- Future of Surveying
This AGREEMENT made on the ___day of ___________, 201__ between the (DONOR), whose address is__________________________and The NATIONAL SOCIETY OF PROFESSIONAL SURVEYORS FOUNDATION, INC. a Maryland non-profit Corporation (FOUNDATION) whose address is 5119 Pegasus Drive, Suite Q, Frederick MD 21704
The Donor is desirous of donating certain funds to the Foundation in order to establish a (name of and outline the purpose of the scholarship, award, grant, etc.)
Funding: Donor will establish the scholarship, award, grant, etc. in the minimum amount of $20,000.00. A lesser amount will be eligible to establish the scholarship, award, grant, etc. without granting the Donor a Trustee on the Board of Trustees in accordance with the Foundations By-Laws. Additional funds may be contributed to the account at any time. If the individual, emeritus or corporate donor does not wish to appoint a person to be a Trustee it is not required.
Duration: It is the intent of the Donor to establish the scholarship, award, grant, etc. in perpetuity. The original Donor and/or their legal successor may direct the Foundation, in writing, that they are desirous of converting the scholarship, award, grant, etc. to a depleting fund. At that time the Foundation and Donor will negotiate the terms and conditions of the conversion to a depleting fund.
Award Advertisement: The Donor may exclusively advertise the scholarship, award, grant, etc. or in addition have the Foundation advertise it along with the Foundations other awards.
Frequency: This scholarship, award, grant, etc. is to be made annually or at a frequency to be determined by the Donor.
Time of award: The award is to be made in August of each year or at a time specified by the Donor.
Amount: The amount of the scholarship, award, grant, etc. is to be an amount determined by the Donor. The amount is to be taken from the accrued interest of the investments made by the Foundation.
The Donor may as it desires make the award from other funds it has and direct the Foundation to reinvest the earned interest until such time as the investments controlled by the Foundation are sufficient to fund it. A combination of accrued interest and additional funds from Donor can also be utilized.
Eligibility: The qualifications to receive the scholarship, award, grant, etc. shall be determined by the Donor.
Selection of Recipient: The Donor may select the recipient or have the Foundation select the recipient in accordance with the Donors eligibility requirements.
THE DUTIES OF THE FOUNDATION ARE AS FOLLOWS:
1. The Foundation agrees to receive the Donors funds in accordance with the “Foundation Policy on Acceptance and Disbursement of Funds”, and establish a restricted or unrestricted account in accordance with it’s Investment Policy.
2. The Foundation will award the scholarship, award, grant, etc. in accordance with the Donors Intent outlined above. In the case of a scholarship the Foundation will issue the award check payable to the educational institution of the awardee. The check can be sent to the Donor if they wish to make the presentation personally.
3. The Foundation will charge an administrative fee not to exceed 1% per annum. Brokerage and management fees of any investments will be approved by the Trustees of the Foundation. Currently there are no front or back end fees on the Foundations investments.
4. The Foundation will furnish and file a Federal Tax Form 990 for the Donor.
5. The Foundation will furnish a statement of the account to the Donor’s Trustee within thirty (30) days of receipt from the funds.
6. The Foundation shall on an annual basis advise the Donors successors, heirs and or assigns the use to which the funds were made the previous year.
7. The Foundation will establish a money market account for that portion of funds necessary to make the specified award.
8. The Foundation will provide the Donor with a voting seat on the Board of Trustees in accordance with the Foundation’s By-Laws.
9. If the Donor becomes deceased, ceases to exist or disbands without a legal successor and or assigns; the Foundation will continue to manage the funds and make awards in accordance with the original intent of the Donor as far as practicable. The Foundation may increase or decrease the amount of the award in order to perpetuate the award based on financial market conditions.
10. If the Foundation disbands or ceases to exist, the remaining funds less reasonable fees and expenses will be returned to the Donor or their legal heirs, successors and or assigns.
1. Donor and the Foundation shall negotiate any changes to this agreement in good faith.
2. Changes in addresses, contact persons and Trustees will be made in a timely manner to the other party.
3. Trustees of either party to this agreement may be changed and or appointed by either the Donor or Foundation respectively without consent or approval of the other party.
4. This agreement cannot be terminated unilaterally by either the Donor or Foundation.
5. This agreement is legally binding on and is enforceable by and against the parties, their heirs, successors and or assigns.
1. This agreement shall be governed by the laws of the State of Maryland.
2. No part of this agreement will be affected if any other part of the agreement is held to be invalid or unenforceable by a court of competent jurisdiction.
3. A parties failure to insist on compliance or enforcement of any provision of this agreement shall not affect the provisions validity or enforceability, or constitute a waiver of future enforcement of that provision or any other provision of this agreement.
IN WITNESS THEREOF, the parties agree to the terms and conditions outlined above.
Printed Name Date
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