Fiscal Stewardship Agreement for Partners

FISCAL STEWARDSHIP AGREEMENT FOR PARTNERS

 

All Wide Open Wings partners who receive or will receive potential financial distributions commit to a Fiscal Stewardship Agreement with Wide Open Wings. Partners officially sign this Agreement to work with Wide Open Wings.

The Agreement: Wide Open Wings is willing to receive tax deductible charitable contributions for the benefit and use of implementing the Partner’s charitable projects. [The Partner] desires to use these funds in order to implement its charitable purposes. By entering into this Agreement, the parties agree to the following terms and conditions:

1. Receipt of funds:

Wide Open Wings agrees to receive grants, contributions and gifts to be used for the Partner, and to make those funds available to the Partner.

2. Acknowledgment of charitable donations on behalf of the Partner:

Wide Open Wings agrees that all grants, charitable contributions and gifts which it receives for the Partner will be reported at the end of every month as contributions to the Partner as required by law, and further agrees to acknowledge receipt of any such grant, charitable contribution or gift in writing and to furnish evidence of its status as an exempt organization under Section 501(c)(3) to the donor upon request.

3. Protection of tax exempt status:

The Partner agrees not to use funds received from Wide Open Wings in any way that would jeopardize the tax exempt status of Wide Open Wings. The Partner agrees to comply with any written request by Wide Open Wings that it cease activities that might jeopardize Wide Open Wings’ tax status, and further agrees that Wide Open Wings’ obligation to make funds available to it is suspended in the event that it fails to comply with any such request.

4. Use of funds:

The Partner agrees to use any and all funds received from Wide Open Wings solely for legitimate expenses of the Partner and, upon request, to account fully to Wide Open Wings for the disbursement of these funds. The Partner understands that Wide Open Wings has final approval of what is deemed appropriate use of funds and reserves the right to withhold earmarked funds if the Partner has not thoroughly accounted for the use of past funds or if the Partner has used past funds in a manner that could jeopardize the tax exempt status of Wide Open Wings.

5. Fundraising:

The Partner may solicit gifts, contributions, and grants on behalf of Wide Open Wings that are earmarked for the activities of the Partner. The Partner’s choice of funding sources to be approached and the text of the Partner’s letters of inquiry, grant application, and other fundraising materials are subject to approval by Wide Open Wings.

6. Termination:

Either party may terminate this agreement by giving 60 day’s written notice to the other party. Wide Open Wings specifically retains the right to terminate the partnership due to the Partner’s lack of participation in partnership plans. At the point of termination, Wide Open Wings will transfer all earmarked assets to the Partner, unless the Partner has violated this Agreement. If the Partner has violated this Agreement, or has proven itself to be no longer capable of fulfilling this Agreement, Wide Open Wings reserves the right to retain funds and assets earmarked for the Partner.

ALL WIDE OPEN WINGS PARTNERS ARE LEGALLY BOUND BY THIS AGREEMENT