S Grant - Form Creating An Agency Fund Approval of Formation of Community Giving Fund for Orange County

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I me triangle community FORM CREATING AN AGENCY FUND `U/FOUNDATION Orange County, NC ("Donor") hereby transfers to Triangle Community Foundation ("Foundation") the sum of $10,000 for the purpose of establishing an Agency Fund ("Fund"). This Fund shall be known as the Orange County Community Giving Fund and shall be administered by the Foundation for the benefit of Orange County, NC ("Agency"). The Orange County Board of Commissioners ("BOCC") hereby authorizes the following the Community Fund Management Team to give instructions concerning the Fund as provided in the Concept Plan attached hereto and incorporated herein as Exhibit A. AGENCY CONTACT INFO ADDRESS 200 S. Cameron Street, P.O. Box 8181 CITY/STATE/ZIP Hillsborough, NC 27278 PHONE 919)245-3306 EMAIL fclifton@orangecountync.gov WEBSITE http://orangecountync.gov The Fund shall be: ❑ Endowed X Nonendowed For Endowed Funds:The Fund will be maintained by the Foundation as a permanent endowment as defined by the North Carolina Uniform Prudent Management of Institutional Funds Act (UPMIFA). A percentage of the Fund (currently 5%), as set forth in the Foundation's written spending policy, shall be available, not less frequently than annually, for charitable purposes subject to the policies and schedule of fees adopted by the Foundation for investing and administering the Fund as it may change from time to time. The percentage shall be distributed first from Fund net income and then, if necessary, from Fund principal. Unless otherwise directed below, the Foundation shall allow the quarterly spending allocation to accumulate until distributions are requested by the Donor(s). Distributions in excess of the Foundation's written spending policy may be made to the Agency only as determined by the Board of Directors of the Foundation in accordance with UPMIFA and applicable Foundation policy, upon request by the governing board of the Agency. The Foundation is requested to apply the following treatment to the above-named fund's spendable balance: 1. _Allow quarterly spending allocation to accumulate (default) 2. _Reinvest quarterly spending allocation to principal balance 3. _Remit quarterly spending allocation directly to Agency(minimum $250 grant) 4. Other: For Nonendowed Funds: Net income and principal shall be available for charitable purposes, subject to the policies and schedule of fees adopted by the Foundation for investing and administering the Fund as it may change from time to time. The Fund will be administered for charitable purposes in accordance with the "Policies Governing Agency Funds," a copy of which has been provided to the undersigned and is incorporated by reference into this agreement. Gifts may be added to the Fund at any time by Donor or others. The Board of Directors of the Page I 1