| Sample Fund Agreement
(NAME OF FUND)
AGREEMENT OF TRANSFER TO THE RICHLAND COUNTY
FOUNDATION OF MANSFIELD, OHIO
(The “DONOR”) hereby gives to THE RICHLAND COUNTY
FOUNDATION OF MANSFIELD, OHIO (the “Foundation”) the sum
of ($$$), subject to the directions set forth below.
The Donor desires to establish, in cooperation with the Foundation,
a(n) (FUND TYPE) Fund to be known and identified by the Foundation
as the (NAME OF FUND) Fund, (Herein referred to as the “Fund”).
Delivery of property to the Fund shall constitute an irrevocable gift to the
Foundation upon acceptance by the Foundation subject to the following
terms and conditions:
1.(A) The Fund shall be established on the books and records of the
Foundation and be known as the (NAME OF FUND) Fund.
1.(B) Both principal and income from the Fund shall be available for
distribution to provide (PURPOSE).
OR
1.(B) Only net income shall be distributed for (PURPOSE). For
the purposes of this definition, net appreciation shall be included in
net income as determined by the Board of Trustees.
2. The Fund shall include the property this day received from the
Donor, such property as may from time to time be transferred to the
Foundation by the Donor for inclusion in the Fund, such property
as may from time to time be received by the Foundation from any
other source and accepted by it for inclusion in the Fund, and all
income from the foregoing property.
3. Contributions to the Fund shall vest in the Foundation upon
receipt and acceptance by it. The Fund shall be the property of the
Foundation and shall be held by it in its normal corporate capacity.
The Fund shall not be deemed a trust fund and shall not be held by
the Foundation in a trust capacity.
4. Each donor by making a contribution to the Foundation for
inclusion in the Fund accepts and agrees to all of the terms of the
Articles of Incorporation and the Code of Regulations of the
Foundation together with the Resolutions and Policies of the
Foundation and that the Fund shall be subject to the provisions for
the presumption of a donor's intent, for variance from a donor's
directions, and for amendment and termination, and to all other
terms of the Articles of Incorporation and Code of Regulations
and policies and resolutions of the Foundation, each as from time
to time amended.
5. The property of the Fund may be co-mingled for investment
purposes and the Foundation may delegate investment management
of the property to Foundation committees, officers, or Foundation
employees, or contract with independent third parties to invest and
reinvest the Foundation's Funds.
6. The Fund shall be presumed to be intended (a) to be used only
for charitable purposes, (b) to be productive of a reasonable return
of net income which is to be distributed at least annually for a
charitable purpose, and (c) to be used only for such of those
purposes and in such manner as not to disqualify any contribution,
gift, or bequest in computing any federal income, gift or estate tax
of a donor or a donor's estate and not to disqualify the Foundation
from exemption from federal income tax as a qualified charitable
organization described in Sections 501(c) (3) and 509(a) (1) of the
Internal Revenue Code of 1954 and shall not be otherwise applied.
If a direction by any donor, however expressed, would, if followed,
result in use contrary to the intent so presumed, or if the Foundation
is advised by counsel that there is a substantial risk of such result,
the direction shall not be followed, but shall be varied by the
Foundation so far as necessary to avoid such result, except if a
donor has clearly stated that compliance with the direction is a
condition of the gift, then the gift shall not be accepted unless an
appropriate judicial or administrative body first determines that the
condition and direction need not be followed. Reasonable charges
and expenses of counsel for such advice and proceedings shall be
proper expenses.
7. Whenever the Foundation decides that any directions, restriction
or condition on the distribution of the Fund has become, in effect,
unnecessary, incapable of fulfillment, or inconsistent with the
charitable needs of the Richland County Community, it may order
such modification of the direction, restriction or condition and such
application of the whole or any part of the principal or income of the
Fund to such other charitable purposes as, in its judgment, will then
more effectively serve the charitable needs of the Richland County
Community.
8. Nothing herein shall cause the Foundation to be treated other
than as a single entity and the Fund shall at all times be treated as a
component part of the Foundation. The Fund may not be directly
or indirectly subjected by any donor to any material restriction or
condition within the meaning of Internal Revenue Regulation
1.507-2 (a) (8) with respect to transferred assets to the Fund.
9. It is intended that the Fund shall be a component part of the
Foundation and not a separate trust, and nothing in this Transfer
Document shall affect the status of the Foundation as an
organization described in Section 501 (c) (3) of the Internal
Revenue Code of 1954 and as an organization which is not a
private foundation within the meaning of Section 509(a) of the
Internal Revenue Code.
This Agreement shall be interpreted in a manner consistent with the
foregoing intention and so as to conform to the requirements of the
foregoing provisions of the Federal Tax laws and any regulations
issued pursuant thereto. The Foundation is authorized to take
whatever steps may be necessary to conform the Fund to the
provisions of any applicable law or government regulation in order
to carry out the foregoing intention. References herein to
provision of the Internal Revenue Code of 1954 shall be deemed
references to the corresponding provisions of any future Internal
Revenue Law.
By___________________________________(Donor Name)
Accepted this _____ day of ___________________, 2002.
RICHLAND COUNTY FOUNDATION OF MANSFIELD, OH
By_______________________Pamela H. Siegenthaler, President
|
