Sec. 05.14.02.04. Qualified Permanent Endowment Fund Proposals and Processing

A. Number of Proposals. A community foundation may propose more than one qualified permanent endowment fund in any State fiscal year.

B. Forms and Documentation. A proposal shall be made on standard forms provided by the Department and shall include, for each proposed qualified permanent endowment fund:

(1) The name and a description of the qualified permanent endowment fund;

(2) A description of the problem to be addressed by the qualified permanent endowment fund and who will benefit from the qualified permanent endowment fund;

(3) A description of the qualified permanent endowment fund goals and the measurable objectives;

(4) The geographic area benefited by the qualified permanent endowment fund, together with a statement of whether the geographic area includes, in whole or in part, a designated neighborhood conservation area;

(5) A copy of the following organizational documentation for the qualified permanent endowment fund:

(a) The letter from the Internal Revenue Service granting tax-exempt status under §501(c)(3) of the Internal Revenue Code;

(b) Articles of incorporation or articles of organization;

(c) Bylaws or operating agreement; and

(d) A corporate resolution authorizing submission of the proposal and designating the person or persons authorized to sign documents in connection with the approval of the allocation of tax credits and certification for donations;

(6) As required by the Department, financial statements, annual operating budget, list of major contributors, and current and anticipated funding sources; and

(7) Any other information considered necessary by the Department.