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HomeMy WebLinkAboutCommunity Foundation of Waterloo-Establishment of a Non-Endowed Fund-06.25.2007 Amite-04 R, 44... .aa7 - 557 Donation and Acceptance Form for Establishment of a Non Endowed Fund Established by an Agency this instrument is executed thi sv day of T�l.ht_ ,by the City of Waterloo(herein referred to as"Agency") and the Waterloo Dog Park Committee,with the COMMUNITY FOUNDATION OF WATERLOO/CEDAR FALLS AND NORTHEAST IOWA(hereinafter,the"Foundation", Tax ID#42-6060414)in order to establish with such property a component Fund in the Foundation. The type of Fund established herewith is a Designated Fund, from which donations to the Fund shall be made available exclusively for the Waterloo Dog Park(s). 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 "Friends of the Waterloo Dog Park Fund" 2. Distributions and Purpose. The general purpose of grants made from the Fund will be to support the Waterloo Dog Park(s)and in accord with directions contained in any deed of gift by original donors. The Foundation will work with the agency and Waterloo Dog Park Committee to establish a distribution process. The Foundation will notify the agency or its designated contact from the Waterloo Dog Park Committee of the amount available for distribution from the Fund. In turn,the contact will be asked to declare in writing on forms provided by the Foundation requests for distributions from the Funds in accordance with the process that is established. 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. 3. Contributions.With this initial gift of$ ,the Waterloo Dog Park Committee hereby establishes a fund for the charitable purposes outlined above as advised by the Waterloo Dog Park Committee.It is understood that subsequent contributions may be made by other donors to this Fund at any time.It is understood that subsequent contributions may be made by other donors to this Fund at any time. This Agency or its designated contact for the Waterloo Dog Park Committee 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. 4. 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. 5. Management of the Fund. Control over the investment of such property of the Fund will be exercised exclusively by the Foundation. 6. Supportive Contribution. The Community Foundation of Waterloo/Cedar Falls and 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. 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's designated fund contact,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 Trustees fmd 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,but only after consultation with the Agency. IN WITNESS WHEREOF this instrument was executed on the date above first written by the authorized whose names appear below. COMMUNITY FOUNDATION OF WATERLOO/CEDAR FALLS AND NORTHEAST IOWA (Rep.for the City of Wat oo Signature) President and CEO (Committee Contact Signature) G - as- d7 Date Date Contact for this fund will be: Pat Bowlsby Name(s)(first,last) 1179 Ridgemont Road; Waterloo, Iowa 50701 Preferred Mailing Address(Street,City,State,Zip) Check one: Home Work232-2509)