Endowed Fund Gift Agreement by ashrafp

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									                                 Chatham Hall
                            Endowed Fund Agreement
   The _______________________ Endowed Fund (customized for each endowed fund)


       This ENDOWMENT GIFT AGREEMENT is made as of (insert date) between (insert
Donor’s name) of (insert Donor’s residence) and Chatham Hall, a 501(c)3 organization located
in Chatham, Virginia and provides:

   1.     Establishment and Name of Endowment Fund. The Donor shall make a gift of
          $_________ to Chatham Hall. Subject to provisions of section 10 of this Agreement,
          Chatham Hall shall hold this gift as a separate permanent endowment fund. The
          name of the permanent endowment fund shall be (insert name of fund) hereinafter
          referred to as “the Fund.”
   2.     Manner of Contribution. (Donor will select appropriate option.)
          a. Option 1. The Donor shall fulfill the gift not later than ____________(insert
              date, not to exceed five years from the current date.)
          b. Option 2. The Donor shall fulfill this gift by ______________(insert date up to
              five years of initial pledge) with annual payments as follows:

                     Amount                         Due Date
                     $___________                   June 30, ______
                     $___________                   June 30, ______
                     $___________                   June 30, ______
                     $___________                   June 30, ______
                     $___________                   June 30, ______

   3.     Purpose of Fund. Income, as defined in section 4 of this Agreement, from the Fund
          shall be used to provide (insert statement customized to purpose of fund) in
          accordance with section 5 of this Agreement. (If a scholarship or grant is to be
          awarded, language about the selection process will be inserted.)
   4.     Definition of Income. The income from the Fund that is available for all purposes
          under this Agreement shall be determined annually in accordance with the spending
          policy approved by the Chatham Hall Board of Trustees for all endowed named
          funds. The Board of Trustees reserves the right not to draw income from the fund if
          drawing this income drops the fund below its historic value.
   5.     Use of Income. Income from the (insert name of fund) will be expended only for the
          purpose of the fund as set forth in section 3 of this Agreement. Income not expended
          in any given year may, at the discretion of the Board of Trustees of Chatham Hall, be
          reinvested in the principal of the fund or accumulated for distribution in future years.
   6.     Investment of the Endowed Fund. The (insert fund name) Endowed Fund will be
          invested as part of the general investment and endowment assets of Chatham Hall
          under the policies established by the Chatham Hall Board of Trustees.
   7.     Reporting. Chatham Hall will provide annual reports on the fair market value of the
          fund, on income used from the fund, and the purposes for which the income was used.
   8.     Additional Gifts. The Donor or individuals, corporations, foundations, trusts,
          estates, and other persons may make additional gifts to the (insert fund name)
          Endowed Fund, and such additional gifts shall be subject to the provisions of this
          Agreement.
   9.     Unrestricted Funds. Notwithstanding any other provision of this Agreement, the
          Donor agrees that Chatham Hall may charge an annual administrative fee against the
          (insert fund name) Endowed Fund for transfer to the unrestricted general operating
          funds of Chatham Hall to provide for the operating costs of the school, including
          without limitations the costs associated with the administration of the (insert fund
          name) Endowed Fund. The annual fee shall be that percentage (not to exceed 1%) of
          the assets of the (insert fund name) Endowed Fund as determined by the Board of
          Trustees annually.
   10.    Minimum Funding. If the amount of contributions to the (insert fund name)
          Endowed Fund received from any and all sources by the time of the gift fulfillment
          date, as specified in Section 2 of this Agreement, is less than the minimum required
          for the establishment of a named fund for (insert fund purpose), the Board of Trustees
          of Chatham Hall may transfer the assets of the (insert fund name) to Chatham Hall’s
          general unrestricted endowment fund.
   11.    Changed Circumstances. In the event that at some future time it becomes
          impossible or impracticable, as decided by the Board, for all or part of the income
          from the (insert fund name) to be used for the specific purpose for the fund was
          created, the Board of Trustees of Chatham Hall shall direct that its principal and
          income be devoted to purposes that it deems to be most consistent with the wishes
          and intentions of the Donor.
   12.    Amendments. This Agreement may be modified, altered, or amended at any time by
          written consent of the Donor and Chatham Hall.
   13.    Miscellaneous. This Agreement contains the entire understanding of the parties with
          respect to the subject matter of this Agreement. This Agreement supercedes and
          cancels all other agreements and understandings, both written and oral, between
          parties relating to the subject matter of this Agreement. This Agreement shall be
          governed by the laws of the Commonwealth of Virginia.

IN WITNESS WHEREOF, the parties have executed this Agreement on this _____ day of
_________________, 20___. (seal)


________________________________                   By ________________________________
(insert donor’s name)                                  Dr. Gary J. Fountain, Rector

								
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