Sample Agreement

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__________________________________________
Endowment Fund Agreement

I, ______________________, would like to enter into an agreement with the Foundry Educational Foundation (FEF) in the management of the ______________________________ Endowment Fund.

It is my desire to have $______________ in a restricted principal account. The earnings will be distributed as follows:

  • Eighty percent of the earnings will be used to provide scholarships in the name of Richard McMinn. These scholarships will be made available to FEF schools.
  • Fifteen percent of the earnings will be used to offset the FEF program and administrative cost, IRS reporting, and provide for the management of the fund.
  • Five percent will go back to the principle as an offset to inflation.

Other monies may be added from time to time to increase the restricted amount. The minimum of $50,000.00 must be reached within 5 years of the date of this agreement, or the agreement may be renegotiated. The selection of students will follow the FEF requirements for scholarships.

The FEF will provide a detailed report on the earnings and activity of this Restricted Fund to me (__________________________) at the completion of the FEF annual audit in July each year. It is agreed that any other special cost directly related to administrating this fund, as approved by the Fund's contact person, could be charged against earnings.

I will provide FEF with a short summary of my life work that can be edited for the promotion of the fund.

Agreed to: __________________________________________

Signed: Date: ______________

Printed: ____________________________________________

For the Foundation: ___________________________________

Signed: Date: ______________