I. Establishment

Pasco Education Foundation (hereinafter the “Foundation”) hereby agrees to establish THE JOHN DOE ENDOWMENT (“Fund”) per the terms of this agreement, to become effective upon the receipt of the gift described in Article IV below.  The Advisors of this endowment (named below) hereby acknowledge their concurrence with the Bylaws and the Investment Policy of the Foundation.

II. Purpose

The purpose of this Fund shall be to provide university scholarships to students pursuing a medical career.

III. Donor

The John Doe Endowment fund was established in 2012 in honor of John Doe.  The interest from the Endowment fund will be utilized to provide university scholarships to students pursuing careers in nursing, physical therapy, or any similar medical career.

IV. Funding

This Endowment shall be funded with the following:

A gift of Fifty Thousand Dollars ($50,000.00) from Mary Doe and any other gifts by various individuals.

V. Investment

All contributions for the Fund may, for investment purposes, be merged with any other investment assets of the Foundation HOWEVER these gifts shall be entered in the Foundation’s books and records as contributions to The John Doe Endowment and the Foundation MUST calculate the interest on The John Doe Endowment funds and must notify Susan Doe and James Doe, hereafter referred to as the Endowment’s Advisors, and provide a full accounting of the principal and interest of The John Doe Endowment.  The Foundation must keep clear and precise records showing the interest accrued each month on The John Doe Endowment.  Any individual may augment The John Doe Endowment by additional contributions.

VI. Administration

Endowment shall be retained, administered and managed by the Foundation. The distributed income and/or the interest from the principal of The John Doe Endowment shall be used to distribute university scholarship awards to students in increments of One Thousand Dollars ($1,000.00).  A candidate receiving a scholarship from The John Doe Endowment may receive as many scholarship increments of One Thousand Dollars ($l,000.00) as the Foundation determines.  The scholarship awards and contributions for PEF administrative costs shall only be taken from investment gains on the principal or capital value accrued during each funding year.  Any investment gains accrued during the funding year not assigned to university scholarships shall be added to The John Doe Endowment’s principal or capital value.  The Foundation may only distribute the interest from The John Doe Endowment.  The John Doe Endowment shall be perpetual.  The Foundation shall select the recipients of The John Doe Endowment Scholarships.  The Foundation shall notify the Endowment’s Advisors each year with the names of the recipients of The John Doe Endowment Scholarships.

If the Foundation determines to terminate its existence, or if the Endowment’s Advisors on a unanimous decision determine to transfer The John Doe Endowment from the Foundation, then The John Doe Endowment shall be transferred to a 501 C 3 organization under The University of Washington and it shall operate in the same manner as this Endowed Fund Agreement.

VII. Advisors to The Foundation

Susan Doe and James Doe shall be the Endowment’s Advisors to The Foundation regarding the John Doe Endowment. They shall provide oversight to The Foundation to ensure that The Katie Hales Endowment is being administered as intended.  They shall assist the Foundation in any way possible and they shall make all decisions in the future regarding termination of The John Doe Endowment.  Replacement of individual Endowment Advisors shall be determined by unanimous consent of the existing Endowment Advisors.

VII.  Amendment

This agreement may be amended only in writing by the mutual consent of the Foundation and the Advisors of The John Doe Endowment during the existence of The John Doe Endowment.




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Trustee of The John Doe Trust                             Date


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Trustee of The John Doe Trust                             Date


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PEF President                                                          Date