HomeMy WebLinkAboutOshkosh Foundation/Ron MetzOSHKOSH AREA COMMUNITY FOUNDATION
November 5, 2003
Warren Kraft
City Attomey
City of Oshkosh
215 Church St
Oshkosh, WI 54901
Dear Warren,
The City of Oshkosh shall dehver on or about January 2004 to the OShkosh
Area Community Foundation, Inc. ("Foundation"), assets intended to create a
fund for activities connected with future anniversary events for the City of
Oshkosh. It is their request that this grant, together with any additional grants,
which may hereafter be made by "the City" or other donors to the fund hereafter
described, be used to establish and maintain a component fund (the "Fund") of the
Fotmdation to be held and administered by the Foundation as follows:
The Fund shall be known as the Ron Metz Centennial FUND and shall
be identified as such by the Foundation in the course of the
administration and distribution thereof. It shall be structured as a
designated fund, a component fund of the Foundation whose
beneficiaries will be specified by the governing body of the City of
Oshkosh.
The income of the Fund shall be distributed for such purposes
consistent with those set forth in the Foundation's Articles and Bylaws
as uow exist m may hereafter bc aniendcd, however, th~ desi~...ated
purpose of the Fund is to fund activities around the celebration of the
centennials (Birthdays) for the City of Oshkosh. Distributions shall
ordinarily be made out of income only, so that the principal of the Fund
may be preserved and maintained as an endowment. However, the
Board of Directors of the Foundation may, if it considers unusual
circumstances to exist which may make it advisable to invade principal,
authorize distributions from the principal of the Fund for the designated
purpose of the Fund.
For good. For ever.TM
404 N. Main St., Suite 10l P.O. Box 1726 Oshkosh, WI 54903
Phone 920.426.3993 Fax 920.426.6997 ww~v. OshkoshAreaCEorg
Serving Winnebago, Green Lake, and Waushara Counties
3
The City of Oshkosh shall be responsible for setting the guidelines for
distributions from the Fund and shall advise the Foundation as to the
mount and timing of such distributions. The Foundation shall review
the proposed distributions to ensure they are not inconsistent with the
Foundation's Corporation articles and Bylaws as amended and are in
compliance with the designated purpose of the Fund. If deemed
appropriate, the Foundation may request evidence of authorization by
the party executing this agreement to direct the amount and timing of
distributions from the Fund. Fees are determined by the Finance
Committee of the Foundation.
No~'ithstanding anything herein to the contrary, the Fund shall at all
times be held and administered in accordance with the provisions of the
Articles and Bylaws of the Foundation's Corporation which are hereby
accepted and agreed to by the undersigned, including those provisions
relating to amendment, termination and variance from donors' direction.
The undersigned acknowledges that under the provisions of the Articles
and Bylaws, and as required by regulations promulgated pursuant to the
Internal Revenue Code of 1986, as amended, the Foundation has
explicit authority to redirect the assets of any fund it administers.
However, the Community Foundation does not anticipate exercising
such authority unless, in the opinion of the Board of Directors, the
purposes for ~vhich the fund was established become unnecessary,
incapable of fulfillment, or inconsistent with the needs of the
community.
It is intended that the Fund shall be a component part of the Foundation
and that nothing in this agreement shall affect the status of the
Foundation as an entity that is a qualified charitable organization. This
agreement shall be interpreted in a manner consistent with this intention
and so far as to conlbrm to the requirements of the Internal R~venue
Code and any regulations promulgated pursuant thereto applicable to
the intended status of the Foundation.
If the foregoing is acceptable to you, kindly so indicate by dating and
signing the enclosed copy of this letter in the space provided below and
return it to the Foundation. Upon such acceptance, this letter will
constitute our agreement with respect to the Fund and all prior discussions
or agreements concerning the fund are merged herein and made a part
hereof.
Sincerely,
Eileen Connolly-Keesler
Executive Director
Accepted this ~ dayof ~co~-,_~.~ . , 2003.
Name k3 / Title
~. On~ behalf o the City of O,~osh:
C~ty Cler~ -- ' (~,~
Date:
Date:t
Ass~st~ce City-Atto~e3-
Date: t //~,4. l/~O'O~_