Scholarship Fund Agreement
______________________ hereby enters into an agreement with the Foundry Educational Foundation (FEF), a 501c3 tax-exempt organization, in the management of the ______________________________ Scholarship Endowment.
This scholarship fund will be established as a permanently restricted endowment.
- With the initial gift(s) collected, the ________________________ Scholarship Fund will be established.
- Over time, additional gifts will be conributed toward achieving the goal of a minimum $2.000 in scholarship funds available annually ($70,000 endowment).
The scholarship will be directed in support of all FEF schools and will commence when the fund has $2,000 available in scholarship earnings or if any balance is made up annually by a donor.
The_________________________ Scholarship will be awarded _________________________ following the requirements for such awards, each year.
Earnings from the _______________________ Endowment will be used as follows:
- Eighty percent of the earnings will be used to provide scholarships in the name of this endowment.
- Fifteen percent of the earnings will be used to offset the FEF program and administrative costs, IRS reporting, and management of the fund.
- Five percent will go back to the principal as an offset to inflation.
This endowment will be invested in accordance with the investment policies of FEF. FEF is authorized to sell, exchange, or otherwise dispose of any securities or other property. These assets are pooled with other similar assets in order to facilitate an orderly and cost effective management of assets.
FEF will provide a detailed report to ____________________ on the earnings and activity of this restricted endowment fund at the completion of the annual audit in July of each year. It is agreed that any other special cost directly related to administrating this fund, as approved by the Fund's contact, will be charged against earnings. Reports on the status of this fund may be requested for any month as needed without charge.
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