Open a Donor Advised Fund (Giving Fund)

 

 

Westminster Ministries Foundation

Donor Advised Fund

 

Memorandum of Understanding

 

Made __________________, between ________________________________(“Donor”), whose mailing address is _________________________________________________and Westminster Ministries Foundation (the “Foundation”), a South Carolina non-profit corporation, whose mailing address is 1320 India Hook Road, Rock Hill, SC 29732.

 

  1. Creation of the Donor Advised Fund

Donor has made a complete and irrevocable gift of property described on attached Schedule A which is made a part hereof, to the Foundation, which gift is hereby accepted by the Foundation to be held and administered under the following terms and conditions.  The Fund is subject to policies for administration of Donor Advised Funds adopted by the Foundation from time to time.

A fund will be established on the books of the Foundation to be known as the:

 

___________________________________ Donor Advised/Giving Fund (the “Fund”).

 

The Fund will include:       

  1. the gift of property described on Schedule A;
  2. such other property as from time to time may be transferred to the Foundation by the Donor and accepted by the Foundation for inclusion in the Fund;
  3. such property as from time to time may be received by the Foundation from any other source and accepted by it for inclusion in the Fund; and
  4. all proceeds from the foregoing property.

The Fund will be the property of the Foundation and held by it in its corporate capacity; it will not be deemed a trust fund held by it in a trustee capacity.  The Foundation in its corporate capacity will have ultimate authority and control over all property in the Fund, including any income earned by the Fund.

 

  1. Donor Advice

The Donor may advise the Foundation in writing regarding the distributions from the Fund.  The final decision concerning any such distribution shall be made by the Foundation at its sole discretion.

 

  1. Distributions

The Fund may be used only for charitable, religious or educational purposes (or any combination of such purposes).  Income and principal shall be distributed only to charitable organizations which are exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986 (“Code”), which are described in Code Section 170(b)(1)(A), clauses (i) through (vi), contributions to which organizations are deductible for income, gift and estate tax purposes and are to be used for purposes which are consistent with the purposes of the Foundation.

The Board of Directors of the Foundation (the “Board”) shall authorize distributions from the Fund within the limitations provided in the previous paragraph.  The Board will consider several criteria, including Donor recommendations, in determining the amount and timing of such distributions.  Other criteria include recommendations from the Board and independent investigation by the Foundation staff evaluating the Donor recommendations to ensure that they are consistent with the needs and programs deserving of support by the Foundation. 

Written recommendations for distribution may be made by the Donor, from time to time.

 

  1. Administration

It is intended that the Fund be an integral part of the Foundation and not a separate trust.  Nothing in this memorandum of understanding shall affect the status of the Foundation as an organization described in Code Section 501(c)(3) and as an organization which is not a private foundation within the meaning of Code Section 509(a).  This memorandum shall be interpreted in a manner consistent with the foregoing intention and so as to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. The Foundation is authorized to amend this memorandum to conform to the provisions of any applicable law or government regulation in order to carry out the foregoing intention.  References herein to provisions of the Internal Revenue Code of 1986 shall be deemed references to the corresponding provisions of any future Internal Revenue law.  This agreement shall be governed by the law of the State of South Carolina.

 

  1. Termination/Fund Remainder

The Fund may be terminated by the Board at its sole discretion, in accordance with the then current DAF policy guidelines.  The Board, in terminating a DAF, will consider several criteria, including Donor recommendations, in determining the timing and final distributions.  The Donor may, prior to the termination of the Fund, make recommendations for distribution of resources remaining in the Fund upon termination.

 

IN WITNESS THEREOF, Donor and the Foundation have signed this Memorandum of Understanding.

 

___________________________________              ________________________

Donor                                                                          Date

___________________________________              ________________________

Donor                                                                          Date

Attest:______________________________             ________________________

                                                                                    Date

Westminster Ministries Foundation

 

By:________________________________              _________________________ 

                                                                                   Date

Attest:______________________________             ________________________

                                                                                    Date

 

 

Schedule A

List of Donation(s)

 

Donor’s Information:

 

Name:                          __________________________________________________

 

Address:                      __________________________________________________

 

City and State:             __________________________________________________

 

Telephone Number:     __________________(Home)___________________(Mobile)

 

E-Mail Address:          __________________________________________________

 

Preferred Contact Method (Circle one):         Home phone / Mobile Phone / Email