Loading...
HomeMy Public PortalAbout05-2003-5 RESOLUTION NO.2003- . SCANNEr A RESOLUTION APROVING PUTNAM COUNTY FOUNDATION FUND AGREEMENT WHEREAS, the City of Greencastle, the Citizens Advisory Council for Industrial Development (CACFID), and the Putnam County Foundation entered into a Fund Agreement December 27, 1995, in the amount of $650,000 for the purpose of providing support for Greencastle Industrial Development as administered by the CACFID;and WHEREAS, it is necessary to enter into an updated fund agreement with the Putnam County Community Foundation for funds held by it on behalf of the City of Greencastle CACFID in order to eliminate irrelevant or outdated terms of the original agreement,and to meet required federal and foundation requirements. NOW THERFORE BE IT RESOLVED THAT THE CITY OF GREENCASTLE through it Common Council approves the attached Designated Endowment Fund Agreement and submits it to the Greencastle CACFID for approval. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this //Aday of NY-_G.0 ,2003. y Thomas W.Roach / Ma k N.Hammer j// l 1 Robert Sedlack Joe M.Liech Michael W.Rokicki Approved and signed by me this //(, day off � ,2003,at 4 •3Q o'clock p.m. { ) �uC - NancyM hael,Mayor ATTE Pamela S.Jones,Cle c--V surer r-1 r1. THE PUTNAM COUNTY COMMUNITY FOUNDATION,INC. DESIGNATED ENDOWMENT FUND AGREEMENT II Greencastle Industrial Development Fund THIS AGREEMENT, is made and entered into on the date indicated by the signatures on the last page by and between THE PUTNAM COUNTY COMMUNITY FOUNDATION, INC. (hereinafter referred to as the "Foundation")and the CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL DEVELOPMENT AND THE CITY OF GREENCASTLE(hereinafter referred to as the "Founding Contributors"). THIS AGREEMENT replaces and supercedes any previous documents and agreements. WITNESSETH: WHEREAS,the Founding Contributors desire to create a charitable designated endowment in the Foundation; and WHEREAS,the Foundation is a nonprofit Indiana corporation exempt from taxation under Internal Revenue Code("Code")section 501 (c) (3), a public charity described in section 170(b)(1)(A)(vi)of the Code, and accordingly an appropriate institution within which to establish such a charitable endowment; and WHEREAS,the Foundation is willing and able to create such an endowment as a Designated Endowment Fund, subject to the terms and conditions hereof; NOW THEREFORE,the parties agree as follows: 1. NAME OF THE FUND. There is hereby established within the Foundation, and is a part thereof,a fund designated as the GREENCASTLE INDUSTRIAL DEVELOPMENT FUND, hereinafter referred to as("the Fund")to receive gifts, in whatever form of money or property, and to administer the same. 2. PURPOSE. The primary purpose of the Fund shall be to provide financial support for Greencastle Industrial Development as administered by the Citizens Advisory Commission for Industrial Development, Greencastle,Indiana, a committee of the City of Greencastle, to carry out its role and mission as described by its governing documents. 3. GIFTS. The Founding Contributors have transferred, irrevocably to the Foundation, the sum of$650,000.00. Subject to the right of the Foundation to reject any particular gift, any person whether an individual,corporation,trust, estate,or organization(hereinafter referred to as "Donor")may make additional gifts to the Foundation for the purposes of the Fund by a transfer to the Foundation of property acceptable to the Foundation in whole or in part from the Fund. All gifts,bequests, and devises to this Fund shall be irrevocable once accepted by the Foundation. 4. DISTRIBUTION. The Community Foundation has adopted the Uniform Management of Institutional Funds Act(UMIFA). It establishes its investment,payout, and disbursement policies in accordance with UMIFA standards and definitions,the Foundation's S:\PCCF Funds\CACFID\CACFID Updated Fund Agreement.doc 2 mission,the needs of the community,and the interests of its donors. The Board of the Foundation may appropriate for expenditure the interest, dividends, and net appreciation (realized and unrealized), in the fair market value of the assets of an endowment fund as is prudent under the standards. The earnings allocable to the Fund, net of the fees and expenses set forth in paragraph 11, may be committed, granted, or expended only for purposes described in Section 2,pursuant to the investment and payout policies of the Foundation. If any gifts to the Foundation for the purposes of the Fund are received and accepted subject to a Donor's conditions