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Submitting Foundation
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Foundation Name:
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Kalamazoo Community Foundation
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Address:
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151 S. Rose Street, Suite 332, Kalamazoo, MI 49007
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Phone:
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(269) 381-4416
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Fax:
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(269) 381-3146
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Website URL:
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www.kalfound.org
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Founded:
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1925
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Submitted By:
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Jack Hopkins
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Title:
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President/CEO
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Practice Example Details
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Methodology:
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fund agreements
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Standard:
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Contributions to a community foundation represent irrevocable gifts subject to the legal and fiduciary control of the community foundation's governing body.
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How does this practice
meet the applicable standard?
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The Kalamazoo Community Foundation has established a full set of fund agreement letters that clearly set out the terms and conditions of donors’ gifts.
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What method is used for
monitoring and measuring outcome?
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The Kalamazoo Community Foundation’s fund agreements are in the form of a letter. Each fund agreement letter is customized to fit the type of fund. The letters clearly state the permanent/non-permanent nature of the gifts and the terms and conditions of each type of gift. The fund letters set out the non-revocable nature of the gifts, the fiduciary responsibility of the foundation, and the variance power.
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What were the results?
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Donors have a clear understanding of the terms of their gifts and the fiduciary responsibility of the foundation to ensure that the funds are expended for the purposes intended.
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