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S Grant - S Grant - Form Creating An Agency Fund Approval of Formation of Community Giving Fund for Orange County
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S Grant - S Grant - Form Creating An Agency Fund Approval of Formation of Community Giving Fund for Orange County
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1/14/2013 4:08:00 PM
Creation date
1/14/2013 4:07:59 PM
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BOCC
Date
11/20/2012
Meeting Type
Regular Meeting
Document Type
Grant
Agenda Item
5e
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pools, investment trusts and other investment vehicles. It is understood and agreed that the Fund <br /> and all assets therein shall be administered by the Foundation subject to its Charter, Bylaws and <br /> policies, including the power contained therein of the Board of Directors of the Foundation to <br /> modify any restrictions or conditions if in their sole judgment(without the approval of any <br /> trustee, custodian, or agent) such restriction becomes, in effect, unnecessary, incapable of <br /> fulfillment, or inconsistent with the charitable needs of the area served by the Foundation <br /> 3. Fees: the Foundation shall assess the Fund an annual administration fee of one <br /> percent (1.0%) of the Fund balance, with a minimum annual fee of three hundred Dollars <br /> ($300.00). The Fund shall also be charged investment management fees separate from the <br /> Foundation's administrative fee. Investment management fees include custodial, consulting, and <br /> asset manager fees depending on the investment portfolio. Investment management fees are <br /> embedded in all portfolio returns; investment performance is reported net of investment manager <br /> fees. <br /> 4. Fund Distributions: The net income and principal of the Fund, after deducting the <br /> expenses of investing and administering the Fund shall be available for withdrawal upon request <br /> by the County. Withdrawals from the Fund can only be effectuated by a letter of application <br /> signed by the Chair of the Community Fund Management Team. <br /> 5. Limitations: The Foundation will not accept gifts if, in the opinion of the Foundation <br /> such gifts are made to influence, or have the appearance of attempting to influence, the Directors <br /> of the Foundation, the members of the Community Fund Management Team or the Board of <br /> County Commissioners, or are not of a philanthropic nature. To this end the Foundation may <br /> request that donors disclose any business they have with the members of the Community Fund <br /> Management Team or the Board of County Commissioners before accepting the gift. The <br /> Foundation shall keep this information confidential and will only be used to determine the <br /> acceptability of a potential gift. The County understands and acknowledges that the Foundation <br /> cannot raise funds directly for this or any other Fund created in the Foundation. However, the <br /> Foundation shall be available to provide technical assistance to effectuate a contribution of <br /> complex assets once a potential donor has been identified by the County. <br /> 6. Accounting and Reporting: The Foundation shall provide the County with a record of <br /> the contributions, investments, and transactions in the Fund through a quarterly mailed fund <br /> statement. The County will have access to an online, password protected portal to check fund <br /> activity on a daily basis. <br /> D. The County's Responsibilities <br /> 1. Branding and Marketing: The County shall be responsible for branding and marketing <br /> the Fund and soliciting donors. The County shall plan and execute a recognition policy and <br /> program for donors. In order to comply with the Foundation's policies and standards, the County <br /> will submit to the Foundation for review and approval all public relations materials (including <br /> but not limited to brochures, press releases, promotional materials, inserts, commercials for radio <br /> or television) associated with the Fund. All volunteer or professional fundraisers hired by the <br /> County and associated with the Fund will meet with the Foundation for an orientation on the <br /> Triangle Community Foundation and the Fund before soliciting funds. <br />
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