H3. Res. 6011, Whitefish Community Fund Advisor AppointmentCITY OF City of Kalispell
KALISPELL Post Office Box 1997 -Kalispell, Montana 59903
Telephone: (406) 758-7701 Fax: (406) 758-7758
MEMORANDUM
To: Mayor and City Council
From: Doug Russell, City Manager
Re: Transfer of Kalispell Golf Association Assets to Whitefish Community
Fund
Meeting Date: January 19, 2021
BACKGROUND: In 2009, the Kalispell Golf Association entered into an agreement with the
Flathead Community Foundation to establish a fund for donors to provide resources for capital
projects at the Kalispell Golf Course. As the City of Kalispell is the lessor of the property to the
Kalispell Golf Association, we were included as a party on the agreement and the respective
account with the foundation.
Recently, the Flathead Community Foundation elected to transfer its assets and respective
accounts to the Whitefish Community Foundation. As part of that process, the Whitefish
Community Foundation is updating their agreements and is requesting we enter into the attached
agreement and provide copies of the minutes where the council appoints its Advisor for the fund.
The existing agreement with the Flathead Community Foundation and the proposed agreement
with the Whitefish Community Foundation are attached.
FISCAL IMPACTS: There is no expense to the City of Kalispell upon entering into the
agreement. Donated funds may be used by the Kalispell Golf Association for capital projects at
the facilities owned by the City of Kalispell.
RECOMMENDATION: It is recommended that City Council pass Resolution 6011, a
resolution to authorize the City Manager to act as the advisor for the Agency Fund with the
Whitefish Community Fund and the Kalispell Golf Association.
ATTACHMENTS: Resolution 6011
2009 Agreement with the Flathead Community Foundation
Proposed Agreement with the Whitefish Community Foundation
RESOLUTION NO. 6011
A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ACT AS THE
ADVISOR FOR THE AGENCY FUND WITH THE WHITEFISH COMMUNITY FUND
AND THE KALISPELL GOLF ASSOCIATION.
WHEREAS, in 2009, the Kalispell Golf Association entered into an agreement with the
Flathead Community Foundation to establish a fund for donors to provide
resources for capital projects at the Kalispell Golf Course; and
WHEREAS, the Flathead Community Foundation has recently elected to transfer its assets and
respective accounts to the Whitefish Community Foundation; and
WHEREAS, the Whitefish Community Foundation has requested that the City of Kalispell, as
owner of the Kalispell Golf Course, appoint an Advisor to the fund; and
WHEREAS, it is in the best interests of the citizens of Kalispell that the Kalispell City
Manager be appointed as the Advisor for the Agency Fund with the Whitefish
Community Fund and the Kalispell Golf Association.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION 1. The City Manager is authorized to act as the Advisor for the Agency Fund
with the Whitefish Community Fund and the Kalispell Golf Association
on behalf of the City of Kalispell.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS 19TH DAY OF JANUARY, 2021.
Mark Johnson
Mayor
ATTEST:
Aimee Brunckhorst, CMC
City Clerk
090026
i
THIS AGREEMENT is entered into this day of C`kV, 2009, between the City of
Kalispell, Montana, the Kalispell Golf Association and Flathead Community Foundation, a
Montana not -for -profit corporation.
Recitals
1. The City of Kalispell is a duly formed municipal corporation under the laws of
the State of Montana with the statutory authority to own, manage and lease property for the
benefit of the City, its taxpayers and residents. The City owns the property currently being
operated as the Kalispell Municipal Golf Course, commonly known as Buffalo Hills Golf
Course which is comprised of approximately 240 acres containing a golf facility with its
appurtenant uses.
2. The Kalispell Golf Association is a Montana not -for -profit corporation and
authorized to operate under the terms of IRC 501(c)(4). Its purpose has been to manage and
maintain the Kalispell Municipal Golf Course, commonly known as Buffalo Hills Golf
Course.
3. The Flathead Community Foundation is a Montana not -for -profit corporation
authorized to operate under the terms of IRC 501(c)(3). Its purpose is to gather donors' gifts
in permanent endowments or pass -through funds; to grow individual funds through
professional investment management; and to distribute fund proceeds according to donor
wishes through grants to local charities.
