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HomeMy WebLinkAboutGreg Freshwater Memorial Scholarship Fund Agreement -WATERLOO COMMUNITY FOUNDATION GREG FRESHWATER MEMORIALSCHOLARSHIP DESIGNATED FUND AGREEMENT This Greg Freshwater Memorial Scholarship Designated Fund Agreement (the "Agreement") is. entered into effective as of February 1, 2018 by the Waterloo Fire Rescue and certain donors to the Greg Freshwater Scholarship Fund (collectively, the "Donor") and the Waterloo Community Foundation, ;a public charity described in sections 501 (c)(3),and 1.70 (b)(1)(A)(vi) of the Internal Revenue Code (the "Foundation"). 1,. Contribution to Fund. The Donor hereby contributes the amount of $,8,176.25 to the Foundation to create the Greg Freshwater Memorial Scholarship Fund (the "Fund") of the Foundation. The Donor or any other person may make a subsequent contribution to the Fund, upon approval of the Foundation. All contributions to the Fund shall be administered pursuant to the terms and conditions of thisAgreement. 2. Purpose of Fund.. (a) Consistent with the charitable purposes; of the Foundation, distributions from this Fund will be used primarily to provide scholarships in accordance with the program guidelines contained in Schedule,A to this Agreement.and the Foundation's Policies and Proceduresfor.Scholarship Funds, as amended -from time to time. (b) In the.event that the intended qualifying organization is no Iongersuitable to provide p.otential.scholarshiprecipients, the Donor/Advisor may recommend that the Foundation make distributions from the Fund toa public organization that,provides fire and Emergency Medical Technician services within a 100 mile radius of Waterloo to provide scholarships according to the eligibility -and selection criteria set forth by the Donor and maintained as -part of the. permanent records of the Fund at the•Foundation. The Foundation will re-classify the Fund. based on said organization's ability to assumethe responsibility of providing potential scholarship recipients and the Fund will be charged the appropriate. scholarship service fee. (c) In the event that it becomes unnecessary, disadvantageous, impractical or impossible to utilize funds for such purposes or to comply with any other condition of this Agreement, the Foundation shall have the right to utilize the funds for such charitable purposes, or to modify such conditions, as it :deems.appropriate in -accordance with its governing instruments:and federal and state tax requirements, -with a preference for fulfilling as nearly.as practicable the expressed desire of the Donor for the charitable purpose of this Fund. Page 1 3. Distributions from the Fund. (a) Distributions from the Fund may be made in any amount not to exceed the balance of the Fund. (b) The Fund may be assessed an annual scholarship service fee by the Foundation to reimburse the Foundation for the expenses and efforts spent in order to facilitate the Fund's purposes, pursuant to section 5(e) of this Agreement. 4. Recommendation Committee. (a) The Foundation shall establish a Scholarship Recommendation Committee ("Committee") for this Fund. The Committee will consist of three (3) members, all of whom must be appointed by the Foundation. Committee members that are donors, persons related to the donors, or persons the donors appoint must compromise less than a majority of the total Committee members. The Committee will operate in accordance with the Foundation's Policies and Procedures for Scholarship Funds, as amended from time to time. (b) The following individual will be a donor representative to the Committee. Waterloo Fire Chief (c) Upon the death, incapacity, or other disqualification of the donor representatives, the following individual(s) may serve as successor donor representatives. Iowa Fire Fighters Local 66 President 5. Administration. (a) The Foundation shall administer the Fund in accordance with the terms of this Agreement, under and subject to the Foundation's governing instruments, as amended from time to time, and in accordance with procedures for the administration of similar funds of the Foundation, including charges for Foundation services. (b) The Fund, and distributions from the Fund, shall be subject to the Foundation's variance power to modify any restriction or condition on the distribution of funds for any specified charitable purposes or to specified charitable purposes or to specified organization if in the sole judgment of the governing body (without the necessity of the approval of any participating