or restrictions as to the use of the gift or income therefrom, said conditions or restrictions will be honored, subject,however, to the authority of the Foundation's Board of Directors(hereinafter the "Board")to vary the terms of any gift if continued adherence to any condition or restriction is in the judgment of the Foundation's Board unnecessary, incapable of fulfillment, or inconsistent with the charitable or other exempt purposes of the Foundation or needs of the community served by the Foundation. No distribution shall be made from the Fund to any individual or entity if such distribution will in the judgment of the Foundation endanger the Foundation's Code section 501 (c)(3)status. 5. ADMINISTRATIVE PROVISIONS. Notwithstanding anything herein to the contrary,the Foundation shall hold the Fund,and all contributions to the Fund, subject to the provisions of the applicable Indiana laws and the Foundation's Articles of Incorporation and By- laws. The Board shall monitor the distribution of the Fund to ensure it is used exclusively for charitable or other exempt purposes(within the meaning of Code section 170 (c)(1)or(2)(b), and shall have all powers of modification and removal specified in United States Treasury Regulations Section 1.170A-9 (e)(11)(v)(B). The donor hereby designates the Mayor of the City of Greencastle as its agent for service of notice by the Foundation of any actions taken or contemplated. The agent will notify the Foundation in writing of changes in the agent designation. The Board agrees to provide the agent and any Donor that has contributed to the Foundation at least$5,000, a copy of the annual examination of the finances of the Foundation as reported upon by independent certified public accountants. 6. CONDITIONS FOR ACCEPTANCE OF FUNDS. The Foundation agrees and acknowledges that the establishment of the Fund herein and the transfer of the funds thereto is made subject to IC 36-1-14-1. The Founding Contributors agree and acknowledge that the establishment of the Fund herein created is made in recognition of, and subject to,the terms and conditions of the Articles of Incorporation and By-laws of the Foundation as from time to time amended. 7. CONTINUITY. The Fund shall continue so long as assets are available in the Fund and the purposes in the Fund can be served by its continuation. If the Fund is terminated because the intended purposes are no longer meaningful or possible,the Foundation shall devote the remaining assets in the Fund for charitable purposes that most nearly resemble, in the opinion of the directors of the of the Putnam County Community Foundation, Inc.,the original intended purpose of the Fund. 8. NOT A SEPARATE TRUST. The Fund shall be a component part of the Foundation. All money and property in the Fund shall be held as general assets of the Foundation and not segregated as trust property of a separate trust; provided that for purposes of S:\PCCF Funds\CACFID\CACFID Updated Fund Agreement.doc 3 determining the share of the Foundation's earnings allocable to the Fund and the value of the principal of the Fund,the interest of the Fund in the general assets of the Foundation shall be a percentage determined by dividing the gift to the Fund by the then value of the total assets of the Foundation, such percentage interest being subject to adjustment at the time of each addition to or reduction of the assets of the Foundation. 9. ACCOUNTING. The receipts and disbursements of this Fund shall be accounted for separately and apart from those of other gifts of the Foundation. The Putnam County Community Foundation shall meet any and all reporting requirements to the Internal Revenue Service and any other state or federal agency on the activity in the Fund. 10.INVESTMENT OF FUNDS. The Foundation shall have all powers necessary, or in its sole discretion desirable,to carry out the purposes of the Fund, including, but not limited to, the power to retain, invest,and reinvest the Fund and the power to co-mingle the assets of the Fund with those of other funds for investment purposes. 