A. Drafting Process

Fund Name:
Development Officer:

A. Drafting Process

Select template: Current Use/Endowed; Scholarship; MOU; Amendment
Do not alter boilerplate/existing template language (or, if needed, use tracked changes)
Input specifics from proposal/donor/department
If creating an amendement, attach all previous agreements/amendements
Any University commitment required for the gift should be discussed with appropiate SBU area(s)

B. Approval ProcessAPPROVAL DATE:

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Secure your dean’s and manager’s approval
Email draft with this routing page to Jason and cc Megan and Sam for SBF review and Donor Relations review as needed. Jason and Megan will provide feedback within 72 hours.
*Email draft with this routing page to Dexter for review and approval (for funds of $100k+).
Share the draft with your donor after all internal approvals have been secured.
Reroute to Jason and Megan if donor has changes until a final draft is agreed upon and then send to Dexter for final approval as needed.

C. Signature Routing Process

Send two copies to donor to sign and date
Once received with donor signature, route the two copies of the agreement for all internal signatures with a short-form account application
Submit one finalized original and the account application to SBF (donor keeps other original)

[Fund Name]Current Use Fund Agreement

I. Establishment

[DONOR(S)](the “Donor[s]”) and the Stony Brook Foundation (“SBF” or the “Foundation”) hereby agree to establish the Fund Name(the “Fund”). This Fund shall be managed exclusively by the Foundation for the sole benefit of Stony Brook University (“Stony Brook”). This agreement shall be legally binding by and between the aforementioned parties, and its contents shall remain private and confidential. Any information contained herein may only be disclosed with express permission of the Donor and the Foundation, and such permission shall require prior written consent of all parties to this contract.

II. Background

This section should have information about the program/department/research the fund will support and may be consistent with language in the proposal. The donors’ wishes and what they intend to accomplish through their philanthropy should be documented and outlined with specific information and examples.

III. Purpose

Use this section to define how the funds will support the program/department/research and what criteria need to be met (i.e., recruitment of additional faculty, operational support for the department/program, unrestricted use at the discretion of the holder).If the donor is seeking to award a particular underrepresented group, refer to the “Legal Guidance and Language for Awarding a Particular Underrepresented Group” for assistance.

The minimum gift required to establish a named current use fund is dependent upon the type and purpose of the fund created and minimum levels in effect at the time. Please see current Stony Brook University Minimum Named Gift Levels.

IV. Funding

The Donor[s] hereby irrevocably pledge and agree to pay to the Stony Brook Foundation the sum of $[____] through [_] annual installments estimated to be $[____] each. The Donor[s] may accelerate payments at any time to fulfill this pledge in full before June 30, 20[XX].

V. Administration

The[Area VP/Provost/Dean of______], or his or her designee, shall be the administrator of this Fund. Expenditures relating to it shall be subject to the Stony Brook Foundation’s accounting procedures and guidelines, which are subject to change by the Board of Trustees in order to remain in compliance with Federal and State laws and regulations. The Stony Brook Foundation will make every effort to ensure that the recipient(s) of the funds meet with the Donor[s] and/or their designee in person.

Any fees assessed in relation to this Fund or gifts to this fund shall remain the sole property of the Foundation and may only be disbursed exclusively to further the Foundation’s mission as determined by the Stony Brook Foundation Board of Trustees.

VI. Amendment

This agreement may be amended by the mutual consent of the Stony Brook Foundation and the Donor[s] or their designee. This agreement may be altered or amended only by a subsequent agreement executed in writing by the Donor[s]and the Stony Brook Foundation. This agreement shall be constructed in accordance with and subject to the governing laws of the State of New York.

If changed circumstances should at some future time cause the continuation of the Fund to be inappropriate or impractical, and the Donor[s] are deceased, then the Foundation, in consultation with theStony Brook, may re-designate the purpose of the funds, provided that the Fund (if naming is involved and appropriate) shall continue to bear the name of the Donor[s] and that the amended terms shall adhere as closely as possible to the Donor[’s or s’] original intent.

This Agreement constitutes the entire agreement of the parties with respect to its subject matter and sets forth completely the terms, conditions, and purposes of the funds. This Agreement shall be binding upon the parties hereto, including their heirs, successors, assigns, executors, and personal representatives. If any term, condition, or other provision of this Agreement is found to be invalid or incapable of being enforced by any court of competent jurisdiction, all other terms, conditions, and provisions of this Agreement shall nevertheless remain in full force and effect.