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Growfund Terms and Conditions
Growfund for Giving Circles Terms and Conditions

Growfund Terms and Conditions

This Donor-Advised Fund (“Fund”) Agreement is entered into by and between Global Impact, a Section 501(c)(3) organization with principal offices at 1199 North Fairfax Street, Suite 300, Alexandria, VA 22314 and the Fund’s Primary Advisor (the “Primary Advisor”).

1. Establishment of Fund
The Primary Advisor wishes to establish a Fund with Global Impact. The Primary Advisor acknowledges and confirms that Global Impact owns the Fund and has the ultimate authority, discretion and exclusive legal control over all property in the Fund and the income derived from it. The Primary Advisor acknowledges that the Fund will be established and maintained at a financial institution of Global Impact’s choosing.

2. Advisors
The Primary Advisor shall designate other Advisors set forth in the application. The Primary Advisor may name additional advisors (“Joint Advisors” and, collectively with the Primary Advisor, the “Active Advisors”), who will share the same administrative privileges with the Primary Advisor over their Growfund, including the right to contribute funds to the account, grant funds from the account to organizations, receive account statements, and change account preferences. Both Primary and Joint Advisors can add advisors with read only privileges (“Secondary Advisors”) to a Growfund Account, though only the Primary Advisor can add additional Joint Advisors. Secondary Advisors can contribute to the account and access account information, but cannot make grants and do not hold other administrative privileges.  The Primary Advisor may name successor advisors (the “Successor Advisors” and, collectively with the Active Advisors and the Secondary Advisors, the “Advisors”) on the application so that, in the event of the Primary Advisor’s death, resignation, incapacity or inability to serve for any reason, they can act on the Primary Advisor’s behalf.

3. Purpose of Fund
The Fund is a perpetual, charitable fund created for the purpose of carrying out the public charitable purposes of Global Impact, as described in Global Impact’s governing documents. The Primary Advisor understands and agrees that all grants from the Fund are subject to the provisions of Global Impact’s governing documents, and may be amended from time to time without notice to the Primary Advisor. No Growfund Account shall be used as a tool or vehicle to conduct research and development without the express written permission of Global Impact, nor shall the Growfund Account be used for any of the prohibited activities in Section 7.

4. Contributions to Fund; Minimum Balance
Contributions may be in the form of cash (checks, credit cards, ACH, wires, e-check (US only)), securities, or planned gifts (life insurance, IRA benefits, remainder trust, annuity, etc.). Any contribution, once accepted by Global Impact, represents an irrevocable contribution to the Fund and is not refundable. Any contribution made via credit card or electronic check are subject to transaction fees. There is no minimum balance required to maintain an account.

5. Fees
The Primary Advisor shall pay a Fund administration and maintenance fee (the “Monthly Fee”) of one percent (1%) annualized of the Fund balance. The Monthly Fee will be charged against and subtracted from the Fund balance on a monthly basis following the Fund’s establishment date until the termination of the Fund. The amount of the Monthly Fee may be revised by Global Impact from time to time to reflect changes in actual costs with notice to the Primary Advisor.

6. Distributions from the Fund
Global Impact will generally follow the recommendations of the Active Advisors regarding grants from the Fund; provided, however, the Advisor acknowledges Global Impact shall have full authority, discretion and control to make distributions from the Fund that are contrary to the recommendations of the Active Advisors. The earnings allocable to the Fund (net of the Fees set forth in Section 5) and principal may be committed, granted or expended only for purposes consistent with Global Impact’s exempt status and purposes. Global Impact will distribute grants to the recipient organizations within seven to twelve business days of receiving the grant recommendation from an Active Advisor.  The minimum distribution amount from the Fund is $25.

7. Administration of the Fund
A. Global Impact shall invest the Fund balance in accordance with its normal investment guidelines or procedures. The Fund balance shall be adjusted (the “Adjustments”) (i) for the results of the investment performance; (ii) for grants made from the Fund; and (iii) by the Fees.

