If adopted, will supersede and merge the existing policies into one document:
Gifts of Securities Policy
Procedures for Handling Receipts and Disbursements
Recommended for approval by Finance Committee
Authorization to resume contributions to Reserve Fund-Ms. Schild
From Reserve Policy: “If the reserve fund is not fully funded, at least ten percent (10%) of each month’s IOLTA income shall be placed in the Reserve Fund of the Foundation, as defined below. Additionally, any unrestricted surplus revenue remaining after the conclusion of a grant cycle may also be placed in the Reserve Fund or Endowment Fund, or divided between the two. All earnings on investments in the Reserve Fund shall be maintained in the Reserve Fund and reinvested. The Board may, at its option, decrease or discontinue distributions to the Reserve Fund at any time.”
Board paused contributions when interest rates began declining last year.