This page is representative of our standard agreement. To customize for your client’s particular situation, please contact the philanthropic services department at 860-548-1888 or email@example.com.
AGREEMENT by and between
HFPG, INC., a Connecticut Nonstock Corporation with its principal office in Hartford, Connecticut.
Section 1: Establishment of Fund: We understand that HFPG, Inc. is a corporate affiliate of the Hartford Foundation for Public Giving and is a public charity described in Section 170(b)(1)(A) of the Internal Revenue Code. We wish to establish a fund within HFPG, Inc., which shall be subject to HFPG, Inc.’s Certificate of Incorporation and Bylaws, including the variance power contained therein, and to the provisions of this agreement.
The fund is to be known as _________________________________________________ (the "Fund"). On signing this agreement, we have irrevocably transferred to HFPG, Inc. property described in a receipt which HFPG, Inc. has delivered to us. HFPG, Inc. agrees to accept this property, as well as additional contributions which any person or organization may transfer to the Fund, as provided in this agreement.
Section 2: Purpose of the Fund: The Fund is a perpetual charitable fund created for the purpose of carrying out the public charitable purposes of HFPG, Inc. as described in the Certificate of Incorporation and Bylaws of HFPG, Inc. In particular, distributions from the Fund shall be made for [state goal of fund. For example: To support the arts in the Hartford Region or help improve the level of health care for needy children in the Hartford Region] _________________________________________________. Distributions shall be made from the Fund in such amounts as HFPG, Inc. shall determine, according to its spending policy as it may be adjusted from time to time by the Board of Directors.
Section 3: Expenses of Administration: The reasonable expenses of HFPG, Inc. in administering the Fund shall be charged to the Fund.
Section 4: Obsolescence: The Fund is protected from obsolescence. If the purpose described in Section 2 above ever becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community, HFPG, Inc.’s Board of Directors will, in its sole discretion, determine the charitable purpose of the Fund. The Board will first consider charitable purposes similar to those described in Section 2 above, with the understanding that nothing herein shall limit the Board’s variance power as required by law.
Section 5: Governance: The Fund created by this Agreement shall be administered in and under and governed by and construed in accordance with the laws of the State of Connecticut.
Section 6: Irrevocability: We have been advised as to the legal effect of executing this Agreement and the consequences of making it irrevocable. We hereby declare that it is irrevocable in all respects and we retain no power to alter, revoke or terminate it in whole or in part or to withdraw any property.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date below.