11.COSTS OF THE FUND. It is understood and agreed that the Fund shall pay its proportionate share of the total investment and administrative costs of the Foundation. Those costs annually charged against the Fund shall be determined in accordance with the then current fee schedule identified by the Foundation as applicable to funds of this type. IN WITNESS WHEREOF,the Founding Contributor has executed this Agreement and the Foundation has caused this Agreement to be approved by its Board and to be executed by a duly authorized officer, all as of the day and year first above written. FOR THE FOUNDING CONTRIBUTORS: Date Date Date Date Date Date Date Date FOR THE PUTNAM COUNTY COMMUNITY FOUNDATION: Lynn A. Bohmer, President Date S:\PCCF Funds\CACFID\CACFID Updated Fund Agreement.doc DESIGNATED ENDOWMENT FUND AGREEMENT BETWEEN PUTNAM COUNTY FOUNDATION, INC. AND CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL DEVELOPMENT AND THE CITY OF GREENCASTLE THIS AGREEMENT, made and entered into on Die...E.-mig£.2. 27 , 1995, by and between PUTNAM COUNTY FOUNDATION, INC. (the "Foundation" ) , and CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL DEVELOPMENT AND THE CITY OF GREENCASTLE (hereinafter referred to as the "Founding Contributors" ) , WITNESSETH: WHEREAS, the Founding Contributor desires to create a charitable designated endowment in the Foundation; and WHEREAS, the Foundation is a nonprofit Indiana corporation exempt from taxation under Internal Revenue Code ( "Code" ) section 501 (c) (3) , a public charity described in section 170 (b) (1) (A) (vi) of the Code, and accordingly an appropriate institution within which to establish such a charitable endowment ; and WHEREAS, the basic purpose_ of the Foundation is to serve the continuing charitable wishes of the donor in perpetuity; and WHEREAS, the Foundation is willing and able to create such an endowment as a Designated Endowment Fund, subject to the terms and conditions hereof; NOW THEREFORE, the parties agree as follows : 1 . NAME OF THE FUND. There is hereby established in the Foundation, and as a part thereof, a fund designated as GREENCASTLE INDUSTRIAL DEVELOPMENT FUND (hereinafter referred to as "the Fund" ) to receive gifts, in whatever form of money or property, and to administer the same . 2 . PURPOSE . The primary purpose of the Fund shall be to provide support for Greencastle Industrial Development as .administered by Citizens Advisory Commission for Industrial Development to carry out their role and mission as described by their governing documents . 3 . GIFTS . The Founding Contributor hereby transfers irrevocably to the Foundation the sum of $ (,SO, OOO Subject to the right of the Foundation to reject any particular gift, any person whether an individual, corporation, trust, 1 estate, or organization (hereinafter referred to as "Donor") may make additional gifts to the Foundation for the purposes of the Fund by a transfer to the Foundation of property acceptable to the Foundation in whole or in part for the Fund. All gifts, bequests, and devises to this Fund shall be irrevocable once accepted by the Foundation. 4 . DISTRIBUTION. The annual earnings allocable to the Fund shall be distributed upon written notice to the Foundation by Citizens Advisory Commission For Industrial Development and the Greencastle Common Council. The original Fund principal and any donated principal additions to the Fund, may not be committed, granted, or expended. If any- gifts to the Foundation for the purposes of the Fund are received and accepted subject to a Donor' s conditions or restrictions as to the use of the gift or income therefrom, said conditions or restrictions will be honored, subject, however, to the authority of the Foundation' s Board of Directors (hereinafter the "Board" ) to vary the terms of any gift if continued adherence to any condition or restriction is in the judgement of the Foundation' s Board unnecessary, incapable of fulfillment, or inconsistent with the charitable or other exempt purposes of the Foundation or needs of the community served by the Foundation. No distribution shall be made from the Fund to any individual or entity if such distribution will in the judgement of the Foundation endanger the Foundation' s Code section 501 (c) (3) status . 5 . ADMINISTRATIVE PROVISIONS . Notwithstanding anything herein to the contrary, the Foundation shall hold the Fund, and all contributions to the Fund, subject to the provisions of the applicable Indiana laws and the Foundation' s Articles of Incorporation and By-laws . The Board shall monitor the distribution of the Fund to ensure it is used exclusively for charitable or other exempt purposes (within the meaning of Code section 170 (c) (1) or (2) (B) , and shall have all powers of modification and removal specified in United States Treasury Regulations Section 1 . 