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

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6 Foundation has complete legal and fiduciary control of assets of the Fund, including, but not limited to, full authority and discretion as to the investment and reinvestment of the assets. The Foundation shall manage and invest the Fund as provided in the Orange County-Triangle Commmunity Foundation Agency Fund Management Agreement attached hereto and incorporated herein as Exhibit B. The Fund and all funds therein shall be administered by the Foundation subject to its Charter and Bylaws, including the power contained therein for the Board of Directors of the Foundation to modify any restrictions or conditions if in their sole judgment (without the approval of any trustee, custodian, or agent) such restriction becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the area served by the Foundation. The Fund shall be a component part of the Foundation and that nothing in this document shall affect the status of the Foundation as an entity which is a qualified charitable organization. It is further understood and agreed that in the event there are liabilities associated with assets given to this Fund, such liabilities become liabilities of this Fund only and not of the Foundation or of any other component Fund. This document shall be interpreted in a manner consistent with the foregoing intention and so as to conform with the requirements of the Internal Revenue Code and any regulations issued pursuant thereto applicable to the intended status of the Foundation. Triangle Community Foundation Name of Authorized Staff Date Title Agency Chair, Board of County Commisioners Date Print name: Bernadette Pelissier NOTE.These instructions shall remain in effect until superseded by a written request to Triangle Community Foundation and signed by a person authorized above. Page 2