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Fiscal Sponsorship Agreement The Forest Lake Historical Society (“Fiscal Sponsor”) has determined that sponsorship of the formation of the Hopkins Schoolhouse and Heritage Center (“the Project” before incorporation) or (“the Sponsored Organization” after incorporation) are consistent with its goals and wishes to make arrangements with the City of Hugo for the implementation and operation of the Project. 1.The Forest Lake Historical Society hereby agrees to sponsor the Project/Sponsored Organization and to assume administrative, programmatic, financial, and legal responsibility for the purposes outlined in this proposal until such time as the Hopkins Schoolhouse and Heritage Center is (1) formally incorporated as a Minnesota non-profit organization; and (2) has secured a determination from the IRS confirming its status as a 501(c)(3) charitable organization. 2.The Forest Lake Historical Society agrees to implement and operate the Project as described in the proposal attached as Exhibit A, in accordance with the terms of this agreement and with requirements specified by the City of Hugo as described in Exhibit B. 3.The Project shall be operated in a manner consistent with the Fiscal Sponsor’s tax-exempt status and as described in this agreement. No material changes in the purposes or activities of the Project shall be made without prior written agreement of the Fiscal Sponsor, nor shall the Project carry on activities or use funds in any way that jeopardizes the Fiscal Sponsor’s tax- exempt status. 4.The Fiscal Sponsor will provide the City of Hugo with reports describing activities on the Project milestones with the following schedule: First Quarter – March 31, 2023 Second Quarter – June 30, 2023 Third Quarter – September 30, 2023 Fourth Quarter – December 31, 2023 5.The Fiscal Sponsor will establish and operate for the use of the Project a designated account (“Account”) segregated on the Fiscal Sponsor’s books. All amounts deposited into the Project’s Account will be used in its support, less administrative charges, if any, and subject to the conditions set forth below. 6.The Fiscal Sponsor will disburse funds from the Account in the following manner: a.As instructed in writing on properly filled-out Fiscal Sponsor vouchers accompanied by required documentation, and only as authorized by this agreement. b.The City of Hugo designates Craig Moen and Cindy Petty to act as authorizing officials. The authorizing officials shall act as principal coordinators of the project’s daily business with the Fiscal Sponsor and shall have authority to sign disbursement requests. Disbursements greater than $5,000 require two signatures for authorization. Attachment 2