College of the Ozarks

Bob and Lois Brownell Fund

Beneficiary location:

Point Lookout, MO

Account number: 102240005344

Designated Use

The Ralph Foster Museum shall use the income from the Fund hereby established for the benefit of the Lois Brownell Research Library and the Bob and Lois Brownell Research Center as set forth in this Agreement. In accepting the net income from this gift, the Ralph Foster Museum covenants and agrees as follows: 1. To allocate the income first to the Lois Brownell Research Library for the purchase of books, specific library operating supplies, and other equipment vital to the operation of the Library including capital improvements necessary for the functional operation of the facility. 2. To allocate at year end any remaining income not utilized by the Lois Brownell Research Library to the Bob and Lois Brownell Research Center for the purchase of research material, specific operating supplies and other equipment vital to the operation of the Center including capital improvement necessary for the functional operation of the facility. 3. Any income not utilized by the Library of by the Center within two (2) years after payment from the Foundation shall be returned to the Foundation as additional principal of the Fund. 4. All expenditures of income shall be made by the Director of the Museum subject to the provisions of this Agreement. In addition, each single expenditure in excess of One Thousand Dollars ($1,000) shall be approved by the Board of Directors of the Ralph Foster Museum of the Comptroller or other appropriate officer of the School of the Ozarks. The purpose of the Library and the Center is to support and improve the Ralph Foster Museum by the purchase of (i) books, (ii) library operating supplies, (iii) special and other equipment, capital improvements and repairs deemed vital to the operation of the Library by the Museum Director or its Board of Directors, (iv) research material, supplies and equipment, and (v) to fund other projects within the interest of the Museum. Further, their purposes is to enrich the displays, add to the authenticity of all information relevant to the artifacts or material on display or in storage and to provide dignity and pride through beauty and accuracy for the School of the Ozarks. If the Foundation no longer believes the Library or the Center is fulfilling the purpose as stated, the Foundation shall no longer distribute any part of the income to ether of them. If either the Library or the Center should become cluttered or disorganized to the extent that neither is functionally no longer devoted to the enrichment and advancement of the Ralph Foster Museum, it shall be deemed they are no longer fulfilling their purpose. Further, the Library should not become a depository for material not of Library or Ralph Foster Museum quality or else it shall be deemed to be no longer fulfilling its purpose. Per 11/10/08 Court modification: Foundation shall include this Fund in its review process for permanent endowment funds and shall share all results of the review of the Fund with the local Presbytery.