4. The City of Kalispell is the Lessor party to a lease agreement with the
Kalispell Golf Association, as Lessee, dated April 1, 1997 (hereafter "Lease") for that
property comprising the Kalispell Municipal Golf Course, commonly known as Buffalo Hills
Golf Course. A copy of said lease is attached to this Agreement as Exhibit "A".
5. The Kalispell Golf Association seeks donor funding to provide necessary
capital maintenance and improvements to the Kalispell Municipal Golf Course facility. The
Flathead Community Foundation, as a qualified 501(c)(3) organization, can act as a permitted
pass -through entity to receive tax preferred gifts from donors for the purpose of contributing
to the City of Kalispell the donated dollars to the capital improvement projects planned and
developed by the Kalispell Golf Association for the City of Kalispell owned golf facility.
NOW THEREFORE, the parties agree as follows:
1. Purpose. The purpose of this Agreement is to define the public -private
partnership between the City of Kalispell, the Kalispell Golf Association and Flathead
Community Foundation regarding donated capital for the financing and development of
capital improvements to the real property described in the lease Exhibit "A" and operated as a
municipal golf course. All parties are committed to the development of the Kalispell
Municipal Golf Course that will preserve and improve this valuable asset as a public golfing
KALISPELL MUNICIPAL GOLF COURSE
FUNDING AGREEMENT Page 1
facility. In an effort to accomplish these objectives, the parties agree to work toward this
common goal in a manner that permits prudent capital investment in the asset while
recognizing the roles and responsibilities of each.
2. Term. This Agreement shall be effective the day and year first above written,
and shall continue through the duration of the Lease attached as Exhibit "A", unless sooner
terminated.
3. Donor Funding Mechanism. The Flathead Community Foundation shall
gather donors' gifts intended to benefit the capital improvement and maintenance of the
Kalispell Municipal Golf Course. The City shall make an application for funds which when
approved by the Flathead Community Foundation Board of Directors will be distributed to the
City for the requested purposes.
4. Development Responsibilities. Throughout the term of this Agreement, and
pursuant to the lease between the parties, the City of Kalispell and the Kalispell Golf
Association will meet for the purpose of determining each party's development
responsibilities. The Flathead Community Foundation agrees that it will accept donations for
the purposes of capital improvement and capital preservation projects to the Kalispell
Municipal Golf Course. At a minimum, representatives of the City of Kalispell, the Kalispell
Golf Association and the Flathead Community Foundation will meet at least once annually
for the purpose of conferring about the golf course and this Agreement.
5. Insurance. Pursuant to the terms of the Lease, the Kalispell Golf Association
will maintain liability insurance covering its construction activities which names the City of
Kalispell as an additional named insured. It will also maintain liability insurance for those
golfing activities which also names the City of Kalispell as an additional named insured.
Coverage amounts will not be less than $1.5 million aggregate or less than $7,500,000 per
occurrence unless the parties agree otherwise. The Kalispell Golf Association must also
maintain general liability insurance coverage consistent with the City of Kalispell's normal
requirements, as well as workers compensation coverage on its employees consistent with
State law.
6. Modification. This Agreement may be modified by the parties by a written
document signed by authorized representatives of the City of Kalispell, the Kalispell Golf
Association and Flathead Community Foundation.
7. Mediation; Termination. In the event a party fails to perform its obligations
under this Agreement, the other party may give written notification of the default in writing.
The parties shall meet and confer with the intent of resolving the default, but in the event the
default is not cured, or reasonable efforts are not underway to correct the default (in the
opinion of either party), the dispute shall be submitted to mediation. In the event the parties
are not able to agree upon a mediator, a mediator shall be appointed pursuant to the rules and
regulations of the American Arbitration Association. The expenses of the mediator shall be
shared equally by the parties. The parties may mutually agree to terminate this Agreement in
writing at any time.
