APPENDIX C: CUSTODIAN AGREEMENT

  

CUSTODIAN AGREEMENT BETWEEN COLLEGE OF FELLOWS AND ASHRAE

  

This agreement is dated  October 28, 2003 and is between the College of Fellows of ASHRAE, Inc. (COF) and ASHRAE, Inc. (ASHRAE).

 

In consideration of one dollar ($1) paid to ASHRAE, receipt of which is acknowledged, both parties agree to the following:

 

  1. ASHRAE shall act as custodian for COF’s operating funds and provide COF with accounting services and monthly financial reports. ASHRAE shall exercise due diligence in performing as custodian.

     
  2. ASHRAE’ auditors, Jones & Kolb, will produce tax returns for COF each year and fee will be paid by COF.

 

  1. ASHRAE shall commingle COF’s operating funds with ASHRAE’s funds. ASHRAE shall not pay interest to COF on such funds.

     
  2. ASHRAE will deposit revenues and disburse expenditures on behalf of COF. Normal operating expenses incurred by the COF such as postage, printing, meeting expenses, office supplies, etc. may be charged to the COF.

 

  1. Disbursements of up to $1000.00 may be approved by the COF Treasurer (or in his absence, any other COF officer) in writing or by E-mail. Disbursements exceeding $1000.00 shall require the additional approval of the COF President or another COF officer.

     
  2. Either party may terminate this agreement at any time in writing with 30 days advance notice. ASHRAE shall act in a timely fashion to return such funds to the COF Treasurer within 20 days after the following month end.

     
  3. Any amendments to this agreement shall be made in writing and agreed by both parties.

 

 Agreed by:

 College of Fellows                                                               ASHRAE

 

s/ Donald G. Rich______________                              s/ Frank M. Coda_______________

 

President______________________                            Executive Vice-President_________

Title                                                                                        Title