HomeMy WebLinkAboutDesignated Fund Agreement - Waterloo Community Foundation - 10.12.2023 DocuSign Envelope ID:66F1A739-F61C-46D4-935C-4548CA6F1016
V` .tt Waterloo Veteran's Memorial Hall
WATERLOO Designated Fund Agreement
COMMUNITY
FOUNDATION
This is an agreement between the City of Waterloo ["Donor(s)"] and the Waterloo Community
Foundation ("Foundation") to establish a Designated Fund to be known as the Waterloo
Veteran's Memorial Hall Fund ("Fund"). This Agreement takes effect on October 17 7071 and
is subject to the following terms and conditions.
I. Contribution
I/we hereby irrevocably give the assets described in the attached Schedule to the Foundation, a
charitable organization described in sections 501(c)(3) and 509(a)(1) of the Internal Revenue
Code.The Donor(s) understand that this is an irrevocable gift,which will be used to establish and
maintain a charitable fund of the Foundation, subject to the Foundation's governing documents
and bylaws. The Foundation may also receive additional contributions to add to this Fund. The
Foundation has legal and fiduciary control over all contributions.
II. Purpose
Consistent with the charitable purposes of the Foundation, distributions from this Fund will be
used only to provide support for Waterloo Veteran's Memorial Hall (Designee).
III. Distributions
® [Alternative 1— use if fund is not intended to be endowed]. Distributions from the
Fund may be made in any amount not to exceed the balance of the Fund.
❑ [Alternative 2 — use for endowed funds]. Donor intends this Fund to be an
endowment. Distributions from the fund shall be limited to the fund's distributable amount
determined in accordance with the Foundation's spending policy.
❑ [Alternative 3 — use for quasi-endowment]. In transferring its property to the Fund,
Donor intends to create a permanent endowment. However,distribution in excess of the amount
dictated by the application of the Foundation's spending policy may be made to Designee in any
year as determined by the Board of the Foundation provided one of the following conditions is
met: (1)the distribution is for the purposes of enabling Designee to acquire or renovate a capital
asset; (2) Designee is faced with unexpected financial needs that are not likely to recur, and the
distribution will enable Designee to meet those needs.
DocuSign Envelope ID:66F1A739-F61C-46D4-935C-4548CA6F1016
IV. Variance Power
This Fund is a component fund of the Foundation and its assets are assets of the Foundation. The
Fund is subject to the Foundation's governing instruments including the Foundation's power (1)
To modify any restriction or condition on the distribution of funds for any specified charitable
purposes or to specified charitable purposes or to specified organizations 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.
V. Fees
The Foundation will assess administrative and investment management fees against the Donor
Advised 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 unusual expenses incurred
in connection with the contributed assets, including the cost of disposing of them, and in the
administration of the Fund.
VI. Investments
The assets of the Fund will be invested according to the Foundation's investment policy,as it may
be amended from time to time by the Foundation's Investment Committee with the approval of
the Board.
VII. Administration
The Fund will be administered in accordance with the normal and customary policies of the
Foundation and such policies are available upon request.
VIII. Dissolution of Foundation
In the event that the Foundation shall cease to exist or propose to merge with another similar
organization then the acting Advisors or Successor Advisors shall either consent to the action of
the Foundation in writing or to cause the balance of the Fund to be transferred to another
organization meeting the same requirements as may be imposed by the Internal Revenue Service
for such Foundations.
Designated Fund Agreement Page 2 of 4
DocuSign Envelope ID:66F1A739-F61C-46D4-935C-4548CA6F1016
IX. Anonymity/Publicity
To recognize and honor our donors, the Foundation's policy is to include our donors' names in
publicity about the Foundation unless they wish to remain anonymous. Please check the box
below that best describes your wish regarding publicity:
Z I have no objection to the inclusion of my name in Foundation publicity
A I do not wish to have my name included in Foundation publicity and I wish to be
listed as an anonymous donor
1 Other
By: Quealut 9-larl Quentin Hart
Mayor Print Name
xeCCey ,Fefchie r - Kelley Felchle
City Clerk Print Name
ACCEPTED:
WATERLOO COMMUNITY FOUNDATION
ro,cusian•a by:
By, l —Vau,de 656 Lance Vanderloo
Board President Print Name
Date: October 12, 2023
ACCEPTED:
WATERLO VETERANS -MEMORIAL HALL t
B i.J i [ rG11 its Y\,k_C
Cha<, M o-rial call Commission Printme
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DocuSign Envelope ID:66F1A739-F61C-46D4-935C-4548CA6F1016
Schedule of Contributed Property
FOR OFFICE USE ONLY—DESIGNATED FUND AGREEMENT
Adopted 05/09/19 Amended:0R/20/20
•
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