trustee, custodian, or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served. (c) No distribution shall be made from the Fund to satisfy a pledge or other commitment of the Donor, Advisors, parties related to the Donor, or any other person with the right to advise the Foundation on distributions from the Fund. (d) The Fund is intended to be a component part of the Foundation and its assets are assets of the Foundation. (e) Charges shall be assessed against the Fund consistent with the charges assessed from time to time against similar funds of the Foundation and all amendments thereof. See attached Schedule B "Administrative Fee Schedule". Page 2 6. Amendment. Although this Agreement is irrevocable, in order to ensure that the Fund qualifies as a component part of the Foundation for federal tax purposes,.. the. Foundation shall have the power to modify the terms of this: Agreement to the extent necessary to ensure such qualifications, and to further the charitable intent and interests of the. Fund. Agreed and accepted as of the date written in the introductory paragraph: DONOR: Waterloo Fire Rescue By: atdtt—c-- FOUNDATION: Waterloo Community Foundation By: 7‘414 --- Pat Treloar, - PatTreloar, its: Fire: Chief Tim Hurley;.its:Presidt Page 3 Schedule A — Description of Scholarship Program The scholarship shall be known as the. Greg,Freshwater Memorial Scholarship. The scholarship is established for Waterloo Firefightersto helpwith the cost of advanced training for aspiring men and women in the fire service. The scholarship will be awarded annually to two (2) eligible applicants in the amount of $3,000 each, as long as there are sufficient, assets in the Fund and qualified candidates apply. As assets grow or as changes occur in fire/service, the Foundation may elect to increase the grant amount or award additional scholarships. To be eligible, applicants must meet these criteria: Be a current member in good standing; with Waterloo Fire Rescue. vi Enrolled in an accredited EMT or paramedicschool.. Selection of scholarship recipients based on quality of application and essay,. oral interview and letter of recommendation.. Preference will be: given to applicantsenrolled in paramedic school. All applicants will participate in an oral interview. Grant payments will be made directly to the institution in which the recipient enrolls. Page 4 SCHEDULE B -- FEE SCHEDULE Approved by WCF Board of Directors on September 7, 2017 The Waterloo Community Foundation (WCF) exists to serve our community—to accept gifts and donations on behalf of community needs, to fulfill donor desires to serve as community change agents, to serve as careful and prudent stewards of those gifts and donations, and to use these gifts to fulfill philanthropic desires that engage and transform our community. Administrative fees are collected by WCF to support Foundation services and operations. These services include grant processing, accepting and acknowledging donations, investment portfolio oversight, completing annual audits and adherence to the National Standards for U.S. Community Foundations and membership in the National and Iowa Councils on Foundations. Annual administrative fees are based on the greater of (a) 2% of the prior year-end fund balance or (b) 3% of grants issued from the fund and (c) the required minimum annual fee of $200. Investment management fees are not included in administrative fees and are charged directly by WCF's investment manager. As an incentive to encourage the establishment of a charitable fund, no administrative fee will be charged until a fund balance reaches $10,000 provided there is a minimum $1,000 establishing gift and a commitment to make at least annual contributions of $1,000. The minimum annual fee will be waived until the fund balance reaches $10,000. WCF reserves the right to charge for extraordinary direct expenses incurred on behalf of a specific fund (such as commissions for the sale of contributed property, legal fees, mailings, etc.) Page 5 Fiscal Sponsorship Agreement with Waterloo Fire Rescue The Waterloo Community Foundation ("Foundation"), has determined that financial support of the Waterloo FireRescue in Waterloo, Iowa, (the "Project").as-shown in the attached Schedule A, will further the Foundation's tax-exempt purposes. Therefore, the Foundationhas created a restricted fund designated for. the Project and decided to.grant all amounts that it inay deposit to that fund, less any administrative charge as set forth below, Waterloo Fire Rescue (WFR), subject to the following terms and conditions: 1. •`WFR will provide its summing. documents, a :completed IRS . Form SS -4, ;and/or other ;documentation'satisfactory to the Foundation, showingWFR's existence :as amorganization. 