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Partner in Philanthropy & Endowment Application
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Partner in Philanthropy & Endowment Application
Partner-In-Philanthropy & Endowment Application
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If different from Primary Contact
Type of Entity
Donor Advised Fund
Tax Status ?????????????????????????????????????????????????
Is this supposed to be a entity type or its own thing??????????????????????????????
State of Formation
1. APPLICANT TAX STATUS
The Organization named above (“Applicant”) represents and acknowledges that it has the tax status set forth above and that it is qualified to receive charitable grants.
2. PARTNER-IN-PHILANTHROPY PROGRAM
Applicant hereby applies to Legacy Global Foundation, Inc. (“Legacy”) to receive the charitable benefits and disbursements (grants) of its Partner-In-Philanthropy program including: 2.1.The assistance of Legacy to illustrate, design, and implement Planned Giving for Donors referred to Legacy by Applicant. Planned Giving includes Split-Interest Gifts such as Charitable Gift Annuities (“CGAs”), Charitable Remainder Trusts (“CRTs”), Charitable Lead Trusts (“CLTs”), and other gifts of a similar nature; 2.2.The allocation of funds available for immediate charitable use resulting from such Planned Giving to the Endowment Fund for the benefit of Applicant. Such allocation may vary with each gift and plan. Such allocation is subject to the availability of funds, IRS regulations, applicable law, and protecting the interests kept by the donor(s) of a Split Interest Gift. Split Interest Gifts are established individually by separate Application. 2.3.The creation of an Endowment held by Legacy in association with the Partner-In-Philanthropy.
Type of Endowment
Board Directed (Default) (3.1.2)
Term of Years (3.1.3)
Program Term (3.1.4)
Restricted Organization (Organization Specific) (3.1.5)
Restricted (Cause Specific) (3.1.6)
Term of Years
How long will the Endowment support the organization?
What program will the Endowment support?
Applicant hereby applies to Legacy to establish an Endowment Fund (“Endowment”) for the benefit of Applicant as follows:
3.1. Type of Endowment Fund
Applicant agrees and affirms the choice of Endowment Type as indicated on this Application. Endowment Type may not be changed subsequent to the date of this Application without the consent of Legacy’s Board and legal authorization to make such change. Endowment Type selection has legal, financial, tax, and program implications which may restrict the use of funds and the operations of the Endowment. Applicant acknowledges the following restrictions apply based on the choice of Endowment Type and agrees to abide by such.
3.1.1. IRS Definitions
“Quasi Endowment”, “Semi-Permanent Endowment”, and “Permanent Endowment” are endowments types as defined by the IRS. Each type has specific legal, financial, and tax implications and guidelines. The five endowment type options offered in this Application are subject to applicable law and IRS code as determined by the IRS endowment type specified in this Application.
3.1.2. Board Directed (Quasi-Endowment)
The Endowment will be operated for the benefit of the specified Organization, Applicant, or Program under the direct oversight of Legacy’s Board. Legacy’s Board shall manage the Endowment in its discretion subject to the terms of Legacy’s By-Laws and Policies & Procedures.
3.1.3. Term of Years (Semi-Permanent Endowment)
The Endowment will support the specified organization for a term of years as indicated in this Application. Support will continue for the indicated term and will cease upon the conclusion of such a term. If needs or programs change during such term, Applicant may apply for an extension of the term. Such extension is subject to approval by Legacy’s Board, the measurable charitable impact of such an extension, and the existing financial state of the Endowment. All funds remaining in the Endowment at the termination of the Term will be applied to the General Funds of Legacy, or to a Fund, Program, or Organization as agreed upon at the time of this Endowment Application.
3.1.4. Program Term (Semi-Permanent Endowment)
The Endowment shall exist and operate for the duration of the charitable program indicated in this Application. Grants and disbursements from the Endowment may be made to any qualified recipients which further the work and impact of the specified charitable program. The Endowment will terminate at the conclusion of the program/project indicated in this Application.
