All funds held at Endaoment are prohibited from being used for purposes that would constitute a payment for goods or services as described below as required by the IRS. All donors must sign the following statement within our app in order to be permitted to grant dollars to recipient nonprofit organizations. Failure to adhere to the below policy can result in termination of your advisory privileges over the grant as well as issues surrounding the recipient organization's 501(c)(3) status.
This grant recommendation does not represent the payment of any pledge or other financial obligation. I/we will not accept any benefits or privileges offered in connection with these grants, including good and services (such as auction items), admission to charitable events, dues, or membership, other than a religious institution. This grant is not intended to be combined with my/our personal check to support my/our attendance, or that of others, at a charity's event. I agree the following donation is irrevocable and for the charitable, educational, or religious purposes under the sole discretion of Endaoment
Funds shall be charitable Donor-Advised Funds, as defined in Section 4966 of the Internal Revenue Code of 1986, as amended (“Code”) and the Fund shall be administered under and subject to Endaoment’s policies, including Endaoment's Donor-Advised Fund Policies and Procedures as may be amended from time to time (the “Fund Policies”).
The date on which the initial deployment GAS payment is received by Endaoment constitutes the "establish date" of the Fund.
The Fund shall consist of property transferred to Endaoment by the Donor or other persons and accepted by Endaoment for inclusion in the Fund, and all income from the foregoing property. Delivery of the Property constitutes an irrevocable gift by the Donor to Endaoment.
The Fund shall be the property of Endaoment; it shall not be deemed a trust fund held by it in a trustee capacity. Endaoment in its normal corporate capacity shall have the ultimate ownership, authority and control over all property in the Fund, and the income derived therefrom, for the charitable, educational and religious purposes of Endaoment.
The assets of the Fund shall be used for charitable, educational or religious purposes within the exempt purposes of Endaoment, either directly or by contributions to other organizations for such purposes.
Grants made from the Fund of the income or principal or both, within the limitations provided for in this agreement, shall be made at such times, in such amounts, in such ways, and for such charitable, educational or religious purposes as Endaoment shall determine. The Fund Advisor(s) may from time to time submit to Endaoment recommendations with respect to grants, which recommendations shall be solely advisory and Endaoment is not bound by such recommendations. Grant recommendations will be reviewed and evaluated per the latest Endaoment Fund Policies and Procedures.
It is intended that the Fund shall be a component part of Endaoment, and not a separate trust, and that nothing in this Agreement shall affect the status of Endaoment as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 and as an organization which is not a private foundation within the meaning of Section 509(a) of the Code. This agreement shall be interpreted in a manner consistent with the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. Endaoment is authorized to amend this Agreement to conform to the provisions of any applicable law or government regulation in order to carry out the foregoing intention. Reference herein to provisions of the Internal Revenue Code of 1986 shall be deemed references to the corresponding provisions of any future Internal Revenue Code.
Upon the termination, by death or otherwise, of the privilege of a Fund Advisor to make recommendations, the Fund shall cease to be a Donor-Advised Fund.
Fees will be assessed to the Fund as follows: An initial minimum fee equal to the deployment cost of the Fund’s contract address on the Ethereum network will be assessed upon creation and will vary based on latest GAS prices of the Ethereum network. A 50BPS (.5%) inbound fee will be taken from the proceeds & income generated by any contributions of property to the Fund. A 100BPS (1%) outbound fee will be collected against the value of any recommended distribution from the Fund. Any such changes will be communicated to you in writing.
In compliance with the Internal Revenue Code, grants are generally not permitted to individuals nor to any individuals or entities for non-charitable purposes; for political contributions or to support political campaign activities; or for any purpose that would provide benefits, goods or services to a donor to the Fund, the Fund’s advisor(s) or other related parties. A Fund Advisor is subject to IRS penalties if the Fund’s donor(s), advisor(s) or other related parties receive benefits, goods or services in connection with a grant recommendation. This includes grants to satisfy pledges made by any person including a fund advisor and non-deductible (or partially tax-deductible) memberships, event tickets, sponsorships, registration fees in tournaments, and cause-related marketing activities. Grants are not allowed to private non-operating foundations.
If a Fund shows no activity (grants or contributions) for one year or more, Endaoment will attempt to contact the Primary Advisor(s), other Fund Advisor(s), and/or any Interested Parties. If the Fund remains inactive for another year after this notification, and the Fund is inactive for a total of two years, the Fund may be closed and the Fund assets may be distributed according to this agreement.
If a Fund has a zero balance, Endaoment will contact the Primary Advisor(s). If the zero balance persists more than three months after this contact, the Fund will be closed unless other arrangements are made.
This Agreement may be executed in one or more counterparts, each of which shall be considered an original, but all of which together shall constitute one and the same agreement.