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SEBS-North America and Namlo Europa finalized and signed an agreement today. Terms of the agreement are as follows:

MEMORANDUM of UNDERSTANDING

BETWEEN

SOCIETY OF EX-BUDHANILKANTHA STUDENTS – NORTH AMERICA

&

ASSOCIACIO NAMLO EUROPA

PARTIES:
1. Society of Ex-Budhanilkantha Students – North America, hereinafter referred to as SEBS-NA, having registered in the United States of America as a Section (501)(C)(3), is a not-for-profit educational organization dedicated to the education and development of Nepal.

2. Associacio Namlo Europa, hereinafter referred to as ANE, is a non-profit organization registered in Barcelona Spain, working in education and development in Nepal.

PURPOSE:
The purpose of this agreement is to establish an understanding between the concerned parties for the purpose of SEBS-NA being the Fiscal Sponsor in the US for ANE.

TERMS:
The parties agree to the following terms:

1. SEBS-NA represents that it is a non-profit organization as per I.R.S. 501(c)(3) status with EIN # 54-1998889

2. ANE desires to raise funds in the US for the implementation of its mission in Nepal.

3. The parties agree that any funds received by SEBS-NA intended for ANE will be appropriately accounted for.

4. Funds will only be distributed from this account by SEBS-NA with prior authorization from ANE.

5. The amount of funds allocated by ANE for each project in Nepal will be transferred (less any applicable bank charges or fees levied for credit/debit/bank transactions) by SEBS-NA promptly upon ANE request.

6. ANE shall reserve the right to decide which project its allocated funds will be utilized towards.

7. SEBS-NA will not charge any external fees or charges to ANE except those imposed by the bank and any third party transfer agent to transfer funds. Any change to this provision can only be brought to effect through the explicit written consent of SEBS-NA and ANE.

8. SEBS-NA agrees to acknowledge the receipt of tax exempt funds from donors to this Account.

9. ANE agrees to share its final project completion report to SEBS-NA for the purpose of record keeping.

10. This MOU is at-will and will remain in effect until such time that it mutually benefits both organization. It may be modified by mutual consent of authorized officials from SEBS-NA and ANE providing 30 days notice.

11. This MOU shall become effective upon signature by the authorized officials from SEBS-NA and ANE and will remain in effect until modified by mutual consent, or terminated by any one of the partners. In the absence of mutual agreement by the authorized officials from of all parties this MOU shall be terminated.

We, the undersigned, duly accept the above agreement in good faith.

Krishna Chhetri | Magda Nos
President | President
SEBS-NA | ANE
January 20, 2017 | January 18, 2017