3.1.5. Restricted - Organization Specific (Permanent Endowment)
The Endowment fund is restricted to the benefit of the specified Organization “Applicant” as stated in this Endowment Application. Endowment funds may not be used for any other purpose, including other charitable endeavors of Legacy, Legacy programs, or other qualified parties as long as Applicant qualifies as a public 501(c)3 tax-exempt organization. 18.104.22.168.Organizations which are not qualified as public 501(c)3 tax-exempt organizations must qualify under applicable law to be the beneficiary of a permanent charitable endowment in order to make this selection. If this selection is made by a non-qualified organization, the Endowment will operate as a Board Directed Endowment and be subject to the terms of such. 22.214.171.124.Should this Application contain restrictions regarding the program use of Endowment funds or the scope of charitable activities of the Applicant, Applicant must maintain programs and charitable activities which adhere to such provisions and restrictions and Applicant is required to not violate such terms to maintain a Restricted (Organization Specific) Endowment. If such violation occurs, the Endowment will be converted to a Board Restricted Endowment and subject to the terms of such.
3.1.6. Restricted - Cause Specific (Permanent Endowment)
The Endowment shall exist and operate for the benefit of the cause or program indicated in this Application. The Endowment is restricted to the benefit of such charitable cause. 126.96.36.199.Endowment funds may not be used for any other purpose, including other charitable endeavors of Legacy, Legacy programs, or other qualified parties as long as there is a charitable need for the indicated program or cause. 188.8.131.52.1.An example of a program that may be discontinued would be a fund to find a cure for cancer and a cure for cancer being discovered. Restricted (Cause-Specific) Endowments with discontinued programs will direct the remaining resources of the Endowment to a related, or similar cause under the direction of Legacy’s Board. 184.108.40.206.Grants and disbursements from the Endowment may be made to any qualified recipients which further the work and impact of the specified charitable program.
3.2 .Applicant Qualification
The Endowment will be a component fund of Legacy administered for the benefit of Applicant, subject to the provisions of this Application, so long as Applicant qualifies as a public 501(c)3 tax-exempt organization or otherwise qualified recipient. If the tax status of Applicant changes, or if Applicant ceases to qualify as a public 501(c)3 tax exempt organization, Applicant may recommend, and Legacy shall have the absolute right to determine in its discretion, a qualified alternative.
3.3. Endowment Disbursements
The purpose of the Endowment is to build an investment fund to provide income in support of Applicant. Not more than twelve times each year, Applicant may request a grant of all or part of the income to or for the benefit of Applicant. Undistributed income in any year will be added to principal at the end of that year. For purposes of this paragraph, the term “income” shall include increases to the Fund from investments such as dividends and interest and shall not include increases to the Fund from appreciation, grants or gifts. A grant of principal will not be made except upon written application and prior approval of Legacy's Board.
3.4. Reporting Requirements
Applicant shall supply Legacy with information concerning the use of all grants sufficient to determine that such disbursements are used for qualified tax-exempt purposes consistent with Legacy's mission.
3.5. Endowment Investment
The applicant may recommend investments or investment advisors for the Fund. Legacy shall carefully consider but not be bound by such recommendations. Legacy shall have exclusive investment authority concerning the Fund. Legacy is not obligated to preserve the historical value of the Fund. Legacy shall have exclusive authority to establish policies and procedures for the Fund.
3.6. Endowment Costs
Legacy shall pay all costs of any kind or nature associated with the Fund directly from the Fund. Legacy may allocate from the Fund to Legacy's general operating account an amount equal to 1% (one percent) of the Fund annually and 1% (one percent) of any grant, expense, or disbursement made. The terms of this paragraph are subject to Legacy’s current Policies and Procedures and may be updated by Legacy’s Board. 3.6.1.Annual allocations on Endowments averaging over $10,000,000 in assets may be less than 1% (one percent) annually based on the current basis point scale set for accounts of the applicable size by Legacy’s Board.
Any lawfully permitted party may make gifts or contributions to the Fund at any time. All contributions to the Fund, once accepted, are an irrevocable gift. Legacy reserves the right to decline any gift.
3.8. Taxation of Disbursements
Recipients of grants or disbursements from Endowment funds may be sent a 1099, K1, or other applicable disbursement tax form as required by law.
