93

Appendix B: MOU Between KSU and KSU Foundation, Inc.

THIS AGREEMENT, entered into as of this 7th day of March, 2019, by and between Kentucky State University (University), a public agency of the Commonwealth of Kentucky, and the Kentucky State University Foundation, Inc. (Foundation), wholly owned private not for profit entity is done so freely for their mutual benefit and convenience to advance the mission of Kentucky State University.

The Foundation was organized and incorporated in 1968 for the purpose of stimulating voluntary private support from alumni, parents, friends, corporations, foundations, and others for the benefit of the University.

The Foundation exists to raise and manage private resources supporting the mission and priorities of the University, and provide opportunities for students and a margin of institutional excellence.

The Foundation is dedicated to assisting the University in the building of permanently restricted, temporarily restricted, and unrestricted funds and in addressing, through financial support, the long-term academic and other priorities of the University.

As stated in its Articles of Incorporation, the Foundation is a separately incorporated 501(c)(3) organization and is responsible for identifying and nurturing relationships with donors and other friends of the University; soliciting cash, securities, real and intellectual property, and other private resources for the support of the University; and acknowledging and stewarding such gifts in accordance with donor intent and its fiduciary responsibilities.

Furthermore, in connection with its fund-raising and asset-management activities, the Foundation retains personnel experienced in planning and managing private contributions and works with the university to assist and advise in such activities.

In consideration of the mutual commitments herein contained, and other good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows:

Consistent with its mission to help advance the plans and objectives of the University, the Foundation is granted the use of the name, Kentucky State University; however, the Foundation will operate under its own seal and logotype and shall not use the University seal or other identifying marks in the promotion of its business and activities.