Qualified permanent endowment funds shall be submitted for approval by an eligible community foundation. In order to be eligible for approval, a qualified permanent endowment fund shall satisfy the following requirements: The qualified permanent endowment fund shall be held in perpetuity by an eligible community foundation; The qualified permanent endowment fund shall be used for the benefit of charitable causes in the State, including: Community services, such as child care, recreational services, and economic development services; Redevelopment assistance; Job training for individuals of limited income and related job placement services; Education; Crime prevention; or Other services approved by the Act and the Department; and The qualified permanent endowment fund shall have an annual spending rate of 5 percent or less calculated using at least a 12-quarter trailing average of the total amount of the fund.