An Endowed Fund is designed to be held in perpetuity. The income, but not the principal sum, can be expended. The minimum amount required to open a new endowed fund is $10,000. DCCF shall make distributions from the Fund in accordance with a Spending Policy adopted by DCCF’s Board of Directors from time to time. The Spending Policy is designed to allow the funds to be invested on a “total return” basis to maintain and, if possible, increase the real value (as adjusted for inflation) of the funds, while at the same time providing a relatively steady and predictable level of funding for grantees. The Spending Policy in effect on the date hereof allows endowed funds to distribute as grants 5% of the average quarterly value of the Fund calculated over 12 trailing quarters. This calculation is performed each September 30th for the subsequent year’s spending. The annual spending amount is cumulative, so that funds not spent in one year are carried forward to future years. After three years, if no distribution has been made, the Donor Advisor will be asked to advise DCCF on the disposition of the available spending amount.