KALISPELL MUNICIPAL GOLF COURSE
FUNDING AGREEMENT Page 2
8. Miscellaneous. Improvements affixed to the real property may not be
removed without the approval of the City of Kalispell.
IN WITNESS WHEREOF, the parties have executed this Agreement the day and year
first above written.
City of Kalispell, Montana
ane Howington, City Mana
Attest:
Theresa White
City Clerk
Kalispell Golf Association
oug u fm , President
A ttnet-
Flathead Community Foundation
Marc Lorenzen, President
Attest:
/l'�1�II►r.r
KALISPELL MUNICIPAL GOLF COURSE
FUNDING AGREEMENT Page 3
STATE OF MONTANA )
) ss.
County of Flathead )
On this : day of 0 vove- v&,e,- 2009, before me, a Notary Public for the State of
Montana, personally appeared Jane M. Howington and Theresa White, respectively, proved
to me to be the persons whose names are subscribed to the within instrument, and
acknowledged to me that they each executed the same in their respective authorized capacities
as City Manager and City Clerk of the City of Kalispell.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year hereinabove first written.
�.011j111111!®>
A. F'(j�''�
E�LOTA
SEAL
STATE OF MONTANA I
ss.
County of Flathead
y
Printed Name: , c� ; '--� � , `�
NOTARY PUBLIC for the State of Montana
Residing at: Q1 t
My Commission expires: ,
On this day of 2009, before me, a Notary Public for the State of
Montana, personally appeared Doug Kauffman and Terry Williams and proved to me to be
the persons whose names are subscribed to the within instrument, and acknowledged to me
that they each executed the same in their respective authorized capacities as President and
Secretary of the Kalispell Golf Association, a Montana not for profit corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year hereinabove first written.
SEAL
Printed Name: '
NOTARY PU�LIC for the State of Montana
Residing at: CL-il %v a--t-47
My Commission expires: c -z
KALISPELL MUNICIPAL GOLF COURSE
FUNDING AGREEMENT
Page 4
STATE OF MONTANA
) ss.
County of Flathead
P .Lewls
On this 15 day of DeCcAAW�V" , 2009, before me, a Notary Public for the State of
Montana, personally appeared Marc Lorenzen and AimrSaterke, and proved to me to be
the persons whose names are subscribed to the within instrument, and acknowledged to me
that they each executed the same in their respective authorized capacities as President and
Secretary of the Kalispell Community Foundation, a Montana not for profit corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year hereinabove first written.
'C
MART, IA C. THOMSON Printed Name: Met V+ 1, (1, T
NOTARY PUBLIC - MONTANA
9*!"NOTARIAL*'K NOTARY PUBLIC for the State of Montana
slSEAL
NO Gnoimt 4,pieo� Apt, 23, 2012
IResiding at: L'ake S ti
'r
M111111KIII, My Commission expires: .14
KALISPELL MUNICIPAL GOLF COURSE
FUNDING AGREEMENT Page 5
GIVING TOGETHER CREATES IMPACT
Agency Fund
INDEX
1. Agency Fund Agreement
2. Exhibit A: Guidelines
3. Exhibit B: Initial Advisor and Reporting
4. Notice of Advisor Change
5. Investment Allocation Form
6. Disclosures
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GIVING TOGETHER CREATES IMPACT
AGENCY FUND AGREEMENT
This Agreement is made and entered into on the 17 day of December, 20 20, by and
between the Whitefish Community Foundation, Inc. ("Community Foundation") a nonprofit
Montana corporation and a community foundation and Kalispell Golf Association a
nonprofit Montana corporation ("Agency") to create an Agency Fund. All contributions to
this fund shall be governed by the terms of this Agreement.
WHEREAS, the Agency, in the furtherance of Agency charitable purposes, deems it to be
in the Agency's best interest to create an Agency Fund with the Community Foundation;
WHEREAS, the Community Foundation is a nonprofit Montana corporation exempt
from taxation pursuant to Section 501(c)(3) of the Internal Revenue Code, and is an
appropriate entity within which to establish such Agency Fund; and
WHEREAS, the Community Foundation is willing and able to create such Agency Fund
subject to the terms and conditions hereof.