B. In order to comply with applicable tax rules, no distributions shall be made from the Fund for any purposes that are not permitted under the applicable tax laws or regulations, including but not limited to the following: to discharge or satisfy a charitable pledge or obligation of any person; to an individual; to a non-functionally integrated Type III supporting organization; to a political campaign/candidates; to support lobbying activities; to pay for dues, membership fees, tuition, goods from a charitable auction, admission to charity events or other goods and services; for the personal economic benefit of an Advisor, or a related party of an Advisor; for political contributions, or legislative activities; to private foundations (except for private operating foundations); or to terrorists or their support networks or used for activities that support terrorism or terrorist organization, and Global Impact shall fully comply with the U.S. Department of the Treasury Anti-Terrorist Financing Guidelines.

C. The Board of Directors of Global Impact shall exercise the powers described in Treasury Regulation, Section 1.170A-9(f)(11)(V.B), (C), and (D), commonly referred to as variance power. Should the purposes for which the Fund was created ever become obsolete, inconsistent, or incapable of fulfillment, as determined by Global Impact’s Board of Directors (the “GI Board”), in its sole discretion, the GI Board shall have the power and authority to modify any restriction or condition on the distribution of funds.

8. Reporting
Global Impact will send a Fund statement to the Active Advisors on a monthly basis showing the beginning value and the Adjustments specified in Section 7.A. The Active Advisors shall also receive an annual report in March detailing the prior year’s fund activity.

9. Disposition of Fund
The Fund shall cease to be a donor-advised fund due to death or other incapacity of the Primary Advisor if no Joint Advisor, Successor Advisor or charitable organization designated to receive funds (“Beneficiary”) has been named, or if the Primary Advisor fails to reply to Global Impact’s inquiries regarding Fund activity for a period of four (4) or more years. When the Fund ceases to be a donor-advised fund, Global Impact shall, at its sole election, either (i) maintain it as a permanent, endowed fund and periodically distribute the income to charitable organizations which it shall, in its sole discretion select, or (ii) terminate the Fund and distribute the Fund assets for charitable purposes.

10. Name Restriction
The names or logo graphics of Global Impact or Growfund shall not be used in any pamphlet, newsletter, brochure, or in any other way by the Advisor for purposes of soliciting donations unless approved in writing in advance by Global Impact. The name Global Impact or Growfund may not be used in the established name of the fund.

11. Miscellaneous
This Agreement shall be construed and governed by the provisions of Virginia law. In the event that any one or more of the provisions contained in this Agreement are held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. In the event of any dispute concerning this Agreement or the Fund, the Primary Advisor shall be responsible for reimbursing Global Impact for its legal fees and costs incurred in connection with the dispute. This Agreement shall bind the parties and their respective successors and assigns.

The Primary Advisor acknowledges that it has read the terms and conditions and agrees to all of the terms, Fees and conditions described herein. The Primary Advisor certifies, to the best of its knowledge, all information presented in connection with this Agreement is accurate, and the Primary Advisor shall notify Global Impact promptly of any changes.

The Advisors acknowledge that certain types of contributions, such as real estate or stock transfers, take longer to process than simple cash or credit card contributions. To ensure that Advisors receive tax deductions for the year ending December 31, Growfund recommends making any year end contributions during the first two weeks of December.

The Primary Advisor understands that if there are one or more Joint Advisors on the Account, each Joint Advisor has authority, acting individually and without notice to the Primary Advisor or any other Joint Advisor, to deal with Global Impact as fully and completely as if the Joint Advisor were the Primary Advisor and may make any changes to the Account (except to remove other Advisors or to add additional Joint Advisors).

IN CASE OF ERRORS OR DISCREPANCIES: If the Primary Advisor finds any errors or omissions relating to the Primary Advisor’s Global Impact donor-advised fund account, the Primary Advisor must call Global Impact immediately at 844-852-3617 or [email protected] The Primary Advisor will notify Global Impact no later than 10 days after the relevant communications are sent or made available to the Advisor. The Primary Advisor understands that Global Impact is not liable for any losses or distributions that occur because of the Primary Advisor’s failure to promptly notify Global Impact of an error.


