreement, Unrestricted Endowment Fund Agreement, Agency Endowment Fund Agreement
