Lovetts Gallery, with the help of the Tulsa Community Foundation, has established a charitable foundation known as "Lovetts Foundation for the Arts".
This foundation is directed by a board of contributing patrons, artists, and education professionals (these persons will be announced, with their names and credentials available for viewing, by the end of May). This fund is composed entirely of donations from Lovetts clientele and additional supporting organizations.
From this fund Lovetts will be issuing scholarships, such as the Lovetts Artistic Enrichment and Cultural Preservation Scholarship, as well as grants to artists, educators, museum professionals, etc. Each allocation will be decided on by the presiding board of the Lovetts Foundation for the Arts.
Charitable donation receipts will be provided to every contributor, as well as an annual budget, expense report, and contributor newsletter.
There will be more specific information available by the end of May. However, if you wish to make a contribution now feel free to contact us at 918.664.4732, LFFTA@lovettsgallery.com, or 6528 E. 51st ST, Tulsa OK 74145.
1. Creation of the Fund.
(a) The Donor hereby transfers irrevocably to the Foundation the property described in the attached Exhibit A to establish in the Foundation the Lovetts Gallery Foundation for the Arts Fund (the "Fund"). Subject to the right of the Foundation to reject any particular gift, the Foundation may receive additional irrevocable gifts of property acceptable to the Foundation from time to time from Donor and from any other source to be added to the Fund. All contributions to the Fund shall be administered pursuant to the terms and conditions of this Agreement and shall be held by the Foundation. All transfers and contributions to the Fund shall be irrevocable once accepted by the Foundation.
2. Purpose of Fund.
(a) The purpose of the Fund is to support organizations that engage in charitable activities which are consistent with the charitable purposes of the Foundation. Generally, grants may be made to:
- organizations described in Section 170(b)(1)(A) (other than certain supporting organizations);
- organizations not described in Section 170(b)(1)(A) if expenditure responsibility is exercised;
- the Foundation; and/or
- other Funds affiliated with and controlled by the Foundation.
3. Distributions from the Fund.
(a) From time to time, the Fund Advisors, as listed in Schedule B, may recommend distributions of income and/or principal be made from the Fund to organizations described in 2(a). Such distribution requests must be made in writing and should be submitted on a document similar to the Foundation’s standard Grant Recommendation Form. The signatures of a majority of the Advisors listed are required in order for such document to be considered valid.
(b) It is understood that any recommendation regarding distributions or awards for charitable purposes will be given careful and thoughtful consideration by the Foundation’s Board of Trustees (the "Board"). Such recommendations must be consistent with the Foundation’s broadly stated purposes, as defined in the Foundation's governing instruments, as amended from time to time.
(c) No distribution will be made to an individual. No distribution will be made to any entity if the distribution is not for a charitable purpose. The Donor and/or Advisor(s) may not provide advice that would provide for more than incidental benefits to the Donor, Advisor(s), or related parties, as defined by law. No grants, loans, compensation and similar payments may be made from this Fund to Donor, Advisor(s), and related parties, as defined by law. It is understood that no distributions will be used to discharge or satisfy a legally enforceable pledge or obligation, or pay for goods or services of value, for any person, Donor, or Advisor.
(d) In the event that the Advisors fail to advise the Foundation on the distribution of the Fund for three consecutive years, the Foundation may deem that Advisors have no interest in advising with respect to the Fund, and may terminate such rights after written notice, sent via certified US Mail, to the last known addresses of these Fund Advisors.
(e) The term of the Fund hereby created will commence on the date of this Agreement and end when all assets of the Fund have been distributed. Upon the expiration of the advice term set forth above, or in the event that advice rights are terminated under paragraph 3(d), the Donor and/or Fund Advisors may provide a recommendation for the disposition of Fund in Schedule B.
(f) When the Fund is specifically designed to be a permanent Fund, the Foundation shall make distributions from the Fund in accordance with a Spending Policy adopted by the Board for component funds of the Foundation. The Spending Policy is designed to allow the funds to be invested on a "total return" basis to maintain and, if possible, increase the real value (as adjusted for inflation) of the funds, while at the same time providing a relatively steady and predictable level of funding for grantees. The Board reviews the Spending Policy annually and approves the Spending Rate for the following calendar year.
4. Administration.
(a) The Foundation shall administer the Fund in accordance with the terms of this Agreement, under and subject to the Foundation's governing instruments, as amended from time to time, and in accordance with procedures for the administration of similar funds of the Foundation, including charges for Foundation services.
(b) The Fund, and distributions from the Fund, shall be subject to the ultimate control and absolute discretion of the Foundation.
(c) Neither the Donor, Fund Advisor, nor any other contributor may impose any material restriction or condition that prevents the Foundation from freely and effectively employing the assets and income of the Fund in the furtherance of the Foundation’s charitable purposes. Consistent with the foregoing, the Board shall have the authority to modify any restriction or condition on distributions from the Fund, if in the sole judgment of the Board the restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable or other exempt purposes served by the Foundation.
(d) Any recipient of benefits from the Fund shall be advised that such benefits are from the Fund, unless anonymity is specifically requested.
(e) The Fund is intended to be a component part of the Foundation. Assets of the Foundation may be commingled for purposes of investment with other assets of the Foundation.
(f) Charges shall be assessed against the Fund consistent with the charges assessed from time to time against similar funds of the Foundation.
(g) Nothing in this Agreement shall affect the status of the Foundation as a charitable organization described in section 501(c)(3) of the Code and as an organization that is not a private foundation within the meaning of Section 509(a) of the Code. This Agreement shall be interpreted to conform to the requirements of the foregoing provisions of the federal tax laws and any regulations issued pursuant thereto.
(h) Any person or entity providing investment advice with respect to this Fund will only be compensated fairly and according to usual and customary fees being charged by similar managers at the time.
(i) If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Agreement shall be construed and enforced as if such provisions had not been included.
5. Agreement Irrevocable; Limited Power of Amendment.
This Agreement is irrevocable. For the sole purpose of ensuring that the Fund qualifies as a component part of the Foundation for federal tax purposes, however, the Foundation, acting alone, shall have the power to modify the terms of this Agreement to the extent necessary to ensure such qualifications.
6. Controlling Law.
This agreement shall be governed in all respects by the laws of the State of Oklahoma.