Greater Everett Community Foundation 3/4/2015

5. Investment. The governing board of GECF shall have final authority and discretion as to the investment and reinvestment of the assets of each Fund as part of GECF's investment portfolio. 6. Additional Donations. Donations may be added to an already existing Fund at any time by the City or by other donors. 7. Accounting. GECF will establish separate accounting controls for each Fund and for other funds received from other persons or organizations wishing to donate directly to GECF for the purpose of benefiting the Library. GECF will provide all routine accounting, as well as reporting to the Secretary of State and Internal Revenue Service regarding each Fund. 8. Dissolution Provision. Each Fund shall be continued as long as the need for the Fund exists and assets are held in the Fund for its purposes. a. If a Fund is terminated or if, for any reason, GECF dissolves, ceases to exist or ceases to hold or administer a Fund or otherwise to function under this Agreement, then the net assets of such Fund(s) will be distributed to an organization(s) that GECF selects based upon one or more recommendations of the Library Board of Directors, with primary consideration to the Library. b. If the Library dissolves or ceases to exist, GECF shall continue to hold the assets constituting each Fund and shall distribute the net income, or principal, or both to such organization(s) as, in the opinion of GECF, most nearly meets the purposes of the Library. 9. Component Fund. Each Fund shall be the property of GECF held by it in its corporate capacity and shall not be deemed a trust fund held by it in a trustee capacity. It is intended that each Fund shall be a component fund of GECF and that nothing in this Agreement shall affect the status of GECF as an organization described in Sections 501(c)(3) of the Internal Revenue Code. This Agreement shall be interpreted in a manner consistent with the foregoing intention so as to conform to any applicable requirements of the Internal Revenue Code and IRS Regulation. 10.Fee. Funds transferred to GECF are subject to administrative and investment fees. Each fund will be assessed a fee as established in the Foundation fee policy. GECF may change its fee structure at any time. Regardless of the foregoing, in no event will the total amount of both the administrative and investment fees assessed in any given year exceed 2% of a Fund's assets held. 11.Variance Power. Any and all assets held in any and all Funds shall be subject to the Articles of Incorporation and Bylaws of GECF, including the power contained therein for the governing board of GECF to modify any restrictions or conditions of a Fund on the distribution of funds for any specified charitable purpose or to a GECF/Library Agreement 2015 Page 2 of 7