2. -WFR will use the grant:solely for the Projectdescribed in the accompanying documents and solely in accordance with the;approved Project budget. 7vVFR wii1 repay to the Foundation any portion of the amount granted which is not used for the Project. Any changes in the purposes for which grant funds are spent must be approved.inwriting by the Foundation before implementation. If Vt/FR breathes this: Fiscal SponSorship Agreement ("Agreement"); or if WFR.. conduct of the: Project jeopardizesthe Foundation's, legal or tar status; the -Foundation may- withhold,.withdra% or demand immediate return ofgrant funds: Any intangible property .obtained or created by WFR • as ptart. of the Project remain property of WFR. ' 3. WFR may solicit gifts, contributions and grants to the Foundation, earmarked' for the Foundation's restricted fund for the Project (the "Fund"). WFR's choice of funding sources to be approachedand;WFR's fundraisingand marketing materials ;are ;ubjeet to the Foundation's prior approval, ;till grantagreements, pledges,cr •other•eornmitments ,with funding sources to support .the Project via..the Foundation's restricted fund will be.executed by. the Foundation. The cost ?of any reportsouothercomplianecemeasures required by..such funding sources will be borne by WFR 4. The. Foundation swill .assess administrative:and investment management fees against the Fund in accordance with the Foundation's published fee schedule, as amended from time to time. The Foundation may also assess the Fund to -cover any titiusimli expenses incurred ire eonneetibrr' with the administration of the Fiind. 5. Nothing hi this. Agreement will..constitute the naming of WFR as.a.Foundatfon.agent or legal representative for any purpose. whatsoever except as specifically and tot the extent set. forth herein. This Agreement will not. be deemed to create. any relationship of agency, partrunhipy or. joint venture between the parties hereto, and WFR will make rib such representation to anyone. 6. WFR will submit a full and complete report to the Foundation as of the end of WFR annual amounting .period within -which any ,portion sof this brant is rtheeived=ter spent. The initial report "wi11 be:subniitted by il/SSA no later than sixty. day •after the--iencbof WFR's first such fiscal year ..and subsequentaeports,;if any, will be due an.eaeh anni* nary thereafter. The _report ?will describe the WFR charitableprograms eondueted with the aid of this;grantand the1expenditures made with grant funds, and will report;on the" WF1t'eompliance *ith the teuuseof this •grant. 7. This grant will not be used in any attempt to influence legislation within the meaning of .IRC § 50t(c)(3). Nb- agreement; oral or written, to that.effeet has been made between the Foundation and WFR. WFR will not use any portion of the funds: granted to:partieipate or intervene Fiscal Sponsorship Agreement Page 3 Schedule A_ The Waterloo Fire Rescue Fund shall consist of the three (3) sub -funds described as follows: 1. Greg Freshwater Memorial Scholarship Fund — this fund shall operate pursuit to a separately ,executed .agreement named the "Freshwater Scholarship Fund Agreement" ,.dated , and :any amendments thereof. 2. -Special Equipment Fund — to be used for the purchases ,of •;specialized fire Service equipment that would normally be outside the normaleity.operational budget. All fund penditures require prior.eity:approval. 3. Community Outreach — to be used for community outreach activities that promote citizen safety, create awareness of fire service careers, build relationships with under -served populations, or similar activities Expenditures from Sub Funds No. 2 and 3 described above shall be as follows: 1. Expenditures, shall be approved by the Fire Chief; validating that said expenditures -meet the above fund description. Said expenditure shall then be presented to WCF with these supporting documents: identification of funding category (special equipment or community ioutreach); original reoeipt, vendor name, use .of funds. WCF '.shall issue payment, upon WCF board approval. Other• operational matters; 1. The WCF will regularly provide the Fire Chief with a fund balance statement. 2. The WCF will provide donors with a timely letter of acknowledgement. 3. All donations.receivedby.W F shall be deposited aceordingto(thedonor's .wishes. Should WCF receive an unspecified donation, the donation will be equally divided between the three (3) sub -funds.