Sample Language: Field of Interest or Designated Fund

Language for Trust or Will to Establish a Field of Interest or Designated Fund

I give, devise and bequeath to The Rhode Island Community Foundation, a Rhode Island nonprofit corporation (the "Foundation"), the following assets:

[insert specific assets, dollar amount, percentage, or residuary]

This gift will create a permanent fund (the “Fund”) for charitable purposes in accordance with the Articles of Association of the Foundation. The Fund shall be named The ______________________________ Fund.

Annual distributions from the Fund, as determined by the Foundation’s spending rule in effect at that time, shall be paid to or for the support of [Name of Designated Organization or Particular Field of Interest] with the understanding that the Articles of Association of The Rhode Island Community Foundation give its Board of Directors variance power should “circumstances have so changed since the execution of this instrument as to render unnecessary, undesirable, impractical or impossible a literal compliance with the terms of this instrument.” In all respects the use of the Fund shall be in accordance with the charitable purposes of the Foundation and subject to the approval of the Foundation’s Board of Directors.

The provisions of this section directing distributions from the Fund to be made as determined by the Foundation’s spending rule shall apply, irrespective of the provisions of any state’s Uniform Management of Institutional Funds Act or Uniform Prudent Management of Institutional Funds Act, as currently in force or as hereinafter enacted, superseded or amended.