Memorandum of Agreement
Foundations
WITNESSETH:
WHEREAS, _____________ Technical College is a unit of the Georgia Department of Technical and Adult Education; and
WHEREAS, the Foundation has been formally designated as a cooperative organization by the President of the Technical College, who has determined it to be in the best interest of the Technical College to do so; and
WHEREAS, the Foundation has been created for the express purpose of serving the interests of the Technical College in carrying out its programs and activities including the solicitation, receipt and investment of gifts, donations and grants; and
WHEREAS, the Foundation is a legal entity separate from the Technical College.
NOW, THEREFORE, the Foundation and the Technical College do hereby agree as follows:1. The Foundation is authorized by the Technical College to solicit gifts, donations, and grants for the purpose of supporting and enhancing Technical College programs.
2. Neither the Foundation nor the Technical College shall have any liability for the obligations, acts or omissions of the other party.
3. The Foundation shall not accept any gift, donation or grant which creates future liability for the Technical College, without advance written approval by the President.
4. The Foundation shall present evidence satisfactory to the President of insurance or self-insurance adequate in form and amount to cover foreseeable liability arising from activities undertaken for the benefit of the Technical College.
5. The Technical College shall make available its facilities, programs and services to the Foundation subject to any applicable policies or procedures.
6. The Foundation may receive various administrative services from the Technical College which may enable it to provide a greater level of support to the Technical College through its fund-raising and other activities.
7. The Foundation shall present annually to the President the independent audit report of the Foundation. The audit report shall include financial statements, a management letter and an audit opinion which addresses the conformance of the operating procedures of the Foundation to the provisions of this agreement and the DTAE policy concerning cooperative organizations.
8. The President of the Technical College or his or her designee shall serve as an ex-officio member of the Foundation.
9. The Foundation shall be entitled to use the name, symbols and trademarks of the Technical College.
10. If the Foundation ceases to exist, or ceases to be a Foundation as defined by federal and state law, its board of trustees will dispose of the Foundation's assets, consistent with the Foundation's certificate of incorporation, its bylaws, state and federal laws and such restrictions as may have been imposed by donors. Upon termination of the relationship with the Technical College, the Foundation shall be prohibited from using the name, symbols or trademarks of the Technical College and shall transfer all records to the Technical College.
11. The Foundation shall conduct its affairs in a manner which ensures compliance with the applicable sections of the Internal Revenue Code and state law.
12. The Foundation shall use generally-accepted accounting principles in its financial record-keeping and reporting.
13. The Foundation shall clearly and conspicuously disclose that funds or other items of value donated are to be provided to the Foundation as distinct from the Technical College and shall establish a procedure to ensure that funds intended for deposit in Technical College accounts are properly deposited.
14. The Foundation and the Technical College shall make every reasonable effort to eliminate any potential conflict of interest by Technical College employees in Foundation operations and transactions and in the relationship between the Technical College and Foundation.
15. (Optional paragraph: The parties may add here any other provision necessary to clarify the relationship between the parties.)
This agreement may be terminated by either party upon 14 days written notice. This agreement may be amended from time to time at the request of either party.
In witness whereof, the President of the Technical College and the Chairman of the Board of Trustees of the Foundation by their signatures do hereby put this agreement in force.
______________________________________ ________________________
President Date
For: ___________________ (Technical College)
______________________________________ ________________________
Chairperson Date
For:________________ (Cooperative Organization)