3.9. Endowment Closure
Funds and assets of Endowments that are closed or discontinued for any reason will revert to the general funds of Legacy unless prior agreements regarding the distribution of such have been made. 3.9.1.Permanently Restricted Endowments and Semi-Permanent Endowments will first revert to Quasi-Endowments under the direction of Legacy’s Board. Legacy’s Board will make reasonable and lawful efforts to apply such funds and assets for the benefit of the original charitable intent of the donor(s) and recipient organizations or programs.
4. LEGACY & APPLICANT ACKNOWLEDGEMENTS
Applicant understands and acknowledges that:
4.1. Reinsurance, Investment, & Commissions
Legacy may purchase certain commercial financial instruments to secure its Split Interest Gift obligations. Although Legacy pays no commissions to any party for any gift, Legacy's purchase of commercial financial instruments may result in the payment of commissions to financial advisors and others by third-party insurance or investment companies.
4.2. Treatment of Funds
After Legacy covers its obligations and expenses, Split-Interest Gifts may result in funds available for immediate charitable use by Legacy. Because the details of every Split Interest Gift are different, the exact portion of any Split Interest Gift that is attributed as funds available for immediate charitable use is unknown, and will be determined on a case-by-case basis. 4.2.1.Funds from Split-Interest Gifts that may be available for immediate charitable use may be allocated to: 1) The Endowment Fund as specified by this Application, 2) Immediately granted to the Partner-In-Philanthropy for charitable use. 3) Applied towards the charitable mission, programs, and operations of Legacy. The allocation of such funds is subject to the terms of this Application and is determined by Legacy’s Board. 4.2.2.During the life or upon the death of a Donor, Legacy may also hold other charitable funds in Donor Advised Funds or in an associated Endowment Funds which are subject to their respective governing instruments. 4.2.3.The ultimate charitable allocation of Split-Interest Gifts originating from Donors introduced by a participating Partner-In-Philanthropy is intended to be the Endowment Fund associated with such Partner-In-Philanthropy. The Donor retains the right to specify another qualified recipient.
4.3. Protected Interests
Legacy agrees to promote and protect the charitable interests of the Parter-In-Philanthropy. 4.3.1.Legacy agrees to promote the associated Endowment Fund to the Donor. 4.3.2.Legacy will not knowingly solicit Donors that are introduced to Legacy by a Partner-In- Philanthropy on behalf of another organization. 220.127.116.11.Such restriction does not prevent Legacy from promoting the use of a Donor Advised Fund for the benefit of the Partner-In-Philanthropy or associated Applicant Endowment. 18.104.22.168.Such restriction does not prevent Legacy from promoting the best interests of such donors and from following the donors’ personal charitable intent and designations. 22.214.171.124.Such restriction does not prevent Legacy from using mailing lists, contact information, or available information to promote Legacy or Legacy’s programs.
5. RELATIONSHIP OF PARTIES
The term “Partner-In-Philanthropy” refers only to a charitable program of Legacy and not to a partnership between Legacy and Applicant. There is no grant of agency, no authority to bind or commit, no co-mingling or restriction of assets, no assumption of liability, no pledge or grant of security interest, no joint venture, no exchange of consideration or promises, and no grant of any power or authority that would constitute a partnership express or implied of any kind or nature by or between Legacy and Applicant. The applicant is applying for charitable disbursements, grants and associated charitable benefits from Legacy which Legacy may approve or deny at any time. Under the oversight of Legacy’s independent governing Board, Legacy manages Endowment Funds pursuant to applicable law and regulation.
Applicant requests Legacy to establish a link on its website to Applicant's web site, and Applicant agrees to do the same on its website for Legacy at www.legacyglobal.org.
7. ATTACHMENTS ????????????????????????????
Such supplemental materials are considered to be part of this Application and Applicant certifies that all information provided is accurate to the best of their knowledge.
By signing below, I certify that I am authorized to make an application of this nature on behalf of my organization and I have read and made this Application pursuant to its terms, and that to the best of my knowledge the information provided by me is accurate and complete.