FUND AGREEMENT
THIS AGREEMENT is entered into between Southern Colorado Community Foundation (SCCF)
and the undersigned Donor(s). It is agreed as follows:
1.
SCCF agrees to receive cash from the Donor(s) 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 temporarily restricted fund
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.
4.
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
purpose(s) 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.
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)
(b)
are within the scope of the charitable purposes of SCCF's Articles of Incorporation;
and
most nearly approximate, in the good faith opinion of the Board, the original purpose
of the Fund.
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.
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9.
It is intended by SCCF that federal gift, income and estate tax, charitable deductions shall be
allowed to donor(s) 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(s) 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(s) shall be solely advisory and SCCF may accept or reject those
recommendations.
11.
The undersigned Donor(s) may also designate an Advisor who, after the death of the
undersigned Donor(s), 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(s). If at such time the Donor(s) or an Advisor is unable to make recommendations 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(s) Endowment Fund earnings, the Donor(s) Endowment Fund shall be merged into
the General Endowment Fund of SCCF and thereafter, no longer administered as a separate
Donor(s) Endowment Fund.
SOUTHERN COLORADO COMMUNITY FOUNDATION
By:___________________________________
DONORS:
______________________________________
Date: __________________
_____________________________________
Date: __________________
AMOUNT CONTRIBUTED: $_________________
FUND NAME:
ADVISOR NAMES:
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