It is also understood and understood that gift funds received can be placed by a third party that best defines the investment options for this endowment fund (see #4 item below). The Foundation`s spending policy will be the policy defined and approved by the Board of Directors, which probably includes only the use of annual interest and does not enter into the Fund`s capital to protect and immortalize growth. Some other questions and points from Philanthropy Works that need to be considered when developing your formal agreement, written: the donation and deposit form records the donor`s intent and signature and is considered a signed promise. The total amount promised is recorded in the university`s donations at the time of signing. (However, donor-advised commitments are counted when funds are received.) When a donor plans to recommend a grant from an FAD/CF to create a designated fund, a letter of intent is used instead of a donation agreement. If, at any time, the donor does not behave himself without due consideration of public morality and decency, or if the donor commits an act or is involved in a situation or is involved in a situation or event, which tends to degrade the donor in the Community, or which carries the donor in public contempt or public scandal or which seriously and negatively carries the reputation or activity of the charity, whether information is made public or not, the charity has the right to withdraw the donor`s recognition rights, as required by the donor. This customizable model was created by the Community Foundation of Collier County and has been slightly modified. Make sure that Section 2 of the model is tailored to the purpose of your gift contract. Other areas to be adapted are in parentheses. A foundation can be created with a minimum gift of $25,000, either directly or for a maximum of five years. A gift contract must be executed before a banner index can be created to retain the foundation funds.
Funds received prior to the execution of a gift contract are paid into the university`s advance account. The Office of Advancement Services moves the funds held (via newspaper transfer) as soon as a banner index is available. This resource contains useful information on why a gift deal may be necessary and important and how you can start with an agreement. The following section, entitled `Gift Template Agreement`, contains a gift agreement that has been modelled by an agreement established by the Community Foundation of Collier County. In the absence of donor agreement, the university will rely on simultaneous documents to provide guidance on the intent of donors when donors are no longer alive or available.