The BSA has received a generous gift of more than 200000 last payment to be

The bsa has received a generous gift of more than

This preview shows page 31 - 33 out of 56 pages.

portfolio and growth of the Endowment Fund. The BSA has received a generous gift of more than $200,000 (last payment to be made Fall 2000) from the estate of Richard and Deana Klein, longtime members of the BSA. Two articles were featured in the last PSB dealing with their gift and the Endowment Fund. The FAC anticipates that the market will remain strong for this coming year. As a result, it anticipates that the growth of the Endowment Fund will equal or exceed its present rate. Recommendation 1 : The FAC recommends that $27,841 be used from the Endowment Income for the ‘special initiatives’ during the 2000-2001 fiscal year, as determined by the Executive Committee and Council per Guideline 4. (see below). Recommendation 2 : The FAC recommends that an endowment letter and brochure be sent out this Fall to selected members of the BSA per Guideline 3. (see below) for the purpose of solicitation for the Endowment Fund. Request : The FAC requests a sum of $1500 (actually $1000) to cover the cost of the brochure, the letter and the postage to mail it to selected members. $500 has already been provided from discretionary funds to develop the brochure. The Endowment Fund Guidelines and Interest Earnings for Special and Section Accounts are presented to clarify decisions related to the operating procedures of the FAC and the determinations by the BSA Treasurer of how 1) the annual amount for BSA initiatives is determined; and 2) the annual interest percentages for the special and section accounts are determined. The Endowment Fund Guidelines - They were approved in August, 1997 and amended twice, in August, 1998 and August 1999: 1. Purpose of Endowment Fund: The purpose of the Endowment Fund is to increase the monetary assets of the Society in order to provide income to fund major initiatives, travel grants, scholarships, and other activities that enhance the effectiveness of the Society to fulfill its Mission (see Bylaws). The Financial Advisory Committee (FAC) is responsible to and 31
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empowered by the Executive Committee and the Council to manage the Endowment Fund. The FAC makes no recommendations for use of the Endowment Fund. 2. Contributions to Endowment Fund: All monetary gifts, stocks, and bonds designated "Endowment Fund" shall be immediately deposited in either the Endowment Money Market Fund or in the Endowment Fund directly, and then invested in a timely fashion by the FAC. Other gifts, such as property, shall be individually handled by appropriate legal procedures to integrate it into the Endowment Fund. 3. Solicitation of Membership to Contribute to Endowment Fund: Solicitation shall be carried out in two ways: first, the membership will be provided 'purpose and giving' information in each issue of the PSB and on the annual membership dues form; second, a more select portion of the membership that includes long-time (=/>20 years) members, and members whose ages are 50 years and older, will be individually solicited once every other year (odd-numbered).
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  • Fall '08
  • Finklerberg

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