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~ A-2008-242 <br />IN~;URANCE NOT REQUIRED ~ <br />WORK I~AY PROCEEG <br />~1UG 2 9 2SOSCII. <br />HATE: CharitableVentures <br />_. <br />~ ~ ~C ~ C ~~ of Orange County <br />~ZrlG T~~C:n~~~~l`/1.S FISCAL SPONSORSHIP <br />AGREEMENT BETWEEN <br />CHARITABLE VENTURES OF ORANGE COUNTY <br />AND <br />THE CITY OF SANTA ANA <br />This Agreement, made this 4`~ day of August, 2008, by and between Charitable Ventures of <br />Orange County, (hereinafter referred to as "CVOC"), a California nonprofit public benefit <br />corporation located in Santa Ana, California, qualified as exempt form federal income tax under <br />~501(c)(3) of the Internal Revenue Code, and the City of Santa Ana, a charter city and municipal <br />corporation organized and existing under the Constitution and laws of the state of California <br />(hereinafter referred to as the "City"). <br />RECITALS: <br />A. The City has established the Grants for Parks Program ("Program") to expand <br />and improve upon existing parks and recreation programs and projects with the <br />assistance of private individuals and organizations. <br />B. CVOC desires to act as the fiscal sponsor of the Program, by receiving assets <br />and incurring liabilities identified with the Program and using them to continue <br />normal operation of the Program, while allowing individuals, businesses and <br />community foundations to donate their gifts directly to anon-profit incorporated <br />under Section 501(c)(3) of the Internal Revenue Code fox Program purposes. <br />THEREFORE, in consideration of their mutual and respective promises, the parties hereto <br />do hereby agree as follows: <br />1. Term of Agreement: On August 18, 2008, CVOC shall assume operation of the Project, <br />which operation shall continued in effect for five (5) years, unless earlier terminated pursuant to <br />Paragraph 7 below. <br />2. Creation of Fund/Variance Power. Pursuant to the terms of this Agreement, CVOC <br />shall create a `Grants for Parks' restricted fund ("the Fund") to receive donations of cash and other <br />property earmarked for support of the Program, and to make disbursements in furtherance of the <br />Program. Beginning on the effective date, CVOC shall place all gifts, grants, contributions, and <br />other revenues received by CVOC and identified with the Program into the Fund to be used for the <br />sole benefit of the Program mission as that mission may be defined by the City from time to time <br />with the approval of CVOC. CVOC retains the unilateral right to spend such funds so as to <br />accomplish the purposes of the Program as nearly as possible with CVOC's sole judgment, subject <br />to any donor-imposed restrictions, as to purpose, on the charitable use of such assets. The parties <br />agree that all money and the fair market value of all property in the restricted fund shall be reported <br />2101 EAST FOURTH STREET, SUITE 1806 • SANTA ANA, CA • 92705 <br />714.647.0900 (PHONE) • (714) 647-0901 (FAX) <br />VWUW.CHARITABLEVENTURESOC.ORG • INFO@CHARITABLEVENTURESOC.ORG <br />