(4) DISTRIBUTIONS: Distributions from the Fund of the net income or principal or both, shall be made at such times, in such amounts, in such ways and for such purposes as The Community Foundation shall determine with advice from the Donor or his/her designee. The Community Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived therefrom, for the charitable purposes of The Community Foundation. Neither Donor(s), nor the Advisor(s), nor any other related person may receive any tangible benefit or privilege in return for a distribution from the Fund. Under no circumstances may a distribution from this Fund be used to reimburse or support a Donor or Advisor to the Fund. No grants may be paid to individuals.
(5) GRANT RECOMMENDATIONS AND DESIGNATION HAVE A REPRESENTATIVE: The Donor may submit recommendations to The Community Foundation with respect to grant distributions. Recommendation with respect to distributions made by the Donor or his/her designee are solely advisory and The Community Foundation is not bound by any such recommendations. The Donor may recommend to The Community Foundation the revocation of any designation of an advisor made by the Donor. Any and all such designations or revocations made by the Donor shall be made in writing and become effective when received by The Community Foundation. Grant recommendations received from the Donor or his/her designee shall be for awards of $250.00 or more. Recommendations for grant distributions shall be forwarded in writing to the Foundation on a form supplied by The Community Foundation.
(6) ADMINISTRATION OF THE FUND: The Fund shall be administered under the Procedures for Operation of Donor Advised Funds approved by The Community Foundation. It is understood that the Fund shall be charged regularly for a proper allocation of the administrative expenses attributable to its
(7) THE FUND AS COMPONENT OF THE FOUNDATION: It is intended that the Fund be a component part of The Community Foundation and not a separate trust, and that nothing in this Agreement shall affect the status of The Community Foundation as an organization described in Section 501(c3) of the Internal Revenue Code of 1986, as amended, 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 to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. The Community Foundation is authorized to amend this Agreement to conform to the provisions of any applicable law or government regulation in order to carry out the purposes of this Fund. References herein to provisions of the Internal Revenue Code of 1986, as amended, shall be deemed references to the corresponding provisions of any future Internal Revenue Code.
(8) FUND INACTIVITY/DEATH OF ADVISOR: Following three (3) years of inactivity, the principal and income of the Fund may be distributed to the Greater Jefferson Fund within The Community Foundation for such general purposes of the Foundation, as the Board, in its sole discretion, shall determine. Upon the death of the last Advisor, any remaining principal balance of the Fund shall be granted to the Greater Jefferson Fund within The Community Foundation.