Expectations of the GMCF
Services of Agent
- To hold and safeguard in an agency account the securities, property, or other assets deposited with Agent by Foundation.
- To make recommendation to the Foundation Investment Committee regarding investment and reinvestment of the assets of the account. Based on recommendations of the Agent, the Investment Committee shall have sole discretion to make such purchases and sales of securities and other property or interests therein as it may deem appropriate and in the best interest of the Foundation.
- To have all other powers, rights, and privileges necessary for or incident to the performance of its duties including, but not limited, to powers:
- To retain property contributed to the account in the same form in which it was contributed;
- To collect the income due on the securities and property held in the account, as well as the proceeds of maturities, redemptions, or sales of such property; distributions shall be made as directed by the Foundation;
- to deposit or arrange for deposit of securities, in a "clearing corporation", as defined in K.S.A. §84-8-102(3) and in accordance with K.S.A. §84-8-108;
Selection of Brokers
- Select brokers for the purchase or sale of securities who are in the best interests of the Foundation, including the power to execute such transactions through its own broker-dealer or any such firm with which it may be affiliated.
Use of Nominee
- Agent may hold any securities or other property in the name of its nominee or in such other form as it deems advisable; however, such Agent shall continue to be responsible for all actions of its nominee.
Employment of Advisors
- Agent is authorized, with prior consent of the Foundation's Investment Committee, to employ and charge to the fund any expenses incurred for the services of attorneys, accountants, or other advisors who may be necessary to assist Agent in the proper administration of the fund.
- If contrary to Agent's organizational policy to employ and charge the fund for above-stated services, the Agent may recommend the Foundation hire such services to assist Agent in the proper administration of the fund.
Records and Reports
- Agent shall furnish Foundation with periodic statements for the account, not less frequently than once each calendar quarter, showing all receipts and disbursements, all assets held in the account, all changes in assets since the last accounting, fees assessed for its services, the total percentage investment return for the account, and whether the methodology for the calculation of such return complies with standards established by the Association of Investment Management and Research.
- The Foundation acknowledges the right to receive written confirmation of each security transaction executed by Agent for the account. If requested in writing by the Foundation, these confirmations will be mailed to the Foundation within three (3) business days after the trade date of each security transaction.
- Foundation has the right to require the designation and segregation of certain assets as separately identifiable funds, and Agent agrees to hold, invest, account for, and otherwise manage such funds in appropriately designated sub-accounts.
Additions and Withdrawal
- Foundations has the right to add funds, securities, or other property to the account, from time to time, provided such additions are in a form acceptable to Agent. Upon written notice to Agent, Foundation may withdraw any part or all of the funds and property deposited in the account.
- Agent shall be entitled to receive fees and/or commissions in accordance with its agreed-upon schedule of compensation in effect at the date such services are rendered, and Agent is authorized to charge the account for the amount of such fees.