Scholarship Fund Agreement

SCHOLARSHIP FUND AGREEMENT

This Scholarship Fund Agreement (the Agreement) is entered into as of by and between:

Recitals

WHEREAS, Donor desires to establish a scholarship fund to be held, administered and distributed by the Fund Administrator for the benefit of eligible students in accordance with the terms of this Agreement; and

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the parties agree as follows:

Article I — Definitions

For purposes of this Agreement, the following terms shall have the meanings set forth below unless the context otherwise requires:

Fund Name: — the held fund account established pursuant to this Agreement.

Eligible Recipient: individuals who meet the eligibility criteria set forth in Article IV.

Article II — Establishment and Purpose of Fund

2.1 Establishment. Donor hereby transfers to the Fund Administrator the initial contribution described in Section 2.2 to establish the Fund Name specified above for the purpose of providing scholarships to Eligible Recipients in accordance with the terms and conditions of this Agreement.

2.2 Fund Type (select one or more as applicable). The Fund shall be:

Endowment (principal maintained; distributions from income and approved spend rate)

Expendable (principal and income available for immediate distribution)

Article III — Contributions and Acknowledgement

3.1 Timing. Donor shall deliver contributions in accordance with the schedule in Section 2.2. Acceptance of contributions by the Fund Administrator shall be subject to the Fund Administrator’s customary gift acceptance policies.

3.2 Acknowledgment. The Fund Administrator shall provide written acknowledgement of each contribution indicating whether any goods or services were provided in consideration for the contribution.

Article IV — Use of Funds; Eligibility and Selection

Article V — Awards, Payments and Schedule

Article VI — Investment, Fees and Administration

The Fund Administrator shall manage the investment and administration of the Fund in accordance with its standard policies and any specific instructions set forth in this Agreement. The Fund Administrator may engage third-party investment managers consistent with the investment policy.

Article VII — Reporting and Records

The Fund Administrator shall provide Donor with periodic reports that include: account balances, contributions, distributions, investment performance, fees charged and a list of scholarship recipients as permitted by applicable privacy laws.

Article VIII — Representations, Warranties and Tax Matters

Donor represents that it has full authority to make the contributions described in this Agreement and that such contributions are not subject to any undisclosed restriction, lien or encumbrance. The Fund Administrator represents that it is authorized to receive and administer charitable funds under applicable organizational documents and law.

The parties acknowledge that the Fund Administrator does not provide tax advice. Donor acknowledges responsibility for any tax consequences that may arise from contributions or receipts.

Article IX — Amendment, Termination and Successors

This Agreement may be amended by written instrument signed by both parties. If the Fund Administrator determines that continued administration of the Fund for the stated purpose is impossible, impracticable, or inconsistent with law or the Fund Administrator’s organizational purposes, the Fund Administrator may, after reasonable effort to secure a donor-approved alternative, redirect the Fund in a manner consistent with the original charitable intent.

Article X — Notices

Article XI — Indemnification and Liability

The Fund Administrator shall not be liable for any loss to the Fund except for acts of gross negligence or willful misconduct. To the fullest extent permitted by law, Donor agrees to indemnify and hold harmless the Fund Administrator, its officers, trustees and employees from and against any and all claims, liabilities and expenses arising from Donor’s breach of the representations in this Agreement or the acceptance of contributions that are restricted in a manner inconsistent with this Agreement.

Miscellaneous

If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect. This Agreement constitutes the entire agreement between the parties with respect to the Fund and supersedes all prior understandings.

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