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(a) Recommendations by Donor(s). The Donor(s) is expressly
given the right to submit recommendations for grants in writing
from time to time to the Board with respect to distributions
of investment income (dividends interest income and/or appreciation)
and/or corpus, or both, from the Fund. For the purposes of
this document, the term Donor encompasses and applies to the
lifetime of that individual(s) who establishes the Fund and
to the lifetime of that individual’s named successor
Advisor(s) to the Fund. Upon assuming the rights and responsibilities
of the Fund, the named successor Advisor(s) may designate
his/her own Advisor(s) to the fund. The named Advisor(s) to
the fund is (are) listed on the following page:
After
the death of the original donors, if no contributions have
been made to the Fund and no grants have been recommended
from the Fund by the Advisors for a period of five years,
and after the Advisors have been notified by the Foundation
staff, the balance of the Fund will be placed into the Unrestricted
Fund or a Field of Interest Endowed Fund of the Foundation.
These funds will be used at the discretion of the Board of
the Foundation for the purpose of improving the quality of
life of the residents in the Chariton County community.
(b) Recommendations are Purely Advisory. Donor’s
recommendations to the Board shall be advisory only. The Board
shall make an independent investigation or independent evaluation
of all recommendations for distributions from the Fund based
on the usual reasonable standards and guidelines applied by
the Board to all proposals. Donor’s advice to the Board
shall not limit or restrict the powers of the Board. In its
due diligence review of Donor’s recommendations, the
Board will seek to confirm and document the tax exempt status
and fiscal integrity of proposed recipients. If the Donor(s)
hereafter serves on the Board, Donor(s) shall be ineligible
to vote on any distribution from the Fund.
(c) Regulations. The Board may adopt procedures from
time to time that shall regulate the manner in which Donor(s)
may make recommendations to the Board concerning distributions
from the Fund. The Board is authorized to interpret or amend
the provisions of this letter in order to conform to the provisions
of applicable law or government regulations that are necessary
or advisable to carry out the Donor’s general charitable
intent.
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4. Fees and Costs. An annual administrative
fee, charged quarterly, of not more than 1% of the assets
of the Fund will be charged against the Fund’s balance.
Additionally, professional fees and any other out of pocket
costs incurred by the Foundation may be charged against the
Fund’s balance. Investment management costs are netted
against investment income in the Foundation’s portfolio
prior to the allocation of investment income to the Fund.
5.
Foundation Governance, Investments. All provisions
of the Articles of Incorporation, Bylaws and other rules,
regulations and procedures of the Foundation which are now
in effect and which may be adopted or amended, or both, hereafter
shall apply to the Fund. The Donor’s contribution and
any additions thereto (defined above as the "Fund")
may be commingled for investment purposes with other investments
of the Foundation and shall be invested in accordance with
the rules and procedures of the Foundation. The Foundation’s
investment managers charge the Foundation’s investment
management fees against investment income. Unless requested
by the Donor not to publicize the Fund’s name, the name
of the Fund may be listed in the Foundation’s news releases,
newsletters, annual report or other Foundation informational
venues.
6. Receipt and Acceptance.
Receipt and acceptance by the Donor(s) and the Foundation
are hereby recognized.
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