4 Use of Endowment Fund Income The value of the BSA Endowment Fund all non

4 use of endowment fund income the value of the bsa

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4. Use of Endowment Fund Income: The value of the BSA Endowment Fund (all non-restricted, non-sectional funds) will be averaged over the previous twelve (12) quarters, in July of each year. The 'usable income' available for use during the next fiscal year will be 2% of the previous 12 quarters averaged total value, and this amount will be reported at the BSA annual Council Meeting. The FAC will annually evaluate the % used to generate income such that if growth goals are being met, or if growth is too slow, the % 'usable income' will be adjusted accordingly. Any 'usable income' unallocated or unused by the end of the fiscal year (June 30) shall revert to the Endowment Fund principle. As a means of checks and balances, the % allocated for annual use shall be determined by the FAC in keeping with its charge to increase the value of the Endowment Fund at a rate exceeding inflation. Use of the Endowment Fund 'usable income' shall be determined by the Council (see Guideline 5. of Endowment Fund Guidelines). 5. Approval of use of Endowment Fund: Any member, committee, section, or ruling body of the Society may submit a request to use the Endowment Fund for purposes outlined in 1. The request(s) must be submitted to the Executive Committee for consideration and recommendation to the Council. The Council at its regular meeting in August, or at a special called meeting, or by e-mail vote in unusual circumstances, will act on the recommendation(s). Approval of any recommendation(s) by the latter three ways will be determined by a majority (51%) of all eligible council members. If the recommendation(s) is/are approved, the Treasurer of the Society will be empowered to distribute the money according to the approved recommendation(s). If an individual member of either the Executive Committee or the Council submits a recommendation, that member is excused from voting on the recommendation. Summary of How Interest Earnings for Section Accounts and Special Funds are Determined by (adopted in 1999): Section cash accounts with the balance of over $1,000 will earn 2% quarterly; 8% per year. All special funds with a balance of $2,500 or greater will earn the same percentage market rate as the Society's Salomon Smith Barney portfolio. Please note that in some quarters this may result in an actual loss of funds, but based on historical averages, each section should enjoy improved 32
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growth of their special fund account(s). Those sections whose balance in below $2,500 may wish to move the special fund balance into the cash account fund and take advantage of the 8% yearly rate of return. Report, 2000 BSA/Karling Student Research Award Committee Purpose and Funding: The Karling Graduate Student Research Award was instituted by the Society in 1997 with funds derived through a generous gift from the estate of the eminent mycologist, John Sidney Karling (1897-1994), and supports and promotes graduate student research in the botanical sciences. To be eligible, an applicant must be a member of the Botanical Society of America (BSA), a registered fulltime graduate student, have a faculty advisor who also is a member of the BSA, and not have won the award previously.
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  • Fall '08
  • Finklerberg

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