On July $1,2019,$ the City of Belvedere accepted a gift of cash in the amount of $$3,330,000$ from a number of individuals and foundations and signed an agreement to establish a private$-$purpose trust. The $$3,330,000$ and any additional gifts are to be invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city officials and other community leaders. The agreement provides that any increases in the market value of the principal investments are to be held in trust; if the investments fall below the gift amounts, then earnings are to be withheld until the principal amount is re$-$established.