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WESTERN NEBRASKA COMMUNITY COLLEGE FOUNDATION ENDOWMENT FUND AGREEMENT (Western Nebraska Community College)

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As Adopted by the Board of Directors
11/20/2008
Updated: 7/14/2014
1
WESTERN NEBRASKA COMMUNITY COLLEGE FOUNDATION
ENDOWMENT FUND AGREEMENT
THIS AGREEMENT is made this _____ day of _______________
20___, by and between _________________________, hereinafter called
“Donor” and Western Nebraska Community College Foundation, a Nebraska
Nonprofit Corporation, hereinafter called “Foundation”, with its principal
office located at 1601 East 27
th
Street, Scottsbluff, Nebraska.
WHEREAS, FOUNDATION is organized for the purpose of soliciting and
receiving contributions, gifts, grants, devises and bequests of real and
personal property for the purpose of contributing to the charitable, scientific,
literary and educational activities of Western Nebraska Community College;
and
WHEREAS, DONOR is desirable to contribute funds to FOUNDATION.
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties agree as follows:
1. Establishment of Fund. A fund shall be established on the
books of FOUNDATION which shall be known as the
______________________________________ (the “fund”). FOUNDATION
acknowledges receipt of the property listed on Schedule A, which is attached
hereto and made a part hereof as the initial property of the fund. Gifts
totaling a minimum of $20,000.00 will be required to establish this
Endowment Fund. The donor shall have four (4) years from the date of
this agreement to fund said minimum $20,000 Endowment Fund. In cases
where the endowment minimum is not reached within said four (4) years,
FOUNDATION will have the right to transfer the balance of the funds into a
general account to award scholarships consistent with the designation of
purposes.
2. Property of the Fund. The fund shall include the property
herein received and such property as may, from time-to-time, be added to
said fund by DONOR.
3. Exclusive Ownership. The fund and all property connected with
the fund shall be the sole property of FOUNDATION held by it in its corporate
capacity and shall not be deemed a trust fund held by it in a trustee
As Adopted by the Board of Directors
11/20/2008
Updated: 7/14/2014
2
capacity. FOUNDATION shall be the ultimate authority and control over all
property in the fund and/or purchased by the fund, and the income derived
therefrom, in accordance with the Articles of Incorporation and the Bylaws of
the FOUNDATION (as they may be amended from time-to-time), and the
terms of this Agreement applied in a manner not inconsistent with said
Articles and Bylaws.
4. Designation of Purposes. The fund shall be used for such
charitable and educational purposes in accordance with the Articles of
Incorporation of the FOUNDATION. It is intended by DONOR, that the
funds will be used primarily for the following designated area(s) of interest:
Unrestricted. The FOUNDATION shall determine the use of
the Fund.
Unrestricted Scholarship. The FOUNDATION shall have
discretion in determining the award of scholarships.
Restrictions for scholarships for students enrolled in:
Applied Technology
Business
Health Occupations
Language Arts
Math, Science and Physical Education
Social Science
Specific designated area of interest (e.g., building funds):
_______________________________________________
_______________________________________________
5. Board of Directors. The Board of Directors of FOUNDATION
reserves the right to pool funds of similarly designated areas of interest for
the purpose of awarding scholarships. The Board of Directors further
reserves the right, based upon unforeseen need, to modify the designated
area of interest to best serve the needs of students attending Western
Nebraska Community College. If funds are utilized for scholarships, the
Board of Directors of FOUNDATION reserves the right to pool funds. Funds
shall be utilized for scholarships, with a minimum scholarship of $1,000 per
year to be awarded the year following the establishment of this fund. As the
result of the awarding of a minimum of $1,000 per year from this fund, it
may be necessary, based upon earnings of the fund, to expense principal for
the purpose of this educational gift.
As Adopted by the Board of Directors
11/20/2008
Updated: 7/14/2014
3
6. Fees. In consideration of FOUNDATION administering the fund,
FOUNDATION will be paid as follows:
2% per year (1% every six months) on the first $50,000 in the
fund;
1% on the second $50,000 (½% every six months) and
½% on amounts over $100,000 (¼% every six months).
Said fees will be billed at the end of every six months, based on the current
balance. The amount of administrative fees is subject to change.
7. Definition and Construction. All terms in this Agreement, which
have a special definition under the Internal Revenue Code, shall be
interpreted in accordance with such IRS definition. It is intended that the
fund shall be part of the FOUNDATION and that nothing in this Agreement
shall affect the status of the FOUNDATION as an entity, which is a qualified
charitable organization. This Agreement shall be interpreted in a manner
consistent with the such intention and so as to conform to the requirements
of the Internal Revenue Code and any regulations issued pursuant thereto
applicable to the intended status of FOUNDATION.
IN WITNESS WHEREOF, each party hereto has executed this
Agreement by its duly authorized officers effective as of the day and year
first above written.
_________________________________
(“DONOR”)
By: _________________________________
Authorized Signature
WESTERN NEBRASKA COMMUNITY
COLLEGE FOUNDATION
(“FOUNDATION”)
By: __________________________________________
_____________________, Its President
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WESTERN NEBRASKA COMMUNITY COLLEGE FOUNDATION ENDOWMENT FUND AGREEMENT (Western Nebraska Community College)

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Completed 26 July 2020

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