Blackwater Ministerial Association Fund

TYPE OF FUND: Agency Endowment

DATE ESTABLISHED: January 2022

PURPOSE: The fund provides support for the Blackwater Ministerial Association.

DISTRIBUTION: The fund shall be distributed at the discretion of the Board of Directors of the Foundation.  The fund is intended to be a temporarily endowed fund for the Blackwater Ministerial Association Fund.  The Foundation shall make a distribution on an annual basis as outlined in the Foundation’s general policies to the Blackwater Ministerial Association, for the purposes outlined herein, with the exception that, upon recommendation of the Board of Directors of the Blackwater Ministerial Association, the distribution may be reinvested in the fund.

Distributions in excess of the “annual spending policy” of the Fund may be made to the Blackwater Ministerial Association in any year as determined by the Board of Directors of the Foundation.  Recommendations for such distributions may be submitted to the Foundation by the Blackwater Ministerial Association governing board in writing, accompanied by two signatures.  The two designated signatories will typically be the manager and treasurer; however, this can be changed if either one becomes incapacitated. In such cases, another board member may sign.  Recommendations of the governing board shall be solely advisory and not binding on the Foundation, but approval of such distributions by the Foundation shall not be unreasonably withheld. 

VARIANCE POWER: If, in the judgment of the TCF Board of Directors, the restrictions and conditions of the Fund become unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community, the TCF Board of Directors maintains the right to modify the terms of this fund.  TCF has exclusive legal control over its assets.

FUNDING: The donor transferred and delivered $30,000 to the Foundation to establish the fund.