Mou/Moa - 1994 - Idaho Community Foundation Eagle Community Fund - 8/12/1994
."
TAXPAYER ID #82-0425063
IDAHO COMMUNITY FOUNDATION
AGREEMENT TO ESTABLISH THE
EAGLE COMMUNITY FUND
(ADVISED FIELD-OF-INTEREST)
The Eagle Community Fund Advisory Committee hereby gives to the
Idaho Community Foundation, Inc. (ICF), an Idaho nonprofit
corporation, the assets described in Attachment A, subject to the-
following conditions:
1. The assets given and any additions thereto shall be
accounted for and designated by ICF as the Eagle community
Fund (the Fund).
2. The assets of the Fund may be commingled with other ICF
property for investment purposes.
3. The Fund shall be subject to ICF's Articles of
Incorporation, Bylaws, Policies, and Guidelines each as may
be amended and restated from time to time.
4. The assets given and any additions thereto shall be held as
component funds of ICF and invested and managed as deemed
appropriate by ICF's board of directors in its sole
discretion.
5. The assets given and any additions thereto shall be held by
ICF as permanent endowment. The amount available for
distributions from the Fund will be determined by ICF's
board of directors at its sole discretion. In determining
this amount, the board of directors of ICF will consider the
AGREEMENT FOR ADVISED FIELD-OF-INTEREST FUND
Page 2
long and short term needs of Idaho, the expected total
return on the investments of the permanent funds of ICF, the
desirability of maintaining the real value of the permanent
funds of ICF, and any and all other factors which, in its
sole discretion, it deems relevant.
6. ICF shall appr~priately memorialize the Fund in ICF's annual
report for as long as the Fund remains in existence.
7. The Fund shall be in existence for at least six (6) months
prior to the end of ICF's fiscal year (December 31) to be
eligible for charitable distributions from the fund in the
following year.
8. All charitable distributions from the Fund shall be
identified to the beneficiary as coming from the Fund and
ICF.
9. The assets given and any additions thereto shall be the
property of ICF. ICF may assess reasonable management fees
against the Fund.
10. ICF shall make charitable distributions from the Fund for
the benefit of charitable organizations, projects, and/or
activities in Eagle, Idaho, or its successor(s)'.
11. Before making any distribution from the Fund for charitable
purposes~- rCF shall consult with and seek the advice of the
Eagle Community Fund Advisory Committee, providing the above
named is able, available, and willing to consult and advise.
AGREEMENT FOR ADVISED FIELD-OF-INTEREST FUND
Page 3
12. Suggested beneficiaries shall be Internal Revenue Code
section 501(c) tax exempt charitable organizations serving
the state of Idaho. Recommendations shall be acted upon by
ICF's board of directors after the ICF staff has determined
that the recommended beneficiaries are consistent with the
purposes of ICF and with the needs deserving support by ICF
as determined ~ its board of directors and enumerated in
its distribution guidelines. If it is determined that a
recommended beneficiary is ineligible for support because of
its lack of tax exempt status or its inability to perform
its stated purposes, or if such recommendation is
inconsistent with ICF's purposes, policies, or practices,
the advisor(s) will be, wherever possible, so informed and
given the opportunity to recommend an alternate beneficiary,
or beneficiaries.
13. Distributions shall not be made to fulfill any pledge,
obligation, or membership subscribed to by the advisor(s) or
include any purpose for which the advisor(s) receives
benefit.
The effective date of the Fund shall be the date this fully
executed agreement and control of the initially contributed
assets are received and accepted by ICF.
DONOR(S) Name(s) Eaqle Community Fund steerinq Committee
Address % Rick Yzaquirre. President. Eagle city Council
P.o. Box ID 83616
Signature
Date
Rick Yzaquirre. President. Eaqle city Council
~~ i~.~~
AGREEMENT FOR ADVISED FIELD-OF-INTEREST FUND
Page 4
ICF hereby accepts the assets and conditions described in this
agreement.
By
Name
Title
Date
Community Foundation
~QJ.L -
The Idaho
Steve. Guerber
President and Executive Director
81'l7/'11'
(Attachment A constitutes an integral part of this agreement.)
