Carl Gipson Senior Center Foundation 8/6/2019

CITY AGREEMENT REGARDING CARL GIPSON SENIOR CENTER FOUNDATION FUNDS THIS AGREEMENT is dated as of a,/2„, and is by and between the CITY OF EVERETT(the "City") and the CARL GIPSON SENIOR CENTER FOUNDATION (the "Foundation"). BACKGROUND The Foundation was established in 2019 to promote and support Everett's Carl Gipson Senior Center (the "CGSC') through financial and volunteer resources in order to increase awareness and maintain and to expand programs and activities for its members. All funds raised using the name of the Foundation will be used solely for the purpose of the CGSC and its membership. AGREEMENT The City and the Foundation agree as follows: 1. CGSC Funds. All funds raised by the Foundation will be designated for the programs and activities of the CGSC. 2. Accounting a. The Foundation will hold all funds raised by the Foundation in a bank account separate from other funds. b. The Foundation will establish this account prior to any fundraising activity. c. Any bank fees for the Foundation may be paid out of that account. All interest or other income accruing on Foundation funds will remain in the account. d. The Foundation will provide account bank statements to the CGSC Manager at least once a quarter. e. The Foundation may keep up to $5000 held in this bank account for ongoing programs and events as "seed money" for the next year. Any money in the account in excess of$5,000 at the end of each calendar year will be given to CGSC as a donation (to be deposited into Fund 149, the Senior Center Reserve Fund). f. Any funds generated by means other than fundraising will be placed in an endowment account established in the name of the CGSC, with an outside firm such as the Community Foundation of Snohomish County. Up to 5% of the principal of the endowment account funds may be withdrawn each year by the CGSC for CGSC programs. The foundation may approve a higher withdrawal amount for a specified capital project, equipment, or new program. 1