Growfund for Giving Circles Terms and Conditions

This Donor-Advised Fund (“Fund”) Agreement is entered into by and between Global Impact, a Section 501(c)(3) organization with principal offices at 1199 North Fairfax Street, Suite 300, Alexandria, VA 22314 and the Fund’s Primary Advisor (the “Primary Advisor”).

1. Establishment of Fund
The Primary Advisor wishes to establish a Fund with Global Impact. The Primary Advisor acknowledges and confirms that Global Impact owns the Fund and has the ultimate authority, discretion and exclusive legal control over all property in the Fund and the income derived from it. The Primary Advisor acknowledges that the Fund will be established and maintained at a financial institution of Global Impact’s choosing.

2. Advisors
The Primary Advisor shall designate other Advisors set forth in the application. The Primary Advisor may name additional advisors (“Joint Advisors” and, collectively with the Primary Advisor, the “Active Advisors”), who will share the same administrative privileges with the Primary Advisor over their Growfund, including the right to contribute funds to the account, grant funds from the account to organizations, receive account statements, and change account preferences. Both Primary and Joint Advisors can add advisors with read only privileges (“Secondary Advisors”) to a Growfund Account, though only the Primary Advisor can add additional Joint Advisors. Secondary Advisors can contribute to the account and access account information, but cannot make grants and do not hold other administrative privileges. The Primary Advisor may name successor advisors (the “Successor Advisors” and, collectively with the Active Advisors and the Secondary Advisors, the “Advisors”) on the application so that, in the event of the Primary Advisor’s death, resignation, incapacity or inability to serve for any reason, they can act on the Primary Advisor’s behalf.

3. Purpose of Fund
The Fund is a perpetual, charitable fund created for the purpose of carrying out the public charitable purposes of Global Impact, as described in Global Impact’s governing documents. The Primary Advisor understands and agrees that all grants from the Fund are subject to the provisions of Global Impact’s governing documents, and may be amended from time to time without notice to the Primary Advisor. No Growfund Account shall be used as a tool or vehicle to conduct research and development without the express written permission of Global Impact, nor shall the Growfund Account be used for any of the prohibited activities in Section 7.

4. Contributions to Fund; Minimum Balance
Contributions may be in the form of cash (checks, credit cards, ACH, wires, e-check (US only)), securities, or planned gifts (life insurance, IRA benefits, remainder trust, annuity, etc.). Any contribution, once accepted by Global Impact, represents an irrevocable contribution to the Fund and is not refundable. Any contribution made via credit card or electronic check are subject to transaction fees. There is no minimum balance required to maintain an account.

5. Fees
The Primary Advisor shall pay a Fund administration and maintenance fee (the “Grant Distribution Fee”) of one percent (1%) of the total recommended Grant amount. The Grant Distribution Fee will be charged against and subtracted from the recommended Grant amount prior to distribution. The Fee amount may be revised by Global Impact from time to time to reflect changes in actual costs with notice to the Primary Advisor.

6. Distributions from the Fund
Global Impact will generally follow the recommendations of the Active Advisors regarding grants from the Fund; provided, however, the Advisor acknowledges Global Impact shall have full authority, discretion and control to make distributions from the Fund that are contrary to the recommendations of the Active Advisors. The earnings allocable to the Fund (net of the Fees set forth in Section 5) and principal may be committed, granted or expended only for purposes consistent with Global Impact’s exempt status and purposes. Global Impact will distribute grants to the recipient organizations within seven to twelve business days of receiving the grant recommendation from an Active Advisor. The minimum distribution amount from the Fund is $25.

7. Administration of the Fund
A. Global Impact shall invest the Fund balance in accordance with its normal investment guidelines or procedures. The Fund balance shall be adjusted (the “Adjustments”) (i) for the results of the investment performance; (ii) for grants made from the Fund; and (iii) by the Fees.

