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Submitting Foundation
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Foundation Name:
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The Community Foundation of Greater Lorain County
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Address:
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1865 N. Ridge Rd. East-Suite A, Lorain OH 44055
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Phone:
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(440) 277-0142
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Fax:
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(440) 277-6955
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Website URL:
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www.peoplewhocare.org
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Founded:
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1980
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Submitted By:
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Brian R. Frederick
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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 Community Foundation of Greater Lorain County has established a set of fund agreements that clearly outline the terms and conditions of donors’ gifts for different types of funds.
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What method is used for
monitoring and measuring outcome?
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In its fund agreements the foundation clearly lays out the permanent nature of the gift in a section titled: Fund not a Separate Trust. The variance power is specifically referenced so that donors will know that in cases where the stated intent of the fund becomes “unnecessary, incapable of fulfillment, impractical, or inconsistent…” with the charitable needs of the community the foundation has the responsibility for redirecting distributions.
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What were the results?
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Donors have a clear understanding of the terms and conditions of their gifts to the foundation.
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