Agreement Between the ACBL Educational Foundation and ACBL Unit 503

This Agreement (“Agreement”) is entered into by and between the ACBL Educational Foundation, of Memphis, Tennessee (“Foundation”) and ACBL Palo Alto Unit No. 503 of Mountain View, California (“Unit”) and together the Parties (“Parties”).

Recitals

The Foundation is a 501(c)3 corporation incorporated under the laws of the State of Tennessee and makes grants in accordance with the following statements of purposes in its By-Laws:

“To increase the number of bridge players.

To engage in educational activities for the purpose of instructing the public as to the fundamentals, study and play of contract bridge.

To increase the enjoyment of playing bridge.” 

Unit 503 of the ACBL (“Unit”) is an independent branch of the ACBL, engaged in conducting games and overseeing the development of the game of Bridge in the San Francisco Mid-peninsula (“Jurisdiction”).

The Foundation will establish a restricted fund to be known as The ACBL Educational Fund for ACBL Unit 503 (“Fund”). The Fund will finance educational activities in the Unit’s Jurisdiction. The Unit will solicit contributions to the Fund. Such contributions are permanent gifts to the Foundation.

The Foundation is willing to accept such contributions for deposit in the fund and disburse such funds in accordance with requests from the Unit Board, provided however, that at all times such expenditures will be in accord with the Foundation’s purposes which are subject to IRS restrictions and grants of the sort contemplated by this Agreement.

IT IS THEREFORE AGREED AS FOLLOWS:

1.        The Foundation agrees to administer the Fund in accordance with the terms of this Agreement.

2.        The effective date of this Agreement is the date when contributions in the amount of $10,000 have been received by the Foundation.

3.        Should Foundation not receive contributions of $10,000 by September 30, 2008, the Fund will be terminated and the Fund balance disbursed to the Unit for distribution to the donors.

4.        The Fund is dedicated to educational purposes within the Jurisdiction related to the game of Bridge. The term “educational purposes” is as set forth in the By-laws of the Foundation.  The Parties agree that EXHIBIT A is illustrative of the types of grants that may be requested by the Unit.

5.        The Unit will send contributions to the Fund to the Foundation’s Secretary for deposit in the Fund. Checks will be made payable to the Foundation and notated  “For Unit 503 Fund”.  The Unit will issue receipts and acknowledgements of contributions to the Fund.  See EXHIBIT B.

6.        The Foundation shall hold, manage, invest, and reinvest the assets of the Fund. Said assets may be commingled with the assets of other funds within the Foundation, provided, however, that the separate identity of the Fund shall be maintained in the accounting records of the Foundation.

7.        The assets of the Fund will be invested in accordance with the investment policies of the Foundation. The Foundation will provide an annual accounting of the Fund, including assets, liabilities, receipts and disbursements. The assets of the Fund or a portion thereof may, at the option of the Unit, be established as an endowment, the precise terms thereof to be agreed by the Parties when such election is made. 

8.        Requests for grants from the Fund shall be made by written request of the Unit President. Such requests shall specify the amount and the purpose of the grant and certify that they are made with the authority of the Unit Board and comply with the terms of this Agreement.  The Foundation, at its sole discretion, shall agree to disburse individual grants.  In return, the Unit shall commit that:

a.    The Unit can and will use the grant funds for the stated purpose.

b.    The Unit agrees to maintain a separate account for the grant funds.

c.     The Unit agrees to submit quarterly reports to the Foundation on the activities financed by the grant.

9.     The Foundation will not charge the Fund for its administration and management of the Fund.

10.    All grant requests by the Unit to the Foundation shall be in the amount of $500 or more.

11.    This Agreement shall be interpreted under the laws of Tennessee.

12.    All notices between the Parties shall be in writing and shall be deemed duly served and given when deposited in the US Mail, postage prepaid, addressed to the Parties as set forth below or at such other address as one party may hereafter advise the other party by notice pursuant to this paragraph.

13.    Addresses of the Parties are set forth below:

The ACBL Educational Foundation
C/o Dr. Eugene Kales
1676 Mt. Vernon Ave
East Lansing, MI 48823

Palo Alto Unit No. 503
American Contract Bridge League
Bridge Center
2639A Terminal Blvd.
Mountain View, California

14.    This agreement contains the entire understandings of the Parties and correctly sets forth the rights and obligations of each to the other. Any prior agreements or representations not expressly set forth in this Agreement are of no force and effect.  Any changes to the Agreement must be in writing and signed by the Parties.

In witness whereof, the Parties have executed this Agreement on the  _____ day of  _______. 2007

ACBL Educational Foundation                                         Palo Alto Unit no. 503

Jerry Thorpe

President                                                                              President