NOW, THEREFORE, the parties agree to the following terms:
1. Name of Fund. There is hereby established in the Community Foundation a fund
sated as the Kalispell Golf Association Agency Fund (hereinafter referred to as the
"Fund").
2. Purpose of Fund. The primary purpose of the Fund is to benefit the Agency, which is a
qualified charitable organization. The term "qualified charitable organization" as used
herein shall mean an organization described in Section 501(c)(3) of the Internal Revenue
Code, which is also described in Sections 509(a)(1), 509(a)(2), or 509(a)(3) of the
Internal Revenue Code (except for an organization that is Type III and not functionally
integrated; and that primarily (more than 50%) benefits Montana communities and
citizens. The Fund is intended to further or carry out the nonprofit purposes of the
Agency to the extent that those purposes are consistent with the general nonprofit
purposes of the Community Foundation.
3. Initial Gift. The Agency or a third party donor has made an irrevocable donation of
$ 73,422.75 in cash or other assets to initiate the Fund. The initial gift shall be equal
to or greater than fund minimum specified in the Agency Fund Guidelines (the
"Guidelines") attached hereto as Exhibit A.
Agency Fund Agreement 2/12/14 1
4. Additional Gifts. Any individual, corporation, trust, estate, or other legally recognized
entity may make a gift, bequest, devise, or other transfer to the Community Foundation
for the purposes of the Fund by a transfer to the Community Foundation of cash or other
assets acceptable to the Community Foundation for the benefit of the Fund. All additional
gifts, bequests, and devises made to the Community Foundation for the benefit of the
Fund shall be irrevocable and subject to the terms and conditions of this Agreement. All
additional gifts of cash shall be by check, certified check, or money order, payable to the
Whitefish Community Foundation, Inc., and shall reference the Fund name on the check
memo line. Except as provided herein, the Community Foundation does not solicit
contributions to or otherwise provide marketing or fundraising services for the Fund.
5. Administrative Authority. The Community Foundation shall have all powers necessary,
or in its sole discretion, desirable to administer and carry out the purpose of the Fund,
including, but not limited to, the powers to retain, manage, sell, invest, and reinvest the
Fund assets and its income in any manner as authorized by law, and the power to co -
mingle the assets of the Fund with those of other funds for investment purposes.
6. Distributions. The amount, manner, and frequency of distributions from the Fund will
be determined by the Community Foundation's Board of Directors ("Board") in
compliance with the Guidelines in effect at the time of the proposed distribution. The
named Advisor of the Agency (as defined herein at Section 12) may advise the
Community Foundation with respect to distributions made pursuant to the terms of this
Agreement. The Community Foundation shall be authorized to act upon said advice, but
the advice is solely advisory, and the Community Foundation may accept or reject the
advice applying reasonable standards thereto. Unless specified otherwise, distributions
shall be made first from assets that are contributed to the Fund by the Agency ("Agency
Funds") and then from assets that are contributed to the Fund by a third party donor
("Donor Funds").
If the Agency is dissolved or otherwise fails to be a qualified charitable organization, the
Fund shall terminate and any funds remaining in the Fund shall be added to the
permanent endowment fund of the Community Foundation.
7. Separate Accounting and Reporting. The Fund shall be accounted for separately and
apart from other funds of the Community Foundation, but may be co -mingled with other
assets of the Community Foundation for investment purposes. The Community
Foundation shall provide the Agency at least annually with a written report showing the
Fund's contributions, earnings, distributions, and fees. Agency Funds shall be held and
accounted for separate from Donor Funds.
8. Substantiation and Acknowledgment: Upon accepting transfers of cash or other assets
to the Fund, the Community Foundation will send a letter to the donor acknowledging the
contribution. The letter serves as a receipt for tax purposes. The Community Foundation
will also notify the Advisor when contributions are received from third parties. Unless
otherwise indicated, the Community Foundation shall consider the donor to be the person
or entity identified as the payor on the check or money order.
