Charity Blossom Donor Advised Fund
WITH THIS AGREEMENT, you are transferring on the date hereof ownership of funds in the total amount indicated by you on the Charity Blossom website (the "Contribution") to Charity Pass dba Charity Blossom ("Charity Blossom"), an organization exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code (the “Code”) and classified as a public charity under Code Section 509(a)(1) (the “Charity”). The Contribution constitutes an irrevocable gift from you to the Charity, is not refundable to you, and, upon acceptance by the Charity, is subject to the following terms and conditions:
1. The Contribution will be held in the Charity Blossom Fund, a donor advised fund established as a fund on the books of the Charity (the “Fund”), to be applied towards the charitable purposes of the Charity as stated in its governing documents.
2. The Fund shall include the Contribution, any other property that has been previously transferred or may later be transferred to the Charity for inclusion in the Fund and accepted by the Charity (whether from you or from another donor), and such income from property in the Fund as the Board of Directors of the Charity may, in their discretion, credit to the Fund, less the fees as described below, as amended by the Charity from time to time.
3. Assets of the Fund may be commingled for purposes of investment with other assets of the Charity. Any Fund assets that are not distributed to a grantee of the Charity will be invested in the sole and absolute discretion of the Charity.
4. The Charity shall have the right to deduct the following fees from the Contribution before making a grant of the net Contribution: 7% or $3.00. This includes a fee of approximately 4% paid to the payment transaction provider, PayPal. The Charity shall have the right to amend the foregoing schedule of fees at any time and without notice to you.
5. You may, with respect to the Contribution and only with respect to the Contribution, make a recommendation for grants to organizations that are recognized by the Internal Revenue Service as described in Code Section 501(c)(3) and are classified as public charities under Code Section 509(a)(1).
6. Notwithstanding the foregoing, you acknowledge and confirm that, in accordance with the Charity’s governing documents (as amended from time to time), the Charity owns the Fund and has the ultimate authority, discretion, and control over all property in the Fund and the income derived from it, including the authority to vary the terms of any gift in certain circumstances. Charitable distributions from the Fund shall be made at such times, in such amounts, in such ways, and for such purposes as the Charity shall determine, in its sole and independent discretion, within the scope of the charitable purposes of the Charity and subject to applicable restrictions under the Code. The Charity may, but shall not be obligated to, seek additional advice from you on making a grant from the Contribution if the Charity, in its sole and independent discretion, determines not to act in accordance with advice you have already given.
7. It is understood that no distributions will be used to discharge or satisfy a legally enforceable charitable pledge or obligation of you or any other donor or advisor to the Fund (each a “Donor/Advisor”), to pay for goods or services of value received by any Donor/Advisor, or otherwise to provide a benefit to any Donor/Advisor.
8. The Fund is a component part of the Charity and is not a separate entity for tax purposes. It is intended that nothing in this Agreement shall affect the status of the Charity as a charitable organization described in Section 501(c)(3) of the Code, and as an organization that is not a private foundation within the meaning of Section 509(a) of the Code. This Agreement shall be interpreted to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto. You hereby authorize the Charity to amend this Agreement in its sole discretion and without notice to you to conform to the provisions of any applicable law or government regulation in order to carry out the purposes of the Fund.
9. The Charity shall at all times keep your personal information confidential; provided, however, that (i) the Charity may provide such information to its independent contractors from time to time to facilitate the Charity’s work; (ii) the Charity may disclose such information as required by law; and (iii) the Charity may transfer such information to a successor charity sponsor of the Fund.
10. The Charity shall have the right to assign its rights and obligations under this Agreement (including, without limitation, to transfer the Fund to an assignee that is an organization exempt from federal income tax under Code Section 501(c)(3) and classified as a public charity under Code Section 509(a)(1)). You may not assign any of your rights or obligations hereunder without the prior written consent of the Charity, which consent the Charity may withhold in its sole discretion.
11. If you are an entity, you hereby represent to the Charity that you are duly formed, validly existing and in good standing in your jurisdiction of formation and in all other jurisdictions where your execution of this Agreement and the performance of your obligations hereunder may require you to be qualified to do business. You further represent that the person executing this Agreement and making the Contribution on your behalf has been duly authorized in all respects to do so.
12. This Agreement shall be interpreted and construed in accordance with the laws of the State of California applicable to contracts to be performed entirely within such State. The failure of the Charity to exercise any of its rights under this Agreement shall not be deemed a waiver of such rights.
13. This Agreement constitutes the only agreement, and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. This Agreement may not be amended or modified, except in a writing signed by both parties to this Agreement or as otherwise permitted herein with respect to amendments to this Agreement by the Charity.
14. Each provision of this Agreement shall be separately enforceable, and the invalidity of one provision shall not affect the validity or enforceability of any other provision.
This Agreement is dated as of April 19, 2012.