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First Five Years Foundation

A.C. FLORA

FIRST FIVE YEARS

 

 

 

Dear Flora Alumnus:

The Central Carolina Community Foundation is pleased to serve as the steward of the A.C. Flora First Five Years Foundation Fund. College bound seniors from A.C. Flora High School will be the beneficiaries of this Fund that has been established by members of the graduating classes at A.C. Flora High School from 1962 through 1966.

The Central Carolina Community Foundation, one of over 500 community foundations nationwide, is a collection of more than 200 different funds or accounts, each with unique charitable objectives. We work closely with our donors to assure that their charitable interests are served through the funds they establish. The Community Foundation currently manages 18 scholarship funds such as the Bobbi Rossi Memorial Scholarship, the Gilbert Alumni Technology Scholarship, and the James A. Broome Scholarship for the Columbia High School Key Club.

Most donors look to the Community Foundation as an alternative to creating their own private foundation, which can be costly and burdensome. The Community Foundation is able to take advantage of economies of scale with investing, administration, and IRS compliance and reporting. Contributions to the A.C. Flora First Five Years Foundation Fund provide the donor with the most generous charitable deduction allowed by law. Gifts of appreciated stock, cash, real estate and other property can be received by the Foundation and will be acknowledged in writing.

Since the Community Foundation was established in 1984 by local business and civic leaders, it has proven to be a good steward of community resources. Our assets have grown to more than $40 million, and the Foundation invested more than $2,500,000 in community projects last year. Our Board of Trustees is committed to ensuring that the A.C. Flora First Five Years Foundation will be managed and invested in a professional manner.

If we can be of service to you, please call our office at (803) 254-5601 or stop by 1400 Pickens Street in Columbia. We encourage you to show your support for deserving students at A.C. Flora!

 

Sincerely,

STATE OF SOUTH CAROLINA

COUNTY OF RICHLAND

A.C. FLORA FIRST FIVE YEARS FOUNDATION SCHOLARSHIP FUND AGREEMENT

THIS AGREEMENT ("Agreement") is Made this 17^th day of December 2001, between the CENTRAL CAROLINA COMMUNITY FOUNDATION, a South Carolina nonprofit corporation and community foundation (the "Foundation"), and CHARLES E. FARRELL ("Donor"), to create a component fund (the "Fund") of the Foundation.

All persons and organizations making contributions to the Fund created hereunder shall be bound by the terms of this Agreement.

(1)Name of the Fund. The name of the Fund created hereby is the "A.C.Flora First Five Years Foundation Fund."

(2)Purpose. The purpose of the Fund is to provide educational scholarships for students graduating from A.C. Flora High School in Columbia, South Carolina and, by so doing, to carry out the charitable purposes of the Foundation as set forth in its governing instruments. More specifically, an applicant for an educational scholarship from the Fund must meet all of the following criteria, and any other conditions which the Foundation may from time to time require, to be eligible for the scholarship:

(a) The student must be a graduating senior from A.C. Flora High School or, if A.C. Flora High School is no longer in existence, the public high school then serving the same geographical area served by A.C. Flora High School;

(b) The student must attend an institution of higher learning that is a junior or senior college or university that is accredited by the Southern Association of Colleges and Schools(SACS), or the appropriate regional accrediting organization for the institution selected by the student, exceptions may be considered by the Scholarship Committee with the approval of the Foundation;

(c) The student must demonstrate to the Selection Committee the ability to successfully perform in the academic program he/she chooses.

The Scholarship Committee of A.C. Flora High School shall serve in an advisory capacity to the Foundation. The Committee's membership will consist of the principal, the senior class guidance counselor, and members of the first five graduating classes of A.C Flora High School, or any combination representing these positions.

The student selected is eligible to receive the scholarship for one academic year.

Applicants and their family members will be prohibited from having any relationship with the Foundation as a director, officer, employee, member or participant in the selection process. Furthermore, no person involved in the selection of the scholarship recipient shall be in a position to derive a private benefit, directly or indirectly, as a result of the selection of the recipient.

