Common use of Foundation Responsibilities Clause in Contracts

Foundation Responsibilities. WPF represents and acknowledges the following regarding its operation, creation, and purpose: 1. WPF is created and operated solely to support WPRD’s mission and goals and its work will be compatible with these interests and goals; 2. WPF will have as its primary purpose to secure, manage, and invest private and business support for the benefit of WPRD and the Community; 3. WPF will meet on a regular basis in furtherance of its mission; 4. WPF will operate as a private legal entity separate from WPRD; 5. WPF will use sound fiscal and auditing procedures; 6. WPF will not interfere with day-to-day WPRD operations; and 7. WPF has obtained and will maintain status as a tax-exempt, charitable organization under 26 U.S.C. § 501(c)(3) to ensure that gifts and bequests received may qualify as deductible, charitable contributions for the donor and will follow all federal and state requirements of such tax-exempt designation.