SPECIAL PURPOSE FUNDS
THIS AGREEMENT is made and entered into this 11th day of February 2013, between Topeka Bikeways Committee, and the TOPEKA COMMUNITY FOUNDATION, a Kansas non-profit corporation (the Foundation)
IT IS AGREED:
1. Transfer. The Donor hereby gives, assigns, transfers and delivers to the Foundation, the sum of $100.00 in cash. This property and all future gifts and other additions (the Property) shall and be irrevocable and held, administered and distributed in accordance with this Agreement.
2. Segregation of Fund: The Property shall be held by the Foundation under the name of “The Topeka Bikeways Fund” (the Fund). The income and principal of the Fund may be commingled with other Foundation assets.
3. Purpose of the Fund. To cover expenses relating to building, maintaining, and supporting the bicycling infrastructure and related programs in Topeka and Shawnee County. Funds may be used for, but are not limited to: engineering; education; encouragement; enforcement; and, evaluation and planning; related to bicycling. These five “E”s are further defined by the League of American Bicyclists.
4. Use of the gift. The income and principal from the Fund shall be granted or expended for or in furtherance of the purposes of the Fund.
5. Charitable use. The applicable laws and governing instruments of the Foundation require that the Foundation have legal control over the donated property. If the purpose for which the Fund was established is no longer possible or practical, after consultation with the Board of Directors of the Donor, the Foundation may designate an alternate use or uses similar to the original purpose of the Fund. No restriction or condition is or will be imposed upon the administration of this Fund which prevents the Foundation from freely and effectively employing the assets of income therefrom in furtherance of charitable purposes.
6. Fee for Service. The Fund established under this Agreement shall be the property of the Foundation, owned and held by it, subject to the terms of this Agreement. As compensation for its services, the Foundation shall receive and initial fee of $150.00 to be paid upon the execution of this Agreement, and an annual administrative fee based on the Foundation’s current fee policy.
7. Variance Power. This agreement is subject to the foundation’s authority to vary the terms of the gift as stated in Article III Section I of the Foundation’s bylaws. The foundation shall promptly notify the agency of any decision to exercise the variance power.
8. Administration Provisions; The Fund shall be administered under and subject to the Procedures for Operation of Special Purpose Funds as the same may be prescribed by the Foundation, including amendments thereof.
WITNESS THE EXECUTION HEREOF as of the day and year first above written
By: Duane Hueser
TOPEKA COMMUNITY FOUNDATION
By: Roger K. Viola, President