HomeMy WebLinkAboutCommunity Foundation-Transfer of Property-06.09.2008 > ��
of Northeast Iowa
Euabhshed in W'ale:Ivo G.,tar Falk in 19v
Donation and Acceptance Form for Establishment ofa Non Endowed Fund
Established by an Agency
THIS INSTRUMENT is executed this- day of ,e 204by the of
Ci Waterloo-Leisure Services
(herein referred to as "Agency") to evidence its absolute transfer of certain property to the
COMMUNITY FOUNDATION OF NORTHEAST IOWA(hereinafter, the "Foundation" using Tax
ID #42-6060414), in order to establish with such property a component Fund, under the Black
Hawk County Community Foundation Fund of the Foundation. The type of Fund established
herewith is a Designated Fund, from which donations to the Fund shall be made available exclusively
for Waterloo athletic facilities. This fund shall be administered in accordance with the provisions set
forth below.
1. Name of the Fund. The name of this Designated Fund(hereinafter, the"Fund") shall be the"
Waterloo Athletic Facility Fund.
2. Initial Contribution. The Donors hereby give and assign to the Foundation for its public,
charitable, scientific,literary and educational purposes-in accord with the original Donors'charitable,
scientific,literary and educational purposes- $ . It is understood that subsequent
contributions may be made by other donors to this Fund at any time.
This Agency shall be notified of the names of Donors to this Fund. Such information also will be
published in the Foundation's annual report, unless a Donor should request anonymity.
3. Acceptance of Property. The Foundation hereby accepts the property donated and affirms that it
will hold such and any additional property given the Fund on the terms and subject to the conditions
set forth by this agreement for Designated Funds. The guidelines and procedures for such Funds are
described in the Foundation's governing instruments,including its Articles of Incorporation and By-
Laws, in effect, as amended from time-to-time.
4. Management of the Fund. Control over the investment of such property of the Fund will be
exercised exclusively by the Foundation.
5. Supportive Contribution. The Community Foundation of Northeast Iowa shall assess a supportive
contribution fee for administering this Designated Fund. This assessment will be 2% of each donation
received. Costs that may be incurred relative to acceptance of a gift(e.g. real estate gifts) will be
separate from the 2% and will be negotiated prior to the acceptance of such a gift. An audit fee of
$75.00 per year will be assessed to the Fund.
6. Distributions and Purpose. The general purpose of grants made from the Fund will be to support
the City of Waterloo Leisure Services in the development and/or maintenance of Waterloo athletic
facilites and in accord with directions contained in any deed of gift by original donors.
The Foundation will notify the Fund contact of the amount available for distribution from the Fund. In
turn, the Agency will be asked to declare in writing on forms provided by the Foundation requests for
distributions from the Funds.
The Board of the Foundation, however,shall retain the right to make final approval of all distributions
from the Fund, an Internal Revenue Service requirement for component Funds held by a community
foundation.
It is anticipated that the Foundation Board will approve all requests made by the agency as long as
donor intent is maintained and so long as the agency remains a bona fide 501(C)3 organization as
defined in the IRS Code or a bona fide tax exempt government entity.
7. Services to the Agency Establishing the Fund. The Foundation's services to the Agency"will
include professional management of funds; annual audits and tax returns(as part of the comprehensive
audit and tax reporting on all component funds); assistance in closing deferred gifts for the Fund;
assistance in processing gifts including issuance of appropriate IRS tax return forms(with appropriate
fees charged for any additional expenses incurred thereby); consultation in public relations related to
the Fund; financial statement updates;database of all donors , who will be listed in the Foundation's
annual report, unless the donor asks for anonymity; data base of all pledges and records of donations,
invoicing of pledges on a quarterly basis,receipts and thank you letters to all donors to the Fund.
Payment of bills, upon written request from the agency, may be made directly to the vendor. Such
distributions will be reflected for audit purposes as a grant to the agency as any grants will be
exclusively for the charitable program of the agency.
8. Fund not a Separate Trust. The assets of the Fund shall be the assets of the Foundation and not a
separate trust. The Fund shall be organized and administered so that the federal income tax status of
the Foundation as a public charitable organization under Section 501(c)(3) of the Internal Revenue
Code, as amended, will not be affected adversely under this arrangement.
This agreement will be interpreted in a manner consistent with the Federal income tax provisions and
regulations that govern the operation of a community foundation, as they may be amended from time-
to-time by the Foundation's Board to conform to such provisions and regulations.
9. No Amendment. The Agency understands and declares that all donations are absolute and
irrevocable and that, after the execution of the instrument, no donor has any right, title, interest, or
incidents of ownership in the property transferred to this Fund. The Agency shall have no right to
alter, amend, or terminate this instrument. At the same time, it is understood that the Foundation is
under obligation to respect the purpose for which this Fund was established and the agency which it is
designed to support.
10. Variance. Consistent with the terms and provisions of the Foundation's bylaws, should the
Board of Directors find that it is not possible to utilize the assets of the Fund as restricted, the
Community Foundation shall utilize such income for the educational, benevolent, charitable, or public
purposes as the Board deems appropriate.
IN WITNESS WHEREOF this instrument was executed on the date above first written by the
authorized whose names appear below.
Received for the Foundation by: Executed for the City of Waterloo by:
President&CEO ""‘ ux y, yDr
The contact for this fund will be:
Name(s)(first,last)
Preferred Mailing Address(Street,City,State,Zip) Check one _Home _Work
Home telephone Work/Cell Phone E-Mail address
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