170A-9 (e) (11) (v) (B) . The Board agrees to provide the Founding Contributor a copy of the annual examination of the finances of the Foundation as reported upon by independent certified public accountants . The Putnam County Foundation, Inc . in consideration of the unique nature of the Fund and in a desire to insure the perpetual presence of qualified, community responsive Foundation Board leadership, hereby agrees to amend its• by-laws to provide that, at all times, at least 15% (not less than three) members of the Foundation Board shall be selected and appointed or reappointed annually as follows : 2 a. 1 member named by the Greencastle City Council . b. 1 member named by the Mayor (member appointed should be ,-1 member of Greencastle Common Council so long as any member is willing to serve) . c. 1 member designated by the Mayor of the City of Greencastle (maybe Mayor) . d. Any additional members required to attain the 15% requirement shall be named by the Mayor and shall be members of CACFID. The above named individuals shall also be named and serve as a subcommittee of the Foundation Finance Committee and shall have authority over the investments of the Fund within the guidelines of the Foundation Board investment policies , 6/M/T1 may is Q,£ic kf-4 6 . CONDITIONS FOR ACCEPTANCE OF FUNDS. The Founding Contributor and Donors agree and acknowledge that the establishment of the Fund herein created is made in recognition . of, and subject to, the terms and conditions of the Articles of Incorporation and By-laws of the Foundation. The Foundation agrees and acknowledges that the establishment of the Fund herein and the transfer of the funds thereto is made subject to I .C. 36- 1-14-1 and further that the Foundation receive a matching amount from the Lilly Endowment up to total qualifying match and, if not, the parties agree that the property, and the net appreciation of the property, realized or unrealized, shall revert back to the Founding Contributor. 7 . CONTINUITY. The Fund' shall continue so long as assets are available in the Fund and the purposes in the Fund can be served by its continuation. If the Foundation loses its status as a public charitable orgainization, is liquidated, violates any condition of this Endowment Agreement, or the- Fund is terminated, the Foundation shall return the property in the Fund, plus the net appreciation of property, realized or unrealized, to the Greencastle Industrial Development Fund. 8 . NOT A SEPARATE TRUST. The Fund shall be a component part of the Foundation. All money and property in the Fund shall be held as general assets of the Foundation and not segregated as trust property of a separate trust; provided that the purposes of determining the share of the Foundation' s earnings allocable to the Fund and the value of the principal of the Fund, the interest of the Fund in the general assets of the Foundation shall be a percentage determined by dividing the gift to the Fund by the then value of the total assets of the Foundation, such percentage interest being subject to adjustment at the time of each addition to or reduction of the assets of the Foundation. 9 . ACCOUNTING. The receipts and disbursements of this Fund shall be accounted for separately and apart from those of other gifts to the Foundation. 3 10 . INVESTMENT OF FUNDS . The Foundation shall have all powers necessary to carry out the purposes of the Fund, including, but not limited to, the power to retain, invest, and reinvest the Fund and the power to commingle the assets of the Fund with those of other funds for investment purposes. 11 . COSTS OF THE FUND. It is understood and agreed that the Fund to the extent of the original principal contributed from the Industrial Development Fund along with any net appreciation shall be administered without cost to Fund by the Foundation, however, any direct cost in accepting, managing or transferring assets shall be paid from the Fund. IN WITNESS WHEREOF, the City of Greencastle and its Citizens Advisory Commission For Industrial Development have executed this Agreement and the Foundation has caused this Agreement to be approved by its Board and to be executed by a duly authorized officer, all as of the day and year first above written. CITY GR CAST Michael M. Harmless,Mayor ATTEST: ' � � Clerk /Aii /' am'-e°v : CITIZENS ADVISORY COMM SSION. FOR INDUSTRIAL DEVE PMEI Robert E. Hutchings, Chairman Michae (�. Harmle , Mayor el on F rd Dipy.l.d G. J k an a id Murra Gary u r Approved by the Board of Directors of the Putnam County Foundation, Inc . , on �cG 4r ,/ ,?eY /99 S PUTNAM COUNTY FOUNDATION, INC. By \ Q n �J Preside gr\b\endpcfca.agr 4 RESOLUTION NO. 1995-29 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS ADMINISTERED JOINTLY BY THE COMMON COUNCIL AND THE CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL DEVELOPMENT TO THE PUTNAM COUNTY FOUNDATION. WHEREAS, the City of Greencastle by Ordinance 1986-16 created an Industrial Development Fund; and WHEREAS, such fund was created pursuant to IC 36-7-13-4 for the purpose of industrial development and expansion for the City of Greencastle; and WHEREAS, it is in the interest of the Community and will further the purpose of the funds if such funds are placed with the Putnam County Foundation subject to conditions set forth in the Endowment agreement attached hereto. NOW THEREFORE BE IT RESOLVED THAT THE CITY OF GREENCASTLE approve the transfer of $ 6 cb`o,o from it's Industrial Development Fund to the Putnam County Foundation pursuant to the Endowment Fund agreement. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this .'7 f' day of Pc t i.u'e-, 1995. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA . . Thomas W. Roach Su an V. Murray Ma k N. H er M chael W. Rokicki Charles T. Miles Approved and signed by me this 27aday of PeeeL. , 95 at =sS'o' ock p.m. Michael M. Harmless, Mayor ATTEST: Donald L. Weaver, Clerk-Treasurer J RESOLUTION 1999-0Y ,---, A RESOLUTION RECOMMENDING REVISION OF GREENCASTLE FOUNDATION BY-LAW WHEREAS, the By-Laws for the Putnam County Foundation provide for at least fifteen percent (15%) membership on its Board of Directors from representatives of the City of Greencastle; and WHEREAS, the Putnam County Foundation is seeking to reduce the number of its current members on its Board of Directors; and WHEREAS, the reduction in members of the Board of Directors would necessitate a reduction in the number of representatives from the City in order to maintain the fifteen percent (15%) minimum City representation. NOW THEREFORE BE IT RESOLVED that the Common Council recommend the revision of the Putnam County Foundation By-Laws, Article III - Directors, B. Annual Appointments, as follows: B. Annual Appointments 1. At least fifteen percent (15%) of the Board Members (not less than 2) shall be appointed for a one year term as follows: a. One member named by the Greencastle City Council from its membership. b. One member designated by the Mayor from the City of Greencastle. c. Any additional members required to obtain the fifteen percent (15%) requirement shall be named by the Mayor and shall be members of CACFID. COMMON COUNCIL OF THE CITY OF GREENCASTLE (____,7/...7).-c-, 4,, ,"- •‘..=---r ,.../ /3,t A, ,730 __,.._.<,/ . Tom Roach Barry $ynard" ca Mljet:f-i-.-i-.‘ ark Hammer David Masten ,,� Kiet men Approved and signed by me this Q day of I )1e4y 1999, at f./o'clock p.m. N ncy A. lchael, Mayor ATTEST: Pamela S. Jones, Cl r -T easurer green\c\revision.byl City of Greencastle Nancy A. Michael City Hall = . r) One North Locust Street Mayor P.O. Box 607 -� Greencastle, Indiana 46135 December 9,2002 Dr.James Renz, President Putnam County Community Foundation 2 South Jackson Street Greencastle, Indiana 46135 RE: Greencastle Industrial Development Fund Dear Dr. Renz: The City of Greencastle and the Citizens Advisory Commission for Industrial Development(CACFID) have been updated regarding the activities of the Community Foundation and the changes that have been made to the payout policy since we established the Fund. We are-writing to request that the Community Foundation Board be willing to make an exception to its payout policy in the administration of this Fund. We do not know if we will need to take action on this exception to the payout policy,but we are writing to request that the Foundation Board determine if it would be willing to grant such exceptions to us in the future. First,we request that the Board consider allowing the City and CACFID to request and receive all unused and available payouts since the inception of the Fund. Second,we request that the Board consider allowing the City and CACFID to retain the payouts in the Fund for investment purposes, with the understanding that the City could obtain all payouts in the future in a lump sum. Our goals are simple: we want to preserve the endowment,earn as much as we can on our dollars,and have many options available to quickly obtain money if we should need it in the future. Please respond to this request in writing. If there are any questions,please do not hesitate to contact me. Sincer y, • 14-44c c- 3._ Nancy A. ' ael Ke, THE PUTNAM COUNTY COMMUNITY FOUNDATION =.,. ___• . 