Sample Bylaws for a Limited Life Foundation (Robina, 2010)

These bylaws for the Robina Foundation specify the intentions of the donor to spend out the foundation at a defined point in time following the donor’s death (described in section 3F):

Intended Duration of Charitable Activities. The Founder acknowledges that the Corporation is incorporated as a nonprofit corporation of perpetual duration under Minnesota law, and that following the Founder’s death, the Board will have sole authority to continue the Corporation’s activities, or alternatively to dissolve the Corporation in a manner consistent with applicable federal tax, state and local law. The Founder, however, believes that the Board will be able to satisfy the Corporation’s charitable goals within approximately 20 years of the Founder’s death. Accordingly, the Founder requests that the Board pursue a charitable program for the Corporation that will continue until roughly the 20th anniversary of the Founder’s death, and that the Board consider this intended timeline in formulating a strategy that will maximize the impact of the Corporation’s activities in furtherance of the Founder’s charitable goals