AGREEMENT FOR ADVISED FIELD-OF-INTEREST FUND
Page 5
ATTACHMENT A: ASSETS GIVEN AND CONDITIONS TO ESTABLISH THE
Eaqle community Fund
(ADVISED FIELD-OF-INTEREST)
CONDITIONS:
A. The intent underlying the creation of the Fund is to
permanently support and enhance the charitable needs and
interests of tne residents of all of Eagle. Thus,
contributions of any size, at any time, will be welcome as
additions to endowment principal. Any and all additional
contributions shall be subject to the terms and conditions
set forth in this agreement.
B. No charitable distributions shall be made from the Fund
until the principal balance reaches Twenty-Five Thousand
Dollars ($25,000). until the principal of the Fund reaches
this level, any net income earned shall be transferred
quarterly to the principal.
C. Should the principal of the Fund not reach $25,000 on or
before December 31, 1999, the Fund will be reclassified as
part of ICF's unrestricted Community Trust Fund charitable
endowment, and distributions from the Fund will be
determined by ICF's board of directors in its sole
discretion. If such reclassification occurs, and the
principal of the Fund is $5,000 or more, the Fund will be
acknowledged as a named fund in ICF's unrestricted endowment
community Trust Fund.
D. The privilege of advising shall be granted in perpetuity to
the Eagle community Fund Advisory Committee (Committee), on
condition that:
1. The Committee is duly created and continues to function
as an active, viable entity;
2. The Committee provide ICF with at least annual
recommendations and/or statement in writing that no
recommendations are forthcoming in any given year.
Should no recommendation or statement be received by
ICF for any two (2) consecutive years, ICF's board of
directors may, in its sole discretion, terminate the
Committee's privilege of advising the Fund.
3. The principal of the Fund reaches at least $25,000 by
December 31, 1999 (see C. above).
AGREEMENT FOR ADVISED FIELD-OF-INTEREST FUND
Page 6
E. Should the privilege of advising terminate for any reason,
the Fund will continue as a field-of-interest fund with
distributions made as in paragraph 10 and elsewhere in this
agreement.
F. The Advisory Committee shall be constituted as follows:
1. The Committee shall consist of the following Seven (7)
members:
a. Two (2) community leaders (appointed by Eagle city
Council);
b. The Mayor of the City of Eagle;
c. The President of the Eagle city council;
d. A principal.of a school serving Eagle (appointed
by the School District);
e. A local clergyman (appointed by Eagle City
Council); and
f. A representative from Eagle Quest, the economic
development organization serving Eagle.
2. The members of the Committee, shall make any
appointments required to fill vacancies due to
resignation, death, or any other reason.
G. At least annually, the Committee shall elect a chairperson
who shall be authorized to speak for the Committee on all
relevant matters, including submitting recommendations for
beneficiaries to ICF.
~~
IDAHO COMMUNITY FOUNDATION
[EAGLE.AFI]
STATE OF IDAHO
)
) SSe
)
County of Ada
On ~ day of , 191/Ibefore me~,-i.,,~
~~~o~~r~a Nota for the State of Idaho,
personally (appeared t'-vC-# known or identified to me
to be the president of the organization that executed the
instrument or the person who executed the instrument on behalf of
said organization and acknowledged to me that such organization
executed the same.
IN WITNESS WHEREOF, I have hereunto
official seal the day and year ~
my
County of Ada
)
) 55.
)
STATE OF IDAHO
On /iV---day of It/{ ~ , 19~ before me,~-/~
t a Notary Pub .c, in and for the State of Idaho,
ersonally appeared Sf-ef/e (J,Uee!JQ/0 , known or identified to me
o be the president of the organization that executed the
instrument or the person who executed the instrument on behalf of
said organization and acknowledged to me that such organization
executed the same.
IN WITNESS WHEREOF, I have hereun~o... " my ha.nd.and affixed my
official seal the day and year f~ :le/wr~~te~ )
1~~ {; / / (~
Notary Public if r Idaho
Residing at :~-.;Jf& tJ--CJ
0/d//Cih
Notary Expirqtion Date