TERMS AND CONDITIONS

This agreement is between “the Donor” and The Gift Trust (“the Trust”).

1. DONATIONS INTO GIFT ACCOUNT

1.1 The Account Holder applies to open a “Gift Account” with The Gift Trust, to be used for charitable purposes. The Donor understands that once any donations are made to the Gift Account they are non-refundable to the Donor and can only be used for charitable purposes.

1.2 The Donor wishes to donate funds to the Trust to be held and used for charitable purposes. Other individuals or organisations can also donate funds into the Gift Account and will receive their own tax receipt.

2. GRANT RECOMMENDATIONS FROM THE DONOR

2.1 The Gift Trust will only make charitable distributions from the Gift Account after receiving advice from the Donors.

2.2 When a Donor makes a grant recommendation, they understand that The Gift Trust will check the charitable credentials of the proposed recipient, and satisfy themselves that:

a) The proposed recipient is a registered charitable entity (either in New Zealand or elsewhere if permitted by New Zealand law), or the proposed recipient is otherwise a legitimate recipient of a distribution from a charitable trust in furtherance of the relevant charitable purposes (see The Gift Trust’s Programme Guide for more details of eligible and ineligible recipients), and

b) The distribution does not have the potential to result in any private pecuniary benefit to the Donor or persons associated with the Donor, or place the Trustees and/or the Donor in a position of conflict of interest. If not so satisfied, the Gift Trust shall advise the Donor of such a decision, and the Trust shall continue to hold the funds in the Gift Account.

2.3 If the Trust has not been provided with any grant recommendations from the Donor for a period of three (3) years:

a) The Trust will make every effort to contact the Donor to request that a donation recommendation is made, or to receive a written statement about the Donor’s intentions for the Gift Account in the coming years (e.g. the Donor may be looking to create an endowment, and in this case no spend down will be required).

b) If The Gift Trust does not receive a response within a 12-month period, The Gift Trust will be entitled to transfer the entire Gift Account balance to The Gift Trust General Fund, to be distributed for charitable purposes favoured in the Donor’s previous advice or as the Trustees see fit.

3. SUCCESSION PLAN

3.1 The Donor will specify a Succession Plan in the Gift Account application form so that The Gift Trust understands the Donor’s wishes for distributing the Gift Account funds upon the Donor’s death or if they are no longer able to serve as an adviser to the Gift Account.

3.2 After the Donor’s death, or if they are no longer able to advise, The Gift Trust will follow the advice provided by the Donor in the application form, either distributing the remaining funds in the Gift Account to the nominated charities, or to The Gift Trust General Fund, or the Trust will contact the person nominated by the Donor to act on their behalf as the adviser on the Account.

3.3 If no Successors remain, upon notification of the death of the last remaining Donor the Trust will transfer the remaining funds in the Gift Account to The Gift Trust general donation fund to be held and distributed for charitable purposes.

4. ONGOING LIAISON

4.1 The Trust will provide the following ongoing liaison with the Donor while the Gift Account still retains funds:

a) An annual written statement specifying the Gift Account balance, how much was distributed to charitable causes and to whom, interest accrued, and fees that were deducted.

b) The Gift Trust will forward any letters of thanks that we receive for the donation distributions.

c) For any donations distributed over $10,000, The Gift Trust will follow up with the charity to receive a donation report on how the funds were used and will forward this to the Donor.

5. DONOR ACKNOWLEDGEMENT

5.1 The Donor may remain anonymous or be named to their chosen charities depending on their wishes for each donation.

6. GENERAL

6.1. The Donor acknowledge that:

a) The Gift Trust will open a Gift Account for the Donor and hold all funds donated for or on behalf of the Donor in that specified Gift Account, to be used for charitable distributions.

b) While the funds are held in the Gift Account the Trust shall be entitled to deduct a fee from the Gift Account to cover its operating costs, calculated and deducted quarterly. These fees are outlined in the fee schedule which will be attached to this application form.

6.2. The Donor acknowledges that the Trust is bound by New Zealand law, that the Trust has and must retain charitable status under New Zealand law, and that under New Zealand law, unless otherwise permitted by the Trust Deed, the Trustees cannot delegate their powers or discretions to the Donor or any other person.

6.3. The Donor acknowledges that, despite the Donor’s right under this Agreement to provide advice on any proposed charitable grant:

a) The operation of the Gift Account allows the Donor to provide advice and recommendations and not directions to the Trust,

b) The Trust will conduct all necessary due diligence ensure that any potential donee organisation is a legitimate recipient of funds from a charitable trust and that the grant is legally appropriate in furtherance of the relevant charitable purposes prior to approving any donation, and

c) The Trust may decline to accept the Donor’s advice and any recommendations if they are not satisfied that the advice and any recommendation meets the legal criteria for approval.

7. FINANCIAL ADVISER/DONOR RELATIONSHIP

7.1 By granting the Financial Adviser authorisation, the Donor understands and agrees that The Gift Trust will not undertake to confirm your Financial Adviser representations or instructions or to monitor their compliance with your instructions and will rely solely upon the instructions of the Financial Adviser for these transfers.

7.2 The Gift Trust may require direct instructions from the Donor on transactions over a certain dollar amount. Upon requests for any account-related activity in your Gift Account from the Financial Adviser, The Gift Trust reserves the right, but is not obligated, to confirm with you any instructions prior to acting on them.

7.3 The Financial Adviser will not exceed his or her authority under this authorization. This authorization shall be applicable to all assets you hold in your Gift Account(s).

7.4 The Gift Trust will not have any duty to inquire into the authority of the Financial Adviser to engage in particular transactions or to monitor the terms of any oral or written agreement between the Donor and the Financial Adviser.

7.5 The Financial Adviser agrees to make all disclosures as required by, all applicable laws and regulations.

7.6 The Gift Trust is not required to confirm or ensure that The Financial Adviser remains in compliance with its obligations. The Donor agrees to indemnify and hold harmless The Gift Trust, and any of employees, and trustees from and against any and all losses, claims, or financial obligations (including reasonable attorneys’ fees) that may arise from any act or omission of The Financial Adviser with respect to your Gift Account.

7.7 This authorization is a continuing one and shall remain in full force and effect until either The Gift Trust is notified in writing of your death, disability, or incapacity or unless revoked through written notice received by The Gift Trust. Such revocation, however, shall not affect any prior liability in any way resulting from any transaction initiated before receipt of the revocation.

7.8 This authorization and indemnity shall be construed, administered, and enforced according to the New Zealand laws. It shall inure to the benefit of The Gift Trust, and of any successor organisation(s) (whether by merger, consolidation, or otherwise) irrespective of any change(s) at any time in the personnel thereto for any cause whatsoever and to the benefit of the affiliates and the assigns of The Gift Trust or any successor organisation.

7.9 The Gift Trust reserves the right to decline to act on instructions from the Donor or the Financial Adviser at its sole discretion if it is not in line with The Gift Trust’s charitable deed.

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