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Council of Michigan Foundations

A communication of Michigan Community Foundations' Ventures, a supporting organization of the Council of Michigan Foundations, with support from the W.K. Kellogg Foundation, and the C.S. Mott Foundation, and community foundations.

© 2003 Michigan Community Foundations' Ventures
 

Creation of a Field of Interest Fund

Date:

ABC Community Foundation
123 North Main Street
ABC City, Michigan 12345

Dear Sirs and/or Mesdames:

I (will soon/hereby) deliver to the ABC Community Foundation the property described in the attached schedule to be used to establish a field-of-interest component fund within the Community Foundation. This contribution is made subject to the following conditions.

1. The fund created by this gift will be known as the ____________ ______________________ Fund and will be so identified by the Community Foundation in all relevant literature, reports, promotional material, and other public documents.

2. The Fund will include the property described in the attached schedule together with any property which may later be delivered to the Community Foundation by the undersigned or any other person when specified to be included in the Fund and accepted by the Community Foundation.

3. The income of the Fund will be distributed at least annually for (specify charitable purpose-for example, "the homeless" or "senior citizen health care") as the Community Foundation may determine. It is my intent that the principal of the Fund remain intact and not be subject to distribution except in extraordinary circumstances. I recognize that all such distributions must be for charitable purposes and consistent with the exempt purposes of the Community Foundation as specified in its Articles of Incorporation and Bylaws. The term "income" will be as defined in the Community Foundation's income or spending policy as in effect from time to time. It is my intent that the principal of the Fund remain intact and not be subject to distribution.

4. The Fund will be the property of the Community Foundation and will not be deemed a separate trust fund held by it in a trustee capacity. I understand the Fund is subject to the terms and conditions of the Articles of Incorporation, Bylaws, and policies and procedures adopted from time to time by the Community Foundation, including provisions relating to: presumption of donor's intent; variance from donor's direction; and income or spending policy.

5. The Community Foundation may commingle the property of the Fund with the property of other component funds held by the Community Foundation, provided, however, that the separate identity of the Fund will be maintained and distributions from the Fund will be clearly identified as such to the grantees.

6. It is understood and agreed that all assets held in the Fund will be subject to the Articles of Incorporation and Bylaws of the Community Foundation, including the power contained therein for the governing board to modify, cy pres, any restrictions or conditions on the distribution of funds for any specified organization if, in its sole judgement, those restrictions become, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the area served by the Community Foundation.

(Optional: 7. I understand and agree that the Fund will share a fair portion of the total administrative costs of the Community Foundation. The administrative costs charged against the Fund will at all times be reasonable, will be in accordance with the current fee schedule applicable to funds of this type, and will not exceed usual and customary rates.)

Please indicate your acceptance of this donation in accordance with these terms and conditions by signing below and returning a copy of this letter to me.

Very truly yours,

 

___________________________________
(Donor)

Accepted:

ABC Community Foundation

By_________________________ Its___________________

Date:_________________

(Attach a page with the following heading)
Description of Property Delivered to the ABC Community Foundation