The Community Foundation of Southern New Mexico
EXPENDABLE DONOR 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, New Mexico a non-profit corporation (the "Foundation"). The parties agree as follows:
1. Establishment of Fund. The Foundation receives and administers funds as endowments for various charitable, scientific and educational purposes. Donor desires to establish an Expendable Donor Advised Fund in the foundation to be known as__________________________, effective upon receipt of assets acceptable to the Foundation.
2. Property of the Fund. The Fund shall include the property received herewith; such additional property as may from time to time be transferred to the Foundation by Donor for inclusion in the Fund; such property as may from time to time be transferred from any other source for inclusion in the Fund and accepted by the Foundation; and all undistributed income from such property. All gifts to the Funds are irrevocable. The Fund shall be the property of the Foundation held by it in its corporate capacity and shall not be deemed a trust fund held by Foundation in a trustee capacity. The Foundation shall have the ultimate authority and control over all property in the Fund and the income derived therefrom, in accordance with the Articles of Incorporation and Bylaws of the Foundation as they may be amended from time to time, and terms of this Agreement applied in a manner not inconsistent with such Articles and Bylaws. The Foundation may commingle the Fund with other funds of the Foundation for investment purposes
3. Purpose. The purpose of the Fund shall be fro grants exclusively for charitable, scientific, or educational objectives, subject to the purpose and intent of the Foundation, applicable law and Internal Revenue Service regulation.
4. Distributions. Donor shall submit recommendations for grants, in writing, to be distributed from the Fund. The Foundation will make a good faith effort to act upon the advice and recommendations of Donor, but may accept or reject any advice or recommendations of Donor in the sole and absolute discretion of the Foundation. The Foundation will consider distribution suggestions as soon as is practicable. Donor acknowledges receipt of a copy of the Donor Advised Fund Program outlining the process for recommending and administering the fund.
5. Fees. An administrative fee will be charged in accordance with the most current fee schedule of the Foundation.
6. Reporting. Donor will receive quarterly statements of the Fund's fiscal activity.
7. Variance Power. The Board of Trustees of the Foundation shall the power to modify the provisions of this Agreement designating use of the Fund if the purposes for which it was created ever become obsolete; incapable of fulfillment; inconsistent with the charitable, scientific, and educational needs of the Southern New Mexico communities; or inconsistent with the purpose and intent of the Foundation.
8. Name Restriction. Under no circumstances shall the name of the Foundation be used in any pamphlet, newsletter, brochure, or in any other way by the Donor for purposes of soliciting donations without advances written approval from the Foundation.
9. Indemnification. Donor shall indemnify, hold harmless, and defend the Foundation, and its officers, directors/trustees and employees ("indemnities") against any claims, liabilities, or loss or expense, including without limitation lawyer fees and court costs, which arise as a result of the participation of the indemnities in the administration of the Fund.