Agency Fund Agreement 2/12/14 2
9. Other Reports: The Community Foundation issues an Annual Report. The Report lists
all Agency Funds held by the Community Foundation. Copies of the Annual Report and
information returns (IRS Form 990) are available upon request or on the web site at
www.whitefishcommunityfoundation.org. The Annual Report includes the names of
donors to the Community Foundation and the names of the Designated Funds at the
Community Foundation, but the report does not specifically identify the donors that
contributed to each Designated Fund. The Report may in the future, but does not
currently list distributions from the Designated Funds.
10. Community Foundation as Owner of the Fund. The Fund shall be the property of the
Community Foundation and owned by it in its corporate capacity. In such capacity, the
Community Foundation shall have the ultimate authority and control of all assets in the
Fund, and the income from the Fund for the charitable purposes of the Community
Foundation. The assets in the Fund, whether cash or other property, are not held in trust
for the Agency. For accounting purposes only, Agency Funds shall be held as a liability
of the Community Foundation.
11. Compensation to Community Foundation and Other Expenses. The Community
Foundation carries out the distribution and financial reporting responsibilities necessary
to maintain the Fund and shall charge the Fund an administrative management fee and
other associated expenses. The fee is specified in the Guidelines, and the fee may be
periodically modified by an amendment to the Guidelines adopted by the Board of
Directors of the Community Foundation. Said fee shall be reasonable and in keeping with
the fees that community foundations customarily charge.
12. Advisors. An Advisor is a named representative of an the Agency who has been
appointed by the Agency to advise the Community Foundation as to the desired
reinvestment or grants, and expenditures or distributions. The Agency may appoint
successor Advisors upon written notification to the Community Foundation of the named
successor Advisor. An Agency may name more than one Advisor, but in doing so must
disclose if the Advisors must act jointly or may act individually on behalf of the Fund.
An Agency may remove an Advisor or successor Advisor by providing written notice of
the removal to the Community Foundation and if possible the acknowledgement or
acceptance of the removal by the Advisor so named. Any Advisor or successor Advisor
must provide written acknowledgement to the Community Foundation of his or her
acceptance of the duties of Advisor. All Advisors, whether initial or successor, consent
to and agree to be subject to the terms of this Agreement. The Community Foundation
shall be entitled to rely upon the written appointment of Advisor as conclusive evidence
of the Advisor's authority to make distribution recommendations on behalf of the
Agency. The initial Advisor(s) are identified in Exhibit B. If the Agency, Advisor, or
successor Advisors are not available or able to act under the terms of this Agreement
then the Fund shall terminate and any funds remaining in the Fund shall be added to the
permanent endowment fund of the Community Foundation.
13. Variance Power. The Fund is subject to the variance power described in Treas. Reg.
Sec. 1. 170A-9(f)(I 1)(v)(B)(1), as amended from time to time. Pursuant to the variance
power, the Board shall have the power to modify any restriction or condition on the
Agency Fund Agreement 2/12/14 3
distribution of funds for any specified charitable purpose or to specified organizations, if
in their sole judgment (without the approval of any advisor, trustee, custodian, or agent)
such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment or
inconsistent with the charitable needs of the community or area served by the Community
Foundation.
14. Continuity of the Fund and Default. It is intended that the Fund continue in perpetuity,
or until such time as the value of the assets in the Fund are depleted below the Fund
Minimum as set forth in the Guidelines, or distributed to another fund pursuant to Section
6, Section 12, or Section 16.
15. Legal Compliance. The Agency agrees and acknowledges that the establishment of the
Fund is made subject to the terms and conditions of the Articles of Incorporation and
Bylaws of the Community Foundation, as from time to time amended, and the Guidelines
as have been adopted by the Board and thereafter amended from time to time.
Notwithstanding anything herein to the contrary, the Community Foundation is subject to
and shall hold and administer the Fund and all contributions to the Fund pursuant to the
laws of the state of Montana including the Montana Nonprofit Corporation Act and the
Montana Uniform Prudent Management of Institutional Funds Act, and shall further be
subject to all federal law, including, but not limited to the United States Treasury
Department Regulations and the Internal Revenue Code. The Agency shall maintain its
status as a qualified charitable organization (as defined below), and shall comply with all
applicable federal, state, and local laws.
