Agenda - 11-20-2012 - 5e - Laserfiche WebLink

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� 11 2. The County shall ensure that Fund distributions are authorized 6pthe Community Fund Management Team through the County's budget amendment process or other procedures authorized by the Board of County Commissioners. The County shall utilize grants from the Fund for the donor designated tax-exempt purpose only. Grants will not be diverted or borrowed for other tax-exempt or non-tax exempt uses within the County. Proceeds from the Fund shall not be used to replace or supplant local tax-supported governmental funding. 3. Conflicts of Interest: Each County employee whose duties relate tnthe Fund shall keep u clear"arms length"relationship with the Fund and potential donors(o avoid any appearance of impropriety or conflict of interest which could result in personal gain in any disbursement from the Fund. The County reserves the right to reject aoy gifts that may present u conflict of interest or appear to influence a party or entity affiliated with the Fund that is not philanthropic in nature. 4. Additional Funds: The County may create additional-funds which may be designated for a particular tax-exempt purpose. E. Standard of Care The Foundation acknowledges that this Agreement places it in a fiduciary relationship with the County. As a fiduciary,the Foundation shall discharge each of its duties and exercise each of its powers under this Agreement with the competence, care, skill,prudence and diligence under the circumstances then prevailing and that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like airns. In addition, it is understood and agreed that the fund shall be administered in accordance with all applicable state laws and tax legislation. F. Fund Termination The County may terminate the Fund at any time with written notice to the Foundation. In the event of termination,the Foundation shall distribute to the County 90 percent of the total fund balance immediately and the remainder upon the close of the next immediate financial period. Upon the complete delivery of all the Fund property to the County,the Foundation shall have no further responsibility to perfonn further investment management or other services described in this Agreement. In the event the Foundation loses it 501(c)(3)tax exempt status, the Fund and all assets in the Fund shall automatically transfer to an organization that can accomplish the charitable purpose of the Foundation,unless terminated by the County. G. Additional Provisions I. Amendments: This Agreement may be amended or modified in whole or in part only by an instrument signed by the authorized representative of the County and the Foundation.