SAMPLE SCHOLARSHIP FUND AGREEMENT. October 1, 2015

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Juliana Hutchinson
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1 2 Science Curt Phne: (608) r (888) P.O. Bx 5010 Fax: (608) Madisn, WI Octber 1, 2015 SAMPLE SCHOLARSHIP FUND AGREEMENT «CnAdrSal_Addressee» «CnAdrPrf_Addrline1» «CnAdrPrf_Addrline2» «CnAdrPrf_City», «CnAdrPrf_State» «CnAdrPrf_ZIP» RE: FUND NAME Dear «CnAdrSal_Salutatin», Thank yu fr agreeing t establish a permanent endwment fund with the Madisn Cmmunity Fundatin (MCF). The prperty that makes up this gift shuld be listed n the final page f this agreement. Yu have indicated yur intentin that the gift perate as a cmpnent Schlarship endwment fund f the Madisn Cmmunity Fundatin ( we r us ). This letter cnfirms the terms under which the Madisn Cmmunity Fundatin will administer yur gift. We agree that yur gift, tgether with any future gifts that yu r thers might make (with directins that we add it t yur riginal gift), will be held by us in a separate fund t be knwn as the FUND NAME. In this letter, this fund will simply be called the "Fund." We will administer and distribute the Fund in accrdance with this letter and ur gverning instrument (which may be amended frm time t time). A cpy f that gverning instrument is attached. Wells Farg Bank is currently ur Trustee and is the master custdian f all MCF funds. The Fund will be pled with the assets f ur ther cmpnent funds and invested by us with thse assets. It is ur plicy t distribute each year a certain percentage f the value f the Fund assets. This distributin plicy is subject t change by ur Bard f Gvernrs prvided that any changes shall be applied unifrmly t all funds administered by us. The percentage is reviewed and determined annually by ur Bard and typically ranges between fur and five percent (4 t 5%). Our current plicy is t apply the percentage t the average value f the assets in the Fund ver the prir 12 quarters. Distributin frm the Fund will be adequate t meet the Fund s purpse (see Fund Descriptin).

2 Page 2 Under nrmal circumstances, we will make these distributins frm the Fund at least nce each year t rganizatins that qualify as tax-exempt public charities under the apprpriate sectins f the Federal tax cde [sectins 170(c) and 509 (a)] t enable thse rganizatins t carry ut their charitable and exempt purpses. We nrmally fund rganizatin serving the resident f Madisn and Dane Cunty. In this letter, these rganizatins are called Qualifying Charities. It is ur understanding that the Fund is t be an endwment fund and, under nrmal circumstances, MCF will nly make the distributins described in the prir paragraph. The balance f the Fund will be invested. Nevertheless, yu have agreed that we may als make additinal distributins if such distributins will advance ur charitable and exempt purpses, and benefit the cmmunity. The final decisin n all distributins rests with us, but we will give careful and thughtful cnsideratin t any advice yu may ffer. The Fund will be charged certain fees. At the present time, ur plicy is t charge the Fund fr: Custdial fees and the Fund s investment manager fees. An amunt equal t ne percent (1%) per annum f the fair market value f the Fund. (This ne percent fee will be assessed mnthly based n the value f the Fund at the end f each mnth.) In additin, the Fund may als be charged fr csts directly related t its peratin. This plicy may be changed frm time t time prvided that any changes are applied unifrmly t all funds administered by the Fundatin. Each year, yu will receive a cpy f ur annual reprt. In additin, at yur request, we will prvide a cpy f ur annual audited financial statements prepared by ur accuntants. Under ur gverning instrument, and in accrdance with Federal tax law, we can mdify the restrictins n distributins frm the Fund, but nly if we shuld determine that they have becme unnecessary, incapable f fulfillment, r incnsistent with the charitable needs f ur cmmunity. If the time cmes t terminate the Fundatin, it will distribute any assets left in the Fund t apprpriate Qualifying Charities.

3 Page 3 Please cnfirm that this letter accurately sets frth the mutual agreement between MCF and yu by signing, dating and returning the enclsed extra cpy f this letter. Fr the cmmunity served by yu and the Madisn Cmmunity Fundatin, thank yu fr yur gift. Sincerely, MADISON COMMUNITY FOUNDATION By: Blaine Renfert, Bard Chair Date I acknwledge receipt f a cpy f this letter and cnfirm that it accurately sets frth my agreement with the Madisn Cmmunity Fundatin regarding the peratin f the FUND NAME. Signature (Print Name) Date Signature (Print Name) Date Phne Enclsures

4 Page 4 FUND NAME Fund Details Fund Descriptin Please prvide a brief descriptin f the fund t be included in ur publicatins (if desired): Gift t establish Fund (Check ne): Stck Transfer Check/Cash Transfer frm existing Fund Graduated Acrn Fund r Red Balln Fund Scially Respnsive Investment (SRI): Fundhlders wh desire a scially respnsive investment (SRI) ptin shuld mark the bx belw. By default, MCF will invest all funds in the bradly diversified investment prtfli unless the SRI ptin is specifically requested at the time the fund is pened. Fundhlders are encuraged t cnsider this ptin carefully as MCF des nt permit investment ptin changes after the fund is pened. Please invest my fund in the SRI prtfli: Annymus Listing: Fund name and fund advisr name(s) will be reprted t grantee rganizatins (charities yu supprt with grants frm yur fund) unless specifically nted belw. Additinally, MCF may publish fund and fund advisr name(s) in its publicatins unless specific nted belw. Please d NOT publish my fund name in MCF publicatins r nline: Please d NOT share my fund name with grantee (receiving) rganizatins:

5 Page 5 Fund Statements: Fund statements are available by lgging int Madisn Cmmunity Fundatin website. If yu wuld prefer t receive a paper statement via the US Pstal Service, please indicate belw: Please mail annual paper statements t my address f recrd: Additinal Ntes fr the fund file:

Designated Fund Contribution Form

Designated Fund Contribution Form 1 Designated Fund Cntributin Frm Name(s) Address Street City State Zip Alternate Address: Business Seasnal Street City State Zip Telephne Wrk Hme Cell Email: Alternate email: Hw did yu hear abut the Cmmunity