16. Dissolution. If the Community Foundation ceases to be a qualified charitable
organization, or if the Community Foundation proposes to dissolve, then the assets of the
Fund, after payment or making provision for payment of any liabilities properly
chargeable to the Fund, shall be distributed to the Agency; provided, however, that if the
Agency is not then a qualified charitable organization, then said assets shall be distributed
to such qualified charitable organization or organizations as the Board of Directors of the
Community Foundation in its sole discretion determines serves purposes similar to those
of the Agency.
17. Privacy Policy. The Community Foundation does not share its mailing list or other
information about its donors with the Agency. This Agreement is subject to the Privacy
Policy of the Community Foundation, a copy of which is available at the Community
Foundation office.
18. Liability. The Community Foundation, its officers, directors, employees, and
agents shall not be liable to the Agency for any loss or damage to the Fund, including, but
not limited to any depreciation in the value of the Fund.
19. Entire Agreement. This Agreement and the Exhibits attached hereto are the
entire Agreement between the parties, and supersede all previous negotiations,
commitments, and writings.
20. Applicable Law. This Agreement shall be governed by and construed under the laws of
the state of Montana.
Agency Fund Agreement 2/12/14 4
21. Binding Effect. This Agreement shall be binding upon the parties, their
successors and assigns.
22. Severability. If any term or provision of this Agreement shall be held to be invalid or
unenforceable for any reason, that term or provision shall be ineffective to the extent of
such invalidity or unenforceability without invalidating the remaining terms and
provisions, and this Agreement shall be construed as if such invalid or unenforceable
term or provisions had not been included. In the event that any term or provision is held
to be valid or unenforceable, or in the event that any term or provision shall be found to
be inconsistent with any policy of the Community Foundation, the Agency and the
Community Foundation shall promptly meet to negotiate substitute terms and provisions
for those found to be invalid, unenforceable or inconsistent.
IN WITNESS WHEREOF, this Agreement is signed this day of
AGENCY
BY:
PRINT NAME: Steve Dunfee
TITLE: Manager, Kalispell Golf Association
ADDRESS: 1176 N. Main Street/ P.O. Box 1116
Kalispell, MT 59903-1116
BY:
PRINT NAME: Doug Russell
TITLE: Kalispell City Manager
ADDRESS: 201 1st Avenue East
Kalispell_ MT 59901
WHITEFISH COMMUNITY FOUNDATION, INC.
BY:
PRINT NAME: Linda Engh-Grady
TITLE: President, Whitefish Community Foundation
ADDRESS: PO Box 1060
Whitefish, MT 59937
Agency Fund Agreement 2/12/14 5
GIVING TOGETHER CREATES IMPACT
Agency Fund Guidelines
These Guidelines are incorporated by reference in the Whitefish Community Foundation
Agency Fund Agreement, and they apply to all Agency Funds.
Any Agency Fund ("Fund") established with the Whitefish Community Foundation ("the
Community Foundation") shall be subject to the following terms and conditions:
1. Administrative Fees —The Community Foundation shall receive a fee for services based
on the average quarterly balance in the Fund during each calendar year. Fees are charged
quarterly.
• For a Fund with a value up to and including $1,000,000, the annual fee is 1% of
the average ending quarterly balance, with a minimum fee of $100 per year.
• For a Fund with a value over $1,000,000 the annual fee is .5%.
• If any Agency has more than one fund established with the Community
Foundation (including, but not limited to an Agency Fund, and Agency
Endowment Fund or an Agency Capital Endowment Fund), the annual fee shall
be established based on the aggregate value of all of the Agency's funds
• Administrative fees will be allocated between Agency Fund accounts and Donor
Fund accounts on a proportionate basis
2. Distributions — Distributions from the Fund will be made upon written request from the
Fund Advisor, subject to the following:
The amount of the distribution shall be determined by Community Foundation based on
the following factors:
(a) the duration and preservation of the Fund;
(b) the purposes of the Community Foundation and the Fund;
(c) general economic conditions;
(d) the possible effect of inflation or deflation;
(e) the expected total return from income and the appreciation of investments;
(f) other resources of the Community Foundation;
(g) the investment policy of the Community Foundation; and
(h) any other factors deemed relevant by the Community Foundation.
