TYPE OF FUND: Agency Endowment
DATE ESTABLISHED: August 2015
PURPOSE: The Fund shall be used and distributed, at the discretion of the Board of Directors of the Foundation for the sole purpose of supporting the Davis Health Systems Foundation. The fund is intended to be a temporarily endowed fund for Davis Health Systems Foundation. The Foundation shall make a distribution on an annual basis as outlined in the Foundation’s general policies to the Davis Health Systems Foundation, for the purposes outlined herein, with the exception that upon recommendation of the Board of Directors of the Davis Health Systems Foundation, the distribution may be reinvested with the Fund. Distributions in excess of the “annual spending policy” of the Fund may be made to Davis Health Systems Foundation in any year as determined by the Board of Directors of the Foundation. Recommendations for such distributions may be made from time to time to Foundation by a two-thirds vote of Davis Health Systems Foundation governing board. Recommendations of the governing board shall be solely advisory and not binding on Foundation, but approval of such distributions by the Foundation shall not be unreasonably withheld
DISTRIBUTION: Upon the recommendation of the Grants Committee and approval by the Board of Directors of TCF.
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 any contributed assets.
FUNDING: The Davis Health Foundation donated $200,000 to start the Fund.