B. In order to comply with applicable tax rules, no distributions shall be made from the Fund for any purposes that are not permitted under the applicable tax laws or regulations, including but not limited to the following: to discharge or satisfy a charitable pledge or obligation of any person; to an individual; to a non-functionally integrated Type III supporting organization; to a political campaign/candidates; to support lobbying activities; to pay for dues, membership fees, tuition, goods from a charitable auction, admission to charity events or other goods and services; for the personal economic benefit of an Advisor, or a related party of an Advisor; for political contributions, or legislative activities; to private foundations (except for private operating foundations); or to terrorists or their support networks or used for activities that support terrorism or terrorist organization, and Global Impact shall fully comply with the U.S. Department of the Treasury Anti-Terrorist Financing Guidelines.

C. The Board of Directors of Global Impact shall exercise the powers described in Treasury Regulation, Section 1.170A-9(f)(11)(V.B), (C), and (D), commonly referred to as variance power. Should the purposes for which the Fund was created ever become obsolete, inconsistent, or incapable of fulfillment, as determined by Global Impact’s Board of Directors (the “GI Board”), in its sole discretion, the GI Board shall have the power and authority to modify any restriction or condition on the distribution of funds.

8. Reporting
Global Impact will send a Fund statement to the Active Advisors on a monthly basis showing the beginning value and the Adjustments specified in Section 7.A. The Active Advisors shall also receive an annual report in March detailing the prior year’s fund activity.

9. Disposition of Fund
The Fund shall cease to be a donor-advised fund due to death or other incapacity of the Primary Advisor if no Joint Advisor, Successor Advisor or charitable organization designated to receive funds (“Beneficiary”) has been named, or if the Primary Advisor fails to reply to Global Impact’s inquiries regarding Fund activity for a period of four (4) or more years. When the Fund ceases to be a donor-advised fund, Global Impact shall, at its sole election, either (i) maintain it as a permanent, endowed fund and periodically distribute the income to charitable organizations which it shall, in its sole discretion select, or (ii) terminate the Fund and distribute the Fund assets for charitable purposes.

10. Name Restriction
The names or logo graphics of Global Impact or Growfund shall not be used in any pamphlet, newsletter, brochure, or in any other way by the Advisor for purposes of soliciting donations unless approved in writing in advance by Global Impact. The name Global Impact or Growfund may not be used in the established name of the fund.

11. Miscellaneous
This Agreement shall be construed and governed by the provisions of Virginia law. In the event that any one or more of the provisions contained in this Agreement are held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. In the event of any dispute concerning this Agreement or the Fund, the Primary Advisor shall be responsible for reimbursing Global Impact for its legal fees and costs incurred in connection with the dispute. This Agreement shall bind the parties and their respective successors and assigns.

The Primary Advisor acknowledges that it has read the terms and conditions and agrees to all of the terms, Fees and conditions described herein. The Primary Advisor certifies, to the best of its knowledge, all information presented in connection with this Agreement is accurate, and the Primary Advisor shall notify Global Impact promptly of any changes.

The Advisors acknowledge that certain types of contributions, such as real estate or stock transfers, take longer to process than simple cash or credit card contributions. To ensure that Advisors receive tax deductions for the year ending December 31, Growfund recommends making any year end contributions during the first two weeks of December.

The Primary Advisor understands that if there are one or more Joint Advisors on the Account, each Joint Advisor has authority, acting individually and without notice to the Primary Advisor or any other Joint Advisor, to deal with Global Impact as fully and completely as if the Joint Advisor were the Primary Advisor and may make any changes to the Account (except to remove other Advisors or to add additional Joint Advisors).

IN CASE OF ERRORS OR DISCREPANCIES: If the Primary Advisor finds any errors or omissions relating to the Primary Advisor’s Global Impact donor-advised fund account, the Primary Advisor must call Global Impact immediately at 844-852-3617 or [email protected] The Primary Advisor will notify Global Impact no later than 10 days after the relevant communications are sent or made available to the Advisor. The Primary Advisor understands that Global Impact is not liable for any losses or distributions that occur because of the Primary Advisor’s failure to promptly notify Global Impact of an error.

Growfund Terms and Conditions
Growfund for Giving Circles Terms and Conditions