DEED OF ENDOWMENT FOR ESTABLISHMENT OF WELFARE FUND FOR DESTITUTE WOMEN
THIS INDENTURE is made on this _________ day of __________, 20 ___ Between _________________ (Grantor) of __________________ (Address) (hereinafter called “the Donor”) of the ONE PART.
AND
Women Welfare & Community Foundation Society, a Society registered under the Societies Registration Act and having its registered address at __________________ (Address), (hereinafter called “the Society) of the OTHER PART.
WHEREAS the Donor is desirous of establishing a Welfare Fund (hereinafter called “the Fund”) in trust with the Society for charitable purposes for the welfare of destitute women in the Society.
AND WHEREAS the Society as Trustee have agreed to accept and be invested with the ownership of the fund and/or properties to be transferred in favour of the Society by the Donor for the purpose and the objects set forth by the Donor.
NOW THE DONOR HEREBY DECLARES as follows:
1. That in order to establish the Welfare Fund (hereinafter called “the Fund”), the Donor doth hereby transfer, convey and pay over to The Women Welfare & Community Foundation Society, as a charitable contribution, the following: ___________________________________.
2. The Society is athorized to accept additional contributions to the Fund in terms substantially similar to those set forth herein.
3. The initial purpose of the Fund shall be to establish an unrestricted endowment for the welfare of the destitute women in the Society irrespective of caste, creed or religion.
4. As and when necessary, with the approval of the committee additional named sub-funds may be established within the Fund provided that the establishing gift meets the Society minimum policy (currently Rs. 5,000 per sub-fund). The Committee shall specify the following in writing to the Society when requesting the establishment of a new sub-fund; name; a description of the charitable purposes and/or programmes to be supported; endowment or non-endowment designation; and any other information, restrictions or grant administration as may be required.
5. The Donor desires that the annual net income and/or principal from named non-endowment sub-funds be distributed to the (organization name) _________________ for the designated charitable purposes and programmes of the sub-funds. For grant distributions from endowment sub-funds, it is intended that grants will be made to the (organization name) ________________ from net income only. At the discretion of the (organization name) _______________ net income may be defined as interest and dividend income less administrative expenses, or may be annually computed based upon the current spending policy of the Society (currently 5% of the average past three yearend Fund balances).
6. Requests for additional distributions from endowment sub-funds beyond the above selected definitions of net income; i.e., distributions of principal, shall be in writing to the Board of Directors of the Society, and shall contain the statement that the direction is made with the approval of at least a two-third (2/3) vote of a quorum of the then Board of Directors of the (organization name) ______________________.
7. An Advisory Committee (hereinafter called the “Committee”) shall recommend grant distributions from the Fund and each sub-fund and recommend to the Board of Directors of the Society such other actions as it deems appropriate under such rules of procedures as the Committee may adopt. The Society may act upon receiving the written recommendation of the Chairperson of the Committee. The Committee shall consist of a minimum of three members, which shall be designated by the Board of Directors the (organization name) ____________________.
8. It is understood that the Committee is accountable to the Board of Directors of the (organization name) _____________________ and the Society. The Board of Directors has designated the people listed on Exhibit A to serve as the initial Committee for the (organization name) ___________________ Endowment Fund.
9. The Donor hereby acknowledges receipt of the Administrative Fee Schedule attached hereto as Exhibit B and accepts the terms of said schedule. The Donor further understands the fee schedule is subject to modification and may be increased or decreased at the sole discretion of the Society’s Board of Directors. The Donor agrees to be bound by the most current schedule of fees published by the Society.
10. The Donor is familiar with and accepts the terms of the Procedures for the Establishment and Operation of Funds of the By-laws of the Society. The Donor also understands that the Society, through its duly authorized committees, reserves the right to make the final decision regarding distributions from the Fund.
11. In the event that the (organization name) _________________ and its legal successors cease to exist, the Fund be converted to a field of interest fund from which grants will be distributed to charitable agencies providing similar services as currently being provided by the (organization name) __________________________.
IN WITNESS WHEREOF the parties hereto have executed these presents on the day month and the year first above written.
SIGNED SEALED AND DELIVERED at ________________
In the presence of:
1. .
2. .
(Signature of the Donor)
Accepted this _________________ day of ____________ 20 ____. The Women Welfare & Community Foundation Society By _____________________.
(Name & Designation) __________________________.
EXHIBIT A
THE WOMEN WELFARE & COMMUNITY FOUNDATION SOCIETY FEE SCHEDULE EFFECTIVE FROM _________, 20____
The administrative schedule applies to all funds at the Women Welfare & Community Foundation Society. This fee is used exclusively to support the Society’s operating expenses — your investment in a public charity dedicated to making your charitable giving easy, flexible and rewarding.
Annual administrative fees on the market value of fund assets:
1.00% on the first Rs.500,000
0.60% on the next Rs. 500,000
0.30% on the next Rs. 2 million
0.10% on all over Rs. 3 million Funds in excess of Rs.7 million are assessed a flat rate of 0.25%
The minimum fee is Rs.250 per year:-
· The above fees are annual and are assessed monthly based on the average fair market value of assets.
· For newly established funds, the minimum annual fee is prorated over the remainder of the year.
· A one-time charge of Rs.100 is made at the time of establishment.
· Funds will be charged for any extraordinary direct expenses incurred on behalf of a specific fund (such as commission for sale of contributed stock to the funds, etc.).
· Additional fees may be assessed for other services such as large numbers of transactions, special grant processing and review, or other enhanced services.
