Advisors Endowed Advised Fund Agreement
This Agreement is made this ___day of ___________, 20___, by and between ________________ currently of _____________________ (the "Donor") and The Community Foundation of Southern New Mexico, a non-profit corporation organized under the laws of the State of New Mexico and exempt from Federal Income Taxation pursuant to Internal Revenue Code Section 501(c)(3), or its successors, (the "Community Foundation").
1. The Gift. Contemporaneously with the execution of this Agreement, the Donor has delivered to the Community Foundation a gift of cash in the amount of $____________________.
2. Purpose of the Gift. The purpose of this gift is to establish a fund known as The _______________________________________Endowment which is hereinafter referred to as "the Fund". Annually, the donor will advise on the use of the distributable income in accordance with the Policy Governing Donor Advised Funds. (copy attached)
3. Acceptance of Gift. The Community Foundation accepts the gift of the Donor and the trust imposed hereby and agrees to administer the gift upon the terms and conditions hereinafter set out.
4. Administration of the Endowed Gift. The Fund will be a permanently endowed fund of the Community Foundation. The Fund will be invested and reinvested in a common investment trust fund for endowments in accordance with the investment policies of the Community Foundation. Each year, upon recommendation from the Investment Committee and subject to the limitations set forth in Section 6 [46-9-6 NMSA 1978] of the Uniform Management of Institutional Funds Act, the Community Foundation will set aside a certain percentage not to exceed 6% of the fair market value of the Fund and use for the purposes set out in this agreement. The balance of the principal and any accumulated income will remain permanently invested and will not be invaded for any reason.
5. Additions to the Fund. The Donor and any others may make additional gifts to the Fund, whether outright, by Will, or through any other arrangements acceptable to the Community Foundation. All additional gifts to the Fund will be subject to the same terms and conditions set out in this Agreement.