(3) Incorporation of Governing Instruments of the Foundation. The Foundation agrees to hold and administer all contributions to the Fund under Agreement on the terms and subject to the conditions set forth in the Foundation's governing instruments, including its articles of incorporation and bylaws, as amended from time to time, and any resolutions and procedures from time to time in effect. The Foundation and the Donor agree that the Fund is to be a component fund of the Foundation within the meaning of Treasury Regulation Section 1.170A-9(e)(11), and this Agreement shall be construed in all respects so that the Fund shall be treated as a component fund.

(4) Contributions. Upon signing this Agreement, the Donor has transferred and delivered to the Foundation the property described in the schedule attached hereto as Exhibit A and made a part of this Agreement. 2 Any person or organization may transfer assets to the Foundation for the purposes of the Fund. The Foundation, in its discretion, may refuse to accept any particular contribution. All contributions made to the Fund shall be irrevocable. The Fund is created and this contribution made for the purposes and uses and on the terms and conditions set forth in this Agreement.

(5) Permanent Endowment. It is the general policy of the Foundation that a substantial part of its Scholarship Funds shall remain as a permanent endowment of the Foundation. If a Donor makes a contribution to the Fund by an instrument of transfer that contains restrictions on the use of the income and/or principal of the contributed asset and the Foundation accepts such contribution, then such restrictions shall be honored.

(6) Distributions. The money or other property in the Fund shall be held and administered and distributions from the Fund shall be made in accordance with such procedures for the administration and operation of scholarship funds of the Foundation as may be in effect from time to time. Consistent with such procedures, Foundation shall make available a distribution out of the net income and the net realized and unrealized appreciation of the Fund at least annually. In determining the amounts of distributions from the Fund, it is the policy of the Foundation to consider the total return of the Fund, that is, the net income and the realized and unrealized appreciation in the value of the Fund and to consider the charitable needs and purposes of the Fund and the present and future financial requirements of the Fund. The "net realized and unrealized appreciation" shall refer to the increase, whether realized or unrealized, in the fair market value of the asset of the Fund over the historic dollar value of the Fund. The "historic dollar value" shall refer to the aggregate of the fair market value of the initial contribution at the time of such initial contribution and the fair market value of any addition to the Fund at the time of such addition. The Foundation may change the number of recipients and the dollar amount of the award in the future after considering the advice of the Scholarship Committee at A.C. Flora High School.

The Foundation will be responsible for distributing the scholarship award, in the name of the recipient and the institution, to the institution selected by the scholarship recipient.

(7) Investments. In order to maximize the investment returns on individual funds, the Foundation will pool cash available for investment to take advantage of higher yields on larger investments. On a monthly basis, realized and unrealized gains and losses and income from the Foundation’s pooled investments will be allocated to each Fund in an equitable manner.

(8) Separate Accounting. The Foundation shall create a separate account for the fund.

(9) Foundation as Owner of the Fund. Notwithstanding any other provisions herein, this Fund shall be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation may modify any condition or restriction on the distribution of funds if in its sole judgment (without the approval of any trustee, custodian or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the area served by the Foundation.

(10) Compensation to Foundation. As compensation for its services, the Foundation shall receive those fees which it customarily charges for services of the nature similar to those required herein.

(11) Definitions.

(a) For purposes of this Agreement, "charitable purposes" includes charitable, religious, scientific, literary or educational purposes within the meaning of Section 501 (c)(3) of the Internal Revenue Code, contributions for which are deductible under Section 70(c)(2) of the Internal Revenue Code.

(b) All references in this Agreement to sections of the Internal Revenue Code shall be considered references to the Internal Revenue Code of 1986, as from time to time amended, and to the corresponding provisions of any applicable future United States Internal Revenue Law, and to all regulations issued under such sections and provisions.

IN WITNESS WHEREOF, the Foundation and the Donor have caused this Agreement to be executed, as of this day and year first above written.