Loading...
HomeMy WebLinkAboutCommunity Foundation of Waterloo-Establishment of a Non-Endowed Fund-06.25.2007 (2) City of Waterloo copy etie t 12eo -o. aoO7- 639 Donation and Acceptance Form for Establishment of a Non-Endowed Fund Established by an Agency this instrument is executed this 5 day of -Yu.h ,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 50 1(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 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,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 W rloo Signature) Presidnt and CEO (Committee Contact Signature) 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 319-23 Work k09) � Wo CITY OF WATERLOO COPY Donation and Acceptance Form for Establishment of an Agency Endowment Fund this instrument is executed thi d7 s� day of �c.�»-c ,20 ,by the City of Waterloo, hereafter referred to as "Agency",the Waterloo Dog Park Committee and the Community Foundation Of Waterloo/Cedar Falls and Northeast Iowa(Tax ID#42-6060414),hereafter referred to as the"Foundation",in order to establish a component Fund in the Foundation. The type of Fund established herewith is an Agency Endowment Fund,the income from which shall be made available exclusively for the support&maintenance of 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 Agency Endowment Fund,hereafter referred to as the"Fund", shall b$the"Friends of the Waterloo Dog Parks Endowment FUND". 2. Distributions and Purpose: The general purpose of distributions made from the Fund will be to support the charitable activities of the Waterloo Dog Park(s)as such activities are defined by the City of Waterloo and the Waterloo Dog Park Committee,and are in accord with directions contained in any deed of gift by original donors to the Designated Fund. The fund is a permanent fund. Distributions will be based on the annual determination of the Foundation's spending policy. Income from the fund may be distributed less often than annually whenever the Foundation determines temporary accumulation to be advisable or appropriate. The balance of total return received by the Fund, after fees,will be added back to the corpus to increase the value of the endowment over time. As the Fund is established so that the donor(s)to the fund may receive the State of Iowa-Endow Iowa Tax credit,the annual spending policy for this fund will be limited to a maximum of 5%distribution to Iowa charitable causes or Iowa charities in accordance with the bylaws of the Foundation,as it may be amended from time to time. The contact for the Fund will be asked to declare in writing on forms provided by the Foundation that a distribution based on the Foundation's spending policy is requested. The Board of the Foundation shall retain the right to approve finally all distribution or other allocations recommended by the City of Waterloo or its designated contact from the Waterloo Dog Park Committee,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. The contact from 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 transferred and affirms that it will hold such and any additional donations/property given the Fund on the terms and subject to the conditions set forth by this agreement for Agency Endowment Funds. The guidelines and procedures for such Funds are consistent with the Foundation's governing instruments,including its Articles of Incorporation and Bylaws,in effect,as amended from time to time. 5. Management of the Fund: Control over the investment or reinvestment of such property and the asset management of the Fund will be exercised exclusively by the Foundation. The assets of the Friends of the Waterloo Dog Parks Endowment Fund, like all other permanent assets of the Foundation,will be managed professionally with the long-term objectives of safeguarding principal,increasing that principal's growth sufficiently to offset any decrease in purchasing power due to inflation,and generating income for distribution to the Agency for its charitable purposes,with the remainder of the growth after expenses being added back to principal. It is understood that the Foundation cannot guarantee a particular investment result,either as to income or as to principal appreciation,but that every endeavor will be made to achieve highest total returns possible commensurate with prudent investment.. 6. Supportive Contribution: The Foundation shall assess a supportive contribution fee for administering this Agency Endowment Fund. This assessment will be based on the market value of the corpus held in the Fund at the end of each quarter. The supportive contribution fee will be taken from the total growth generated by the endowed Fund unless the Donors wish to make additional donations to cover this amount. 7. Services to the Agency Establishing the Endowment: The Foundation's services to the City of Waterloo and the Waterloo Dog Park Committee will include professional investment 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);possible collaboration in funding projects,including joint submission of grant proposals to outside fenders(subject to Foundation Board approval); consultation in public relations related to the Fund;information regarding tax laws relevant to gifts made to the Fund or distributions contemplated there from;annual financial statements regarding the performance of the Fund;and receipt of a copy of the Foundation's annual report. 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 agency 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. 9. No Amendment: The Agency understands and declares that all donations are absolute and irrevocable and that,after the execution of this 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 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,but only after consultation with the Agency. The corpus of the Fund will remain part of the permanent endowment of the Foundation. IN WITNESS WHEREOF this instrument was executed on the date above first written by the authorized whose names appear below. COMMUNITY FOUNDATION S. OF WATERLOO/CEDAR FALLS AND NORTHEAST IOWA (Rep.of the City of Waterloo Si ature) Presiden and CEO (Waterloo Dog Park Contact Signature) G.aS - v7 7l0 7 Date Date Contact for this fund will be: Pat Bowlsby o Name(s)(first,last) 1179 Ridgeont Road; Waterloo, Iowa 50701 (319-232 509) Preferred Mailing Address(Street,City, State,Zip)Check one: g Home Work (319-232-2509) Home telephone Work telephone E-Mail • . . 4 „, 4vo. COMMUNITY FOUNDATION .../ of Waterloo/Cedar Falls and Northeast Iowa Mary Ann Burk President&CEO Wendy H.Frost Director of Finance and Operations Carolynn Sween Program Director Amanda Walston 27, 2007 Director of Outreach July Brooke Weber Director of Communication Morgan Hoosman Opportunity Works Mayor Tim Hurley Project Director City of Waterloo Board of Directors 715 Mulberry Street Thomas Porth Waterloo, IA 50703 Chair Mark Baldwin Dear Mayor Hurley, First Vice Chair Terri Walker Enclosed you will find two originals of the fully executed agreement for the Second Vice Chair Friends of the Waterloo Dog Park Fund for your records. Chuck Shirey Treasurer With warmest regards, Dee Vandeventer Secretary Berdena J.Beach Z21.0)k) ti6:)4&46 1 Gary Bertch Mary nn B rk John Bunge President& CEO Dennis Clark Dawn Duven John Goossen MAB/jes Jeff C. • RECEIVED JohnKolb Larsen Enclosure JUL 30 1007 Amy Lockard Barb Opheim Lois Rupkey-Cohrt Connie Smith David G.Sparks James Walsh Katy Williams Ex Officio Greater Cedar Valley Chamber of Commerce, Waterloo Chair Greater Cedar Valley Chamber of Commerce, Cedar Falls Chair Waterloo-Cedar Falls h Junior League President / 2j d/9gth j ! Teen Trust Representative /°1 'A' / / v[N/17 In NATIONAL_ P.O.Box 1176•Waterloo,IA 50704 • Phone(319)287-9106 • Fax(319)287-9105 Confirmed in Compliance Office@CommunityFoundationNEIowa.com • www.CommunityFoundationNEIowa.com with National Standards for For good. For ever® U.S.Community Foundations