DONOR ENDOWMENT FUND AGREEMENT
THIS AGREEMENT is entered into between Southern Colorado Community Foundation
(SCCF) and the undersigned Donors. It is agreed as follows:
1.
SCCF agrees to receive cash from the Donor in the amount shown on the
signature line hereof and is willing to hold and administer a charitable fund to be
named as set forth below hereinafter referred to as the Fund. SCCF may receive
additional irrevocable gifts of property acceptable to SCCF from time to time to be
added to the Fund, all subject to the provisions hereof.
2.
The primary purpose of the Fund shall be to hold said monies as a permanently
restricted endowment for the benefit of the tax exempt community in southern
Colorado, with earnings on the Fund to be distributed for those purposes.
3.
SCCF shall have all powers necessary and in its sole discretion desirable to carry
out the purposes of the Fund, including, but not limited to, the power to retain,
invest and reinvest the Fund in a prudent manner and the power to co-mingle the
assets of the Fund with those of other funds for investment purposes.
3.
Funds shall be made available for distribution in accordance with investment and
spending policies adopted by SCCF and amended from time to time. All such
distributions shall be made at such times, in such proportions and for such general
or specific charitable purposes as SCCF deems appropriate, and, wherever
possible, in furtherance of the expressed purposes of the fund.
5.
SCCF will hold and administer the Fund in accordance with the (1) provisions of
this Agreement; (2) the organizational documents, policies, rules and regulations
of SCCF, including any future amendments thereto (all of which provisions and
amendments are incorporated by reference); and (3) all laws and regulations
applicable to publicly supported charities, in general, and to community
foundations, in particular. SCCF retains exclusive legal control over any assets
contributed.
6.
The Fund shall continue so long as any established minimum level of assets is
available in the Fund and for as long as the purposes of the Fund can be served
by its continuation. If the Fund is terminated for any reason, SCCF shall devote
any remaining assets of the Fund exclusively for charitable purposes that:
(a)
are within the scope of the charitable purposes of SCCF's Articles of
Incorporation; and
(b)
most nearly approximate, in the good faith opinion of the Board, the
original purpose of the Fund.
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7.
All money and property in the Fund shall be assets of SCCF and not a separate
trust.
8.
It is understood and agreed that the Fund shall share a fair portion of the total
administrative costs of SCCF. The administrative cost annually charged against
the Fund shall be determined in accordance with the current Fee Policy identified
by SCCF as the fee structure applicable to funds of this type. Any cost to SCCF in
accepting, transferring or managing the property donated to SCCF for the Fund
shall also be paid from the Fund.
9.
It is intended by SCCF that federal gift, income and estate tax, charitable
deductions shall be allowed to donors and to their estates and that SCCF shall
continue to qualify as an organization described in Section 170(b)(1)(A), 170(c),
2055(a) and 2522(a) of the Internal Revenue Code of 1986 as amended. This
entire Agreement shall be construed and applied so as to comply with the
requirements of federal tax law for allowance of such charitable deductions for
such qualifications. SCCF is authorized to amend this Agreement, by unilateral
action, to conform to the provisions of any applicable law of regulation in order to
carry out the foregoing intention.
10.
The undersigned Donor may from time to time submit to SCCF the names of
organizations to which it is recommended that distributions be made. All
recommendations from the undersigned Donor shall be solely advisory and SCCF
may accept or reject those recommendations. The undersigned Donor may also
designate an Advisor who, after the death of the undersigned Donor, may from
time to time submit to SCCF the names of organizations to which it is
recommended that distributions be made. All recommendations from Advisors
shall be solely advisory, and SCCF may accept or reject them. A donor’s
designated Advisor may appoint a successor Advisor who shall have the same
right of recommendation as the donor. If at such time the Donor or an Advisor is
unable to make a recommendation or ceases to make same and fails to appoint a
successor during the Donor’s or Advisor’s lifetime or by the Donor’s or Advisor’s
Last Will and Testament, and SCCF has no reasonable means of determining
recommendations concerning the distribution of the Donor Endowment Fund
earnings, the Donor Endowment Fund shall be merged into the General
Endowment Fund of SCCF and thereafter, no longer administered as a separate
Donor Endowment Fund.
SOUTHERN COLORADO COMMUNITY FOUNDATION
By:___________________________________
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DONORS
______________________________________ Date: ___________________
______________________________________ Date: ___________________
AMOUNT PLEDGED/CONTRIBUTED: ________________________________
FUND NAME: ______________________________________________________
ADVISOR NAME: ___________________________________________________
Donor option:
Donors to Endowment Funds have the option of distributing 100% of the fund’s earnings
each year or of increasing the value of the endowment by 30% of earnings each year.
Please indicate your preference below:
__________ I want Southern Colorado Community Foundation to increase the value of
my endowment by 30% of the net earnings each year.
__________ I want Southern Colorado Community Foundation to distribute 100% of the
net earnings from my endowment each year.
Signed ____________________________________
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