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Designated Fund Agreement – For Individuals
 
("Donor(s)") hereby transfers, conveys and pays over to the Chariton County Community Foundation ("Foundation") the following sum (cash and/or marketable securities): $ .  It is agreed that the contribution will constitute an irrevocable gift to the Foundation for the creation of this fund, which shall be held and administered exclusively for the benefit of (names of institutions to be supported), and designated the Endowment Fund ("Fund"). The Fund shall include the initial contribution, and any additional cash, marketable securities or bequests, and with the consent of the Foundation, any other property that may hereafter be transferred to the Foundation as an additional contribution to the Fund. It is understood that all contributions may be commingled for investment purposes with other investments of the Foundation and shall be invested in accordance with the investment guidelines and procedures of the Foundation.

An annual administrative fee of % of the Fund’s assets shall be charged quarterly to the fund balance. Any out of pocket costs incurred in connection with establishing this Fund will be charged against the initial Fund balance.


The Donor is expressly given the right to establish a spending policy for grants to be made from the Fund to the designated institution(s). These grants may come from investment income (interest, dividends and/or appreciation) and/or the corpus of the Fund. The organizations receiving the grant must be approved by the Internal Revenue Service as a charitable agency as defined in section 501(c)(3) of the Internal Revenue Code. The Donor will provide the Foundation the spending policy that will govern grants to be distributed from the Fund. The Donor will provide the Foundation any changes that the Donor enacts relative to the designated recipients or spending policy

All provisions of the Articles of Incorporation, Bylaws and other rules, regulations, policies 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 Foundation represents to the Donor that it has received a ruling from the Internal Revenue Service that it is a tax exempt organization described in Section 170(b)(1)(A)(vi) and that its exempt status under Section 501(c)(3) of the Internal Revenue Code remains in effect.

Donors:  
             

Accepted this day of   , 20

By:_____________________________________________________________

By:_____________________________________________________________     

Address:
             

Chariton County Community Foundation:
Accepted this day of   , 20


By:_____________________________________________________________