Endowment Fund Management Policies
The Endowment Fund (“Endowment” or the “Fund”) has been established by the Maison Fortuné Orphanage Foundation Inc. to support the operations of the Maison Fortuné Orphanage in Hinche, Haiti;
The Board of Directors of the Foundation (the “Board”) has (a) appointed an Endowment Fund Committee (the “Committee”) for the management of the Fund; and (b) determined that it should adopt certain policies related to the Fund for implementation by the Committee, including setting the amount of the Fund’s corpus, the amount available for disbursement and expenditure at any time, the investment of amounts included in the Fund, the allocation of donations and other contributions to the Fund, and certain other matters related to the Fund, in order to provide for appropriate stewardship of the assets entrusted to the Fund and to assure the long-term viability of the Fund to serve its intended purpose;
The following are the Fund Management Policies established by the Board of the Foundation as of the effective date set forth below:
- Fiscal Year. The Fund shall have a fiscal year extending from July 1 through June 30.
- Fund Corpus. The Fund shall have an initial corpus of $100,000. Beginning July 1, 2007 and on or about each July 1 thereafter, the Committee shall establish the corpus of the Fund for the ensuing fiscal year.
- No Invasion of Corpus. Except upon decision of a two-thirds majority of the Committee, and with the approval of the Board, the corpus of the Fund shall not be subject to disbursement or expenditure at any time.
- Investment of Corpus. The corpus of the Fund will normally be invested in such long-term investment accounts or vehicles as shall be established and maintained by the Diocese of Richmond (which is then invested in pooled accounts with multiple investment managers). When economic circumstances or potential project needs make it prudent, a portion of the corpus can be invested and maintained by the Committee outside the funds invested and maintained by the Diocese of Richmond.
- Investment of Other Amounts. Amounts available in the Fund from time to time in excess of the Fund’s corpus shall be maintained and invested prudently as directed by the Committee. The Committee may invest any such amounts from time to time in the same account or investment as the corpus of the Fund is invested. In addition, the Committee may deposit any or all Fund amounts in excess of corpus in insured deposit accounts as the Committee may establish and maintain from time to time or may invest such amounts in money market accounts or other short-term investments.
- Disbursements from Fund. Except as otherwise may be restricted by law, amounts in the Fund in excess of the Fund’s corpus are subject to disbursement from time to time, by action of the Committee, for purposes in furtherance of the mission of the Fund. All withdrawals of Fund amounts from any account or investment vehicle shall be pursuant to written direction signed by an authorized representative of the Board (normally the Treasurer of the Foundation, who is an ex officio voting member of the Committee). All disbursements of Fund amounts shall be at the direction of the Committee and shall be subject to such conditions, controls, qualifications, and requirements, including accounting and reporting requirements, as the Board may impose.
- Amendment and Modification. These Fund Management Policies are subject to amendment or modification from time to time upon vote of two-thirds majority of the Board. Any such amendment or modification shall be reflected in writing, which shall be included in the minute book of the Board or in such other official written records of the actions of the Board.
- Dissolution. In the event of the dissolution of the Maison Fortuné Orphanage, Hinche, Haiti, the Endowment Fund shall be transferred to the Haitian Education Fund of the Diocese of Richmond for such educational purposes in Haiti as shall be determined by the Board of Directors of that Fund.
Effective Date: July 1, 2007
Article 4 revised: February 19, 2009.