A. Acknowledgment and Name of Gift
ASU Foundation gratefully acknowledges that the Donor to ASU Foundation to advance Arizona State University, hereinafter referred to as “University,” for the purpose described in this Agreement. ASU Foundation agrees to hold, administer, and distribute the contributions as provided in this Agreement. These contributions and the net investment return therefrom, hereinafter referred to collectively as the “Fund,” are designated on the books and records of ASU Foundation as the following:
which will be administered by the , hereinafter referred to as the “ASU Beneficiary.”
B. Establishment of the Fund
The Fund has been established with a $225,000 commitment comprised of an advised bequest of $125,000 and a $100,000 outright gift. An additional $25,000 conditional gift may be made. The $100,000 outright gift shall be fulfilled by a previously received $5,000 payment (June 2019), a $40,000 outstanding pledge documented in the Donor’s June 2019 gift agreement, and a new $55,000 pledge. Should the criteria presented in Section C be met, the conditional amount of up to $25,000 will be made and attributed to the spending account.
The Donor agrees to fulfill the outright portion of their pledge as follows:
The Donor understands that it will receive reminders for the payments presented above.
Should the Donor decide to fulfill its advised bequest in part or in full prior to it being realized, this portion of their pledge would be reduced with additional payments received from the Donor.
As referenced in Section E.2., the ASU Beneficiary has agreed to designate $5,000 per year for five years for one annual scholarship in honor of the Donor, while the Endowment is being funded with this commitment.
C. Gift Purpose and Criteria
In managing the Fund, ASU Foundation will pay on an annual basis to the ASU Beneficiary the board-approved endowment distribution (“Fund Payout”) to provide scholarship support for
It is the Donor’s preference for the award recipient to be a first year student who meets one or more of the following criteria:
⦁ Is starting law school later in life; for example, after a gap in schooling or after spending time the workforce; or
⦁ Has work experience in business, accounting, tax, or paralegal education; or
⦁ Holds an undergraduate degree in philosophy, math, or physics; or
⦁ Has overcome adversity in their life; for example, being raised in a single-parent home, or being a single parent themselves.
As referenced in Section B, while the endowment is being funded, the ASU Beneficiary may provide an annual $5,000 scholarship for a period of up to five years.
Additional Supplemental Award
During the time the Endowment is being funded or is receiving Fund Payout, should the award recipient meet the following criteria, and should there be conditional funds available in the spending account, the Donor wishes to award that recipient a 2nd year scholarship of $5,000:
⦁ The student has shown tangible indications of interest in tax or business law through elective coursework, participation in the student Corporate and Business Law Society, Law Journal articles, or extra-curricular activities.
The ASU Beneficiary will determine the selection process utilizing the above guidance, the number and the amount of the award(s), and the term of the award(s), including renewable aspects, in compliance with federal and state regulations and University policies regarding scholarships and fellowships.
D. Spirit and Intent of the Donor
The founder of the Law Offices of Donald W. Hudspeth P.C., Donald W. Hudspeth, is a 1998 alumnus of the Sandra Day O’Connor College of Law, and is making this generous commitment through his firm as a way of offering support to and saying “thank you” to the school that helped to change his life. Donald Hudspeth is proud and grateful that he is now in a position to make this gift to his alma mater. This donation not only allows him to give back to the College but will allow him to help current law students who deserve and need help. Just as importantly, this donation affords all of those in the Law Offices of Donald W. Hudspeth to be a part of an effort that is for the greater good, an effort that will give others the chance to experience the success that they in the firm are experiencing.
Notwithstanding anything to the contrary in this Agreement or any attachments, schedules or exhibits being incorporated hereto, nothing herein shall change the nature of this transaction as a charitable contribution and a gift.
E. 1. Recognition: Naming of Room
In recognition of the contributions set forth in this Agreement, the ASU Beneficiary will name Room 655 located in the Sandra Day O’Connor College of Law the “Law Offices of Donald W. Hudspeth, P.C Seminar Room,” in accordance with Foundation and University policies for naming. Should the Donor fail to fulfill this commitment, the University may rescind the naming. The University will honor the named recognition outlined herein unless circumstances change so substantially that the continued use of the name may compromise the public trust or image of the University. Should the Arizona Center for Law and Society undergo, at some future time, demolition, renovation or major reconstruction that substantially changes the function or appearance of the named room, the ASU Beneficiary will notify the Donor or Donor Representative, when feasible, in order to determine an alternate naming that recognizes the Donor’s commitment appropriately.
All signage will comply with University design standards. All physical naming is subject to the prevailing policies of the University, Foundation and Arizona Board of Regents.
E. 2. Recognition: Matching Funds
The ASU Beneficiary has agreed to designate $5,000 per year for five years as scholarships in honor of the Donor. The ASU Beneficiary will select scholarship recipients in accordance with its policies and practices and will inform the Donor annually of the names of the scholarship recipients.