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<br />L hl y u" r,U-~t. V lLLt -HLJI'1 I cL ;tJl":::-4'jL)-":':::I-t, r-etJ L~ ':'0 lc:uo r~o.uu,,::: Y.U~ <br />. , <br />~ C. The Trustee shall follow the recommendation of the <br /> D.A.B.to the extent possible and appropriate, so long as the <br /> charitable use is a qualified exempt purpose under the Internal <br /> Revenue Code, is of primary benefit to the Community of <br /> Roseville, and is in accordance with lawful purposes of Minnesota <br /> State Gambling Statutes. <br />I 4. Unlass agreed to otherwise the Trustee shall <br /> · continue to meet full IRS requirements for a <br />I tax-exempt foundation. <br /> · provide administration including legally required <br /> reports, proper banking and investment, administrative controls <br />I and an annual independent audit. <br /> · inveet no les6 than 75% of the Roseville Community <br /> Fund's endowment and other available funds in investments as <br />I permitted under (M.S. 475.66) <br /> · provide administrative oversite to the D.A.B. <br />I · provide quarterly or other such reports to be made to <br /> the City Council including participating in an annual meeting <br /> with the Council. <br />I 5. If the D.A.B. does not recommend allocation of the monies from <br /> this Fund to the Trustee by the close of the Trustee's fiscal <br />.. year, the Trustee reserves the right to distribute any <br /> unallocated funds. All eligible funds must be allocated by the <br /> Trustee within 120 days after the close of the Trustee fiscal <br /> year in accordance with Section 3 of this Amended Agreement. <br />I 6. The Trustee shall be paid an administrative fee in accordance <br /> with the policies adopted by the Trustee and amended from time to <br />I time. <br /> A. Such fees not to exceed three percent (3%) per annum on <br /> the first $500,000 of all Fund assets, 1% on all Fund assets over <br />I $500,000.00, plus 1% of all grants paid from the Fund. Asset <br /> value shall be based on the average of the annual market value <br /> computed on a quarterly basis. <br />I B. In addition, the Fund shall pay for a pro-rata share of <br /> the annual audit fee. <br />I C. The Fund Shall provide for any legal fees incurred as a <br /> result of any action filed against the Trustees acting in their <br /> capacity as Trustees, or against the members of the D.A.B. acting <br /> in their advisory role. <br />I 7. The Trustee may commingle the assets of the Fund with the <br /> assets of any other fund or funds which the Trustee holds and <br />I administers, provided that the separate identity of the new Fund, <br />, <br />I I <br />