Endowment Fund Policy
The Hemophilia Foundation of Michigan establishes the Hemophilia Foundation of Michigan Endowment Fund.
The Endowment Fund shall receive and hold all gifts made to the Hemophilia Foundation of Michigan from bequests, gift annuities, insurance policies, trust, or other planned or deferred arrangements, as well as cash gifts. Deposits to the Endowment Fund shall not be commingled with other organization funds or investments.
Use of Earnings
Earnings from the Endowment Fund shall be redeposited into the Endowment Fund and become part of its principal.
When the Endowment Fund's principal is at least $250,000, the Finance and Executive Committees may recommend as part of the proposed annual budget the use of earnings from the Endowment Fund for organizational operating expenses or other program/project. The Board of Directors of the Hemophilia Foundation of Michigan retains final authority over the allocation and use of earnings from the Endowment Fund.
Use of Principal
There shall be no withdrawal or invasion of the principal of any funds or assets deposited to the Endowment Fund unless recommended by the Finance or Executive Committee to meet a grave organizational emergency and then only upon the affirmative vote of two-thirds of the board present and voting at any regular or special meeting of the Hemophilia Foundation of Michigan Board of Directors. Notice of this meeting shall include a proposal for the invasion of the principal.
The Endowment Fund shall exist under the authority of the Hemophilia Foundation of Michigan Board of Directors. Its activity shall be moitored by the Finance Committee, which will report to the Board of Directors.
The covenants of the Endowment Fund and its spending policies may be amended by a two-thirds favorable vote of the Hemophilia Foundation of Michigan Board of Directors, present and voting. Notice of this meeting shall include the proposal for changing these covenants.Approved by the Finance Committee at its regular meeting March 19, 2001
Approved by the Hemophilia Foundation of Michigan Board of Directors, this 5th, day of May, 2001
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