COM 0542.000 2010-2012 - Laserfiche WebLink

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MICHAEL & SUSAN DELI, FOUNDATION GRANT LETTER Section 1. Grant. The Michael &: Susan Dell Foundation ("Foundation"), a Texas non-profit corporation exempt from federal income tax under Section 501(e)(3) of the Internal Revenue Code of 1980, as amended ("Code"), intends to make a grant to County of Hawaii Fire Departmeat ("Grantee"), a non-profit organization exempt frorn fecleral income tax under the Code, in the amount of 525,000.00 ("Grant"), in the manner, and subject to the terms as, provided in this Grant Letter ("Letter"), The key dates of his CJrant Letter are: Key Dates Definitions 11' caning of Date Date Start Date This is the date on which the Grant ,e becomes effcctive and the project work begins. ( -Dec-2011 Pro'ect End Date This is the date on which the Proect work ends. I-Dec-2013 Close Date This is the date on which all reports and milestones arc done and no further activity related to the Grant will occur. 31-Jan-2014 The term ("Term") of this Grant Letter is the time period from the Start Date to the Close Date, Section 2. Payment of Grant. The Foundation intends to pay this Grant, in installments, to Grantee, in United States Dollars, via check, within a reasonable time following receipt by the Foundation of a signed Letter and according to the following payment schedule which is subject to change: Payment Type Amount Scheduled Standard $25,000 27-Jan-2012 The Foundation reserves the right, in its sole discretion, to discontinue funding at any time if, among other things: (a) Grantee fails to comply with all terms and conditions included in this Letter, including any Foundation request for further documents or information, (b) Grantee fails to meet reporting or other obligations of the Grant, (c) Grantee fails to use Grant funds solely in accordance with the terms of this Letter, or (d) Foundation is not satisfied with the progress of the Grant or the content of any written report required under this Letter. Any portion of the Grant funds paid to Grantee, as well as any interest earned by Grantee on Grant funds that remains unexpended at the end of the Term will revert to the Foundation and Grantee agrees to promptly return alt such funds to the Foundation, along with a final, detailed accounting of the expenditure of all Grant funds. Grant funds must be physically segregated in a separate bank account established and maintained exclusively for charitable, religious, scientific, literary, or educational purposes. Although this separate account may include charitable funds from sources other than the Foundation, receipt and expenditure of Foundation funds must be shown separately in Grantee's accounting records to allow Grant funds to Page - 1 County of lawn', Fire Deparimen: (.'S-PC MSDP Gram Lctier - Rev Dale 10-24-111