If at some time in the future, for unforeseen reasons, the original designated purpose of the gift cannot be met, or if any provision of this agreement is determined to be contrary to law or then existing Trust policy or tax-exempt purposes, the Trust will make reasonable efforts to consult with the Donor(s) to appropriately modify the designated purpose. However, if it becomes apparent to the Trust’s board of directors (“Board”) that the gift’s purpose has become no longer necessary, practical, or possible to perform, or if any provision of this agreement is determined by the Board to be contrary to law or then existing Trust policy, then it is our wish and we direct the Board to modify the purpose of the gift, in the Board’s discretion, to such other use or uses that approximate my/our initial intent or that otherwise supports the tax-exempt purposes of the Trust.
If it is the Donor’s(s’) direction above that all or portions of this gift to the Trust be endowed, then the investment of the endowed gift funds is to be in accordance with the investment policies of the Trust as established from time to time by the Board. The portion of the endowed fund’s value spendable annually for the designated purpose (described above) is also to be determined, from time to time, by the Board. Among criteria for such determination will be preservation of principal, protection from the long-term effects of inflation, current and future funding necessary to fulfill the designated purpose of the fund, continuity in funding the designated purpose,expected total return on investments over the long-term, and other relevant general economic conditions.
It is agreed that a small percentage of endowed funds may be used annually, payable from the fund or its earnings, to partially cover the Trust’s expenses of establishing and maintaining the fund and operations. Such fee may be set, from time to time, by the Board.
In extraordinary or unusual circumstances, the Trust reserves the right to cease using any naming condition(s) agreed to in this document if the naming condition(s) becomes damaging to the reputation of the Trust or contradictory to applicable laws or to the policies or tax-exempt purposes of the Trust.
Public Recognition/Use of NamesUnless the Donor(s) request(s) the gift to be anonymous, the Trust may publicize the gift commitment(s) described in this Gift Pledge Agreement, including the Donor’s(s’) name(s), amount of the gift commitment, designated purpose, and/or gift funds received. The Donor(s) is/are willing for there to be such publicity, but reserve(s) the right to pre-approve any specific use of the Donor’s(s’) name(s) and gift commitments. The Donor(s) acknowledge(s) that the Trust may choose to refrain from (i) giving recognition other than for gifts received, or (ii) making a public announcement of all or portions of a gift pledge. Bur Oak Land Trust does not sell or provide lists of its donors to other nonprofit organizations.
The Trust is committed to protecting any personal financial information that donors may entrust to us with an expectation of confidentiality. The Trust will maintain the confidentiality of such information to the fullest extent permitted by law.
The Donor(s) and the Trust may modify the provisions of this agreement by mutual concurrence expressed in writing. This Gift Pledge Agreement supersedes all previous communications between the Donor and the Trust on the gift described herein.