'r' - 2 South Jackson Street • Post Office Box 514 • Greencastle, Indiana 46135 T — H — Er Phone (765) 653-4978 •• Fax (765) 653-6385 •• www.pcfoundation.org I' UTNAM COUNTY COMMUNITY January 27, 2002 _ FOUNDATION_ Nancy A. Michael = Mayor, City of Greencastle One North Locust Street P.O.Box 607 Executive Director Greencastle,Indiana 46135 M.Elaine Peck Re: Greencastle Industrial Development Fund Chief Financial Officer Barbara W.Bryan Dear Mayor Michael: Program/Communication The Finance Committee and the Board of the Putnam County Community Director Foundation have reviewed your request for an exception to the Foundation's Teresa P.Glenn Payout Policy for the fund identified above. On behalf of the Community Foundation,I wish to say again how much we appreciate your support of and Board of Directors involvement with the Foundation. The Foundation greatly values its partnership with the City of Greencastle and the Citizens Advisory Commission for Alan Barber Industrial Development(CACFID). n Lynn Bohmer The Community Foundation is dedicated to service of the community and its Robert Evans donor partners, and we are pleased to inform you that your request for an Louis Fontaine exception has been approved as follows: Robert Harbison • The City and CACFID will be allowed to request and receive all unused and Jacque McGaughey available payouts since the inception of the Fund,not to exceed an amount that preserves the historic gift of the fund. At least ninety(90)days written notice is Sue Murray required. Max Nichols • The City and CACFID will be allowed to retain the payouts in the Fund for John O'Hair investment purposes,with the understanding that the City and CACFID could Murray Pride obtain all payouts in the future from the fund in a lump sum—not to exceed an amount that preserves the historic gift of the fund. At least ninety(90)days Laurie Robertson written notice is required. Mike Rokicki If there are any questions,please do not hesitate to contact me or Elaine Peck, Ginger Scott the Executive Director of the Community Foundation. Darrell Wiatt Sincerely, Lynn Bohmer President PUTNAM COUNTY FOUNDATION ADDENDUM TO PAYOUT AND INVESTMENT POLICY LOAN POLICY: From time to time it may be deemed desirable for the Foundation to loan funds to a not-for-profit entity defined under 501 (c), IRC. Such loans would constitute an investment of the principal of the assets of the Foundation and will be made only in situations where there is adequately documented repayment ability. The minimum amount of the loan should be $20,000. The need for such a loan will be consistent with the normal investment policies and procedures of the Foundation and will meet all IRS requirements. The Finance Committee will review the application from a financial feasibility standpoint and oversee the adherence to established policy. Any loan application received for a loan from unrestricted funds will be reviewed by the Grants Committee for adherence to established granting criteria. The Finance Committee will be responsible for: 1. Recommending to the Board of Directors of the Foundation, the interest rate to be charged in any given year. This rate will be reviewed annually for loans to be made in that year. 2. Interest rates charged will be no lower than 1% per annum, simple interest while the maximum rate shall be prime rate as of time of application. 3. Approving the length of time for repayment of the loan. 4. Confirming documented repayment ability. 5. Proper monitoring and accounting procedures will be adopted in order to assure the timely repayment of the loan. Extensions and modifications of the original loan should meet the criteria of the original loan. Restricted Funds: Such entities who have established restricted funds may apply for a loan from their restricted fund in an amount not to exceed 100% of their principal of the restricted fund. Those who have established restricted funds may apply for a loan from unrestricted funds only after utilizing the entire principal of their restricted fund. Unrestricted Funds: Total loans from unrestricted funds will not exceed 10% of total unrestricted assets at the time of the loan. Fees: Management fees will continue to be levied on the balance of the restricted fund. The Fund balance includes outstanding loan balance. There will be a loan processing fee of 1% of the borrowed funds. This loan processing fee will be levied on all funds including those exempt from management fees. This policy should be reviewed periodically and adjusted to fit the situations of the times. The concern of the Finance Committee should always be the preservation and growth of capital and enhancement of the income from such capital, but tempered by the needs of the county. Adopted 1996.