Fund Agreement Administered by the Greater Lewes Foundation

IN ORDER TO ESTABLISH The Lillie Paterson Fund (hereinafter the “Fund”) as a charitable pass-through fund, the Founding Donor hereby transfers, conveys and pays over to the Greater Lewes Foundation (hereinafter the “Foundation”), as a charitable contribution, the following amount: $24, 584.19.

The Greater Lewes Foundation is a non-profit Delaware corporation exempt from taxation under Internal Revenue Code section 501(c)(3), a public charity described in Section 107(b)(1)(A)(vi) of the Code, and therefore an appropriate institution within which to accept these assets and establish this fund.

The Foundation is authorized to accept additional contributions to the Fund in terms substantially similar to those set forth herein. Subject to the right of the Foundation to reject any particular donation, all such gifts, bequests and devises to this Fund shall be irrevocable once accepted by the Foundation.

Purpose

This Fund is being established to support Black History and support to the surrounding community.

Founding Donor Advisors

The Founding Donor Advisor is Alicia Jones.

Distributions

Distributions may be made from this pass through fund as reimbursement or payment for fund raising expenses and as grants to charitable causes at any time, in accordance with the purpose of the fund at the request of the Donor Advisors. 

The principal assets of the fund must be committed, grated or expended for charitable purposes described in the Code Section 170(c)(2)(b) to organize describes in Code Section 509 (a)(1), (2) or (3), or for charitable purpose as approved by the board of the Foundation. No distribution shall be made if such will, in the judgement of the GLF Board of Directions, endanger the Foundation’s Code Section 501(c)(3) status. 

Additional Gifts

If any gifts to the Greater Lewes Foundation for this Fund are received and accepted subject to a donor’s conditions or restrictions, such will be honored subject to the Foundation’s authority to vary the terms of any gift if continued adherence to any condition or restriction is, in the judgement of the Foundation’s Board oof Directors, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community served by the Foundation.

Fiscal Agent & Fiduciary Responsibility

The Greater Lewes Foundation will serve as the fiscal agent for this Fund and as the fiduciary for any and all monies raised and deposited into this Fund, GLF will send acknowledgements to tax purposes to all donors; write checks for charitable grants and expense reimbursements; maintain records and handle accounting for the Fund. GLF will extend its by-laws and 501(c)(3) status to the Fund, which will operate as a “component fund” of the Foundation, complying with all appropriate laws and regulations and policies and procedures of the GLF. For the management of fundraising events, the Fund may also serve as an agent of the Foundation. 

The Foundation shall have all powers necessary, or in its sole discretion desirable, to carry out the purposes of the Fund.

Fees

The Founding Donor hereby acknowledges the receipt of the Administrations Fee Schedule attached hereto as Exhibit A, and accepts the terms of said schedule. This fee schedule is subject to modification at the sole discretion of the Foundation’s Board of Directors, and the Founding Donor agrees to be bound by the most current schedule of fees published by the Foundation. The initial fee for this fund shall be 3.5%.

Procedures & Variance Power

The Donor Advisor is familiar with and accepts the terms of the Foundation Bylaws. Donor understand the Greater Lewes Foundation reserves final approval regarding distributions from the Fund in order to ensure they are being made solely for charitable purpose. In addition, Donor agrees the Fund shall at all times be subject to such terms and conditions including, but not by way of limitation, provisions for:

(a) Presumption of donor’s intent;

(b) Variance from donor’s direction;

(c) Amendments