• Upon request of the Fund Advisor or at the discretion of the Community
Foundation, any distribution may be reinvested
3. Fund Affnimum —A Fund maybe opened with a $15,000 minimum. A minimum balance
of $15,000 must be maintained. If the Fund balance at any time is less than $15,000, the
Community Foundation shall give written notice to the Advisor. The Agency shall have
EXHIBIT A 2/12/14
iEm"ej ALIA11051011111
Ifi• .. •
GIVING TOGETHER CREATES IMPACT
30 days from the date of the written notice to restore the Fund balance to the minimum
amount of $15,000. If the Agency fails to restore the Fund balance to at least $15,000
within the 30 day period, the Community Foundation shall terminate the Fund and assets
of the Fund shall be distributed to the permanent endowment fund of the Community
Foundation.
4. Amendment - THESE GUIDELINES MAY BE SUPERSEDED, MODIFIED, REVOKED,
REVISED, SUSPENDED, OR TERMINATED AT THE SOLE DISCRETION OF THE
BOARD OF DIRECTORS OF THE COMMUNITY FOUNDATION AT ANY TIME WITH
OR WITHOUT NOTICE.
EXHIBIT A 2/12/14
i
iik'
GIVING TOGETHER CREATES IMPACT
Initial Advisor Information and Reporting Form
Reports will be sent at least annually to the Fund Advisors. Reports will be sent to the advisor(s) at
the following address(s). Advisor(s) of the Fund will notify the Foundation of any changes.
NAME OF FUND:. Kalispell Golf Association Agency Fund
... . .... .......... . ....
Advisor Name:. Steve Dunfee, Manager, Kalispell Golf Association
.. ... .. . .... . .... . ..
Address: .1.176.N, Main.$treet,,P.O..Box,1116..................................................
City, State, Zip:.. Kalispell, MT.59903-11.16....................................................
Telephone
Business: .406-756-4545............. ........ Home: ...............................................
.....
Email:. stevd a�golfbuffalohill.com................................................................
....... ......................
Advisor Name: ..Doug .........................
Russell ............................................
Address: ..201 1st Avenue East.....................................................................
City, State, Zip:. Kalispell, MT.599D.............................................................
Telephone
Business:. 406 ,758-7701 ............. Home:.............................................. .
Email:. drusse 1&414.01.com....................................................................
If two advisors (Initial one) Acting jointly Acting jointly or individually
Additional Reports. -
Name: ...................................................................................................
Address: ................................................................................................
City, State, Zip: .......................................................................................
Signature: .......................................... .............................................
(Advisor) Steve Dunfee (Advisor) Doug Russell
Date................................................ Date ........................................
Exhibit B
• dik-
GIVING TOGETHER CREATES IMPACT
Notice of Change of Agency Fund Advisor
Nameof Fund: ............................................... .........................................
Address: ................................................................................................
City, State, Zip: .......................................................................................
Corporate/LLC Position(s) authorized to act as Advisor ......................................
*Name of new Advisor(s)...........................................................................
Address: ................................. ...............................................................
City, State, Zip: .......................................................................................
Telephone: .......................... Email:.........................................................
Name of outgoing Corporate/LLC Advisor(s):...................................................
Signed............................................................. Date...........................
(Donor)
Signed............................................................. Date...........................
(Outgoing Advisor)
Signed............................................................. Date...........................
(New Advisor)
*Board Resolution or Minutes noting name of new advisor must accompany this form.
INVESTMENT ALLOCATION OPTIONS
INVESTMENT ALLOCATION
Please indicate your recommended investment allocation below.
