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Home My WebLink About981340.tiff RESOLUTION RE: APPROVE AGREEMENT ESTABLISHING SPECIAL FUND AND AUTHORIZE CHAIR TO SIGN - COMMUNITY FOUNDATION SERVING GREELEY AND WELD COUNTY WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board has been presented with an Agreement Establishing Special Project Fund between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Sheriff's Office, and The Community Foundation Serving Greeley and Weld County, with terms and conditions being as stated in said agreement, and WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Agreement Establishing Special Fund Project between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Sheriff's Office, and The Community Foundation Serving Greeley and Weld County be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreement. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 3rd day of August, A.D., 1998. BOARD OF COUNTY COMMISSIONERS ��I� WELD COUNTY, COLORADO ATTEST: ur^gl f/ ��'► ( =��r5%�� a Constance L. Harbert, Chair Weld County Cler th :o W. EC Webster, Pro-Tem BY: # in�J. 4 ., Deputy Clerk t, 4 /y EXCUSED G rge E. Baxter AP AS ORM: Dale K. all ty Attor ey EXCUSED Barbara J. Kirkmeyer • 981340 .53) ' (a'vim, SO0016 AGREEMENT ESTABLISHING SPECIAL PROJECT FUND THIS AGREEMENT is made and entered into this 3rd day of c5 f- , 1998, by and between THE COMMUNITY FOUNDATION SERVING GREELEY AND WEL COUNTY, a Colorado not-for- profit corporation, with its principal offices located at 801 8th Street, Suite 220-J, Greeley, Colorado 80631-3900 (hereinafter"Foundation"), and Weld County, Colorado at 915 Tenth Street, Greeley, Colorado 80631 (hereinafter "Weld County"). 1. Background Information. The following background information is provided to assist in understanding the purposes and objectives sought to be attained by the parties to this Agreement and is to be referred to as an aid in construing and interpreting this Agreement. 1.1 Foundation is a not-for-profit corporation organized and existing under and by virtue of the laws of the State of Colorado. 1.2 Foundation is a"community foundation"and is exempt from federal and Colorado income tax by reason of its status as a publicly-supported charity within the meaning of the Internal Revenue Code § 501(c)(3) and §170(b)(1)(A)(vi). 1.3 Foundation has provided a copy of its favorable Internal Revenue Service Determination Letter to Ed Jordan and Ed Jordan acknowledges receipt of such Letter. Foundation represents that the Internal Revenue Service has neither advised Foundation that it has revoked Foundation's § 501(c)(3) and publicly-supported charity status nor that such status is under review. 1.4 Foundation's Board of Directors has determined that the accomplishment of Foundation's purposes will be promoted if Foundation cooperates with community-minded individuals and/or organizations who/which have developed a community-focused project to meet particular community needs existing at particular times. These special projects are anticipated to be supported by a substantial number of contributors who understand that the funds contributed by them for the accomplishment of the projects will be fully expended in completing the project and that Foundation's participation in the project will not involve the creation of any type of permanent endowment fund. The types of projects eligible to participate in The Community Foundation Serving Greeley and Weld County Special Projects Fund Program are those which, in the opinion of Foundation's counsel, probably would qualify for tax-exempt status under § 501(c)(3) of the Internal Revenue Code. 1.5 Foundation's Special Project Fund Program anticipates that the Sponsors of the project will solicit contributions and will accumulate the funds required to complete the project over a period of several months. Pending the accumulation of sufficient funds to initiate and/or complete the project, such funds are to be paid to, held, and administered by Foundation. Acceptance of the project into Foundation's Special Project Program does not/will not result in the creation of any type of endowment fund as the amounts contributed and all earnings thereon are anticipated to be expended to accomplish the project and Sponsor agrees to include in its printed promotional materials an appropriate disclosure to this effect. 1.6 Foundation's Board of Directors has determined that the project which is the subject of this Agreement meets the criteria established by Foundation to participate in The Community Foundation Serving Greeley and Weld County Special Project Fund Program. 2. Creation of Special Project Fund. Foundation has agreed to establish a Special Project Fund to be known as the"Posse Barn Fund." 3. Deposits to and Disbursements From Special Project Fund. Foundation hereby acknowledges receipt of an initial deposit to the Posse Bark Fund in the amount of$100.00. Foundation agrees to accept further and additional cash contributions to the fund. All contributors to the Fund must earmark the contribution for the fund. Foundation will issue to contributor any Internal Revenue Code required receipts. Foundation will invest all funds received by it on behalf of the fund in short-term financial instruments. Disbursements shall be made from the fund to pay expenses incurred by Sponsor to accomplish the project. Disbursements shall be made pursuant to written authorizations issued by Sponsor subject to approval by Foundation's designee (approval by Foundation is required to assure that no expenditures are made which could jeopardize the Foundation's status as a community foundation.) 4. Compensation to Foundation. Foundation shall receive compensation for the services provided by Foundation in creating, administering, monitoring and disbursing the fund, as well as completing all required Internal Revenue Service filings with respect to the Fund. Foundation's compensation shall be computed as follows: 1%. 5. Rules Applicable to Administration of Special Project Funds. Foundation will hold and administer the Special Project Fund in accordance with: (a)the provisions of this Agreement; (b) Foundation's organizational documents, policies, rules and regulations, including any future amendments thereto (all of which provisions and amendments are incorporated herein by reference); and ©all laws and regulations applicable to publicly-supported charities, in general, and to community foundations, in particular. 6. Disposition of Excess Funds. If the accomplishment of the project does not require all of the funds held by Foundation for the accomplishment of the project,the excess funds shall be used exclusively for charitable purposes that are within the scope of the charitable purposes that are within the scope of the charitable purposes of Foundation's Articles of Incorporation and most nearly approximate, in the good faith opinion of Foundation's Board of Directors,the original purposes of the Special Project Fund established pursuant to this Agreement. 7. Interpretation and Application of Agreement to Maintain Foundation's Tax Status. It is the intent of the parties that federal income, gift and estate tax charitable deductions shall be allowed to donors and to their estates with respect to contributions made to the Special Projects Fund created by this Agreement. It is Foundation's intention that Foundation shall continuously qualify as an organization described in Internal Revenue Code §§ I70(b)(I)(A), 170(c), 2055(a), and 2522(a). This Agreement shall be interpreted and applied to comply with the requirements of federal tax law for allowance of charitable deductions and to continue Foundation's current tax status. Foundation is authorized to amend this Agreement, if necessary, by unilateral action,to conform to the provisions of any applicable law or regulation in order to carry out the foregoing intentions. THE COMMUNITY FOUNDATION SERVING WELD COUNTY BOARD OF COMMISSIONERS GREELEY AND WELD COUNTY d/, BY:,' 2 z ZidA AConstance . Har. �03/98) ♦., _f,. Attest: ,dui By: Depe Hello