25: Sample Fund Agreements

Confirming
Reconfirming

For each type of fund offered by the foundation, the community foundation submits a sample fund agreement that contains the terms and conditions for each fund.

Key Elements 
  1. Terms and conditions for each type of fund.
  2. Language is consistent with status of all gifts as irrevocable.
  3. Language is consistent with governing body having legal and fiduciary control over gifts.
  4. For all funds except unrestricted funds and donor advised funds, language clearly states that the board possesses the variance power with respect to that fund.
  5. Language does not suggest excessive donor control or otherwise give rise to material restrictions.
  6. Language does not suggest that donors, donors’ designees, or persons related to donors control the selection, either directly or indirectly, of grants to individuals. (Crosscheck with marketing materials for indications that donors, donor’s designees, or persons related to the donors would reasonably expect such control.)

Material Change

Any changes in sample fund agreements must be submitted. In addition, if the foundation offers new types of funds, sample fund agreements must be submitted for any new types of funds. If any changes were made, please submit the revised documents and fill in chart below where appropriate. If you have had material changes, you will need to resubmit any documentation related to material changes. Review all key elements for this requirement by clicking the "confirming" toggle in the upper left corner of this page.

Core Materials 

Required Documents

  • Sample Fund Agreements (required for each type offered by the foundation):
    • Agency Funds
    • Donor Advised Funds
    • Designated Funds
    • Field of Interest Funds
    • Restricted Funds
    • Scholarship Funds
    • Unrestricted Funds
No documents required for reconfirmation.
Related Standards 

III. Resource Development

III.B    A community foundation's governing body has legal and fiduciary control over all contributions received.

IV. Stewardship and Accountability

IV.C    A community foundation maintains a written record of the terms and conditions of each component fund and all applicable records must reference the variance power.

IV.E    A community foundation maintains a balance between donor involvement and governing board control and complies with all applicable laws and regulations.