Name of Fund Kalispell Golf Association
Whitefish Community Foundation offers a variety of investment options, each of which is designed to meet
a range of philanthropic goals and time horizons. Each of our investment pools are carefully designed to
maximize return and minimize volatility. Investments are monitored regularly by the community foundation's
experienced investment committee, consultant, and staff.
As a fund advisor, you may allocate to one or more investment pools, and you may change the investment
allocation once per year or upon a significant change in charitable goals and time horizon for depleting the
fund. The community foundation will maintain your fund's investment allocation through regular monthly
rebalancing.
If no allocation choice is made, the Capital Preservation Pool will be selected by the Investment Committee.
Long -Term Growth Pool
time horizon
10 years or more
50 % Balanced Pool
time horizon
5 years or more
50 % Spend Down Pool
time horizon
1 to 3 years
% S&P 500 Index Fund
time horizon
5 years or more
Long Term Capital Growth
77%equity, 22%fixed income, 1%cash
Balanced mixture of safety, income, and
capital appreciation
51.5% equity, 46.5% fixed income, 2% cash
Stability of Principal
Combination of money market,
certificates of deposit, and other liquid
short term securities
Vanguard S&P 500 ETF (VOO)
to 100% equity
Future contributions will be invested according to the allocation specified above. Investment allocations can
be changed through written instruction once per year or upon a significant change in charitable goals and
time horizon for depleting the fund.
Please contact the community foundation at linda@whitefishcommunityfoundation.org or call 406-863-1781
if you have questions or need additional information.
Fund Advisor Signature: Date:
P.O. Box 1060 • Whitefish, Montana 59937 •406.863.1781 • Fax 406.863.2628 • www.whitefishcommunityfoundation.org
GIVING TOGETHER CREATES IMPACT
2021 DISCLOSURE STATEMENT
Foundation Staff
Linda Engh-Grady, President
Darla Perez, Vice President of Finance and Operations
Lynnette Donaldson, Program and Outreach Officer
Foundation Board of Directors
Committee designations are indicated in parentheses: Executive Committee (EC), Nominating/Governance (GV),
Grants (GR), Investment (IV), Audit (AD), Scholarship (S), Kids Fund (KF)
Linda Maetzold, Board Chair (EC, AD, GR)
David Dittman, Board Vice Chair (EC, AD, IV)
Greg Garrison, Secretary/Treasurer (EC, AD, IV)
Jay Latimer, Assistant Treasurer (AD, IV)
Jeff Allen (IV, GR)
Carol B. Atkinson (S, GR)
Betsy Bayne (GR, S)
Janice Case (IV)
John Collins (EC, IV)
Gordon Cross (GR, KF)
Sherry Lesar (KF, GR)
Maureen McKeever (KF)
Monica Pastor (EC, GR, S)
Doug Reed (GR)
Mike Shaw (IV)
Jamie Sherman (EC, GV, IV)
Ken Wessels (IV, GV)
Ardy Whisler (GR)
John Witt (IV)
The following non -board members also serve on the Foundation Committees:
Diane Conradi (S)
Thomas Quinn (GR)
Shawn Watts (GR)
Investment Managers
Lori Miller (S)
Kristin Tabor (GR)
Mason Investment Advisory Services, Inc. 1130 Sunrise Valley Drive, Suite 200, Reston, VA 20191
Auditor
Tony Vanomy, JCCS, CPA's Kalispell, MT
Administrative Fees
Accountant
Sallie Brown, JCCS, CPA's PC, Whitefish, MT
Whitefish Community Foundation charges a fee for services based on the average quarterly balance in the Fund
during any given calendar year. Fees are charged quarterly.
• Donor Advised Funds: Fee starts at .60% or $200, whichever is higher. For funds over $500,000 the fee is
based on a sliding scale. See Donor Advised Fund Guidelines.
• Designated, Endowment, Annuity, and Agency Funds: Fee starts at 1% or $200. For funds over $1M, the
fee is .50%.
• Additional investment fees are charged for invested assets.
P.O. Box 1060 • Whitefish, Montana 59937 • 406.863.1781 • Fax 406.863.2628 • contact@whitefishcommunityfoundation.org