TYPE OF FUND: Unrestricted DATE ESTABLISHED: 2000
PURPOSE: General charitable needs
DISTRIBUTION: Recommendation by the Grants Committee and approval by the full Board of Directors of TCF.
VARIANCE POWER: If, in the judgment of the TCF Board of Directors, the restrictions and conditions of the fund become unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community, the TCF Board of Directors maintains the right to modify the terms of this fund.
FUNDING: Initiated December 13, 1995. Contributions from members of the board and public at large.
BACKGROUND: A voluntary collection of $100.00 each was taken from members of the board of directors early in 1995 with the intention of using the money to hire an executive director for up to two months. A total of $2,000.00 was collected with one-half that amount paid out. Directors then voted to pursue affiliation with Greater Kanawha Valley Foundation. Since the remaining $1,000 had not been spent, directors voted at the December 13, 1995 meeting to open a fund. No specific purpose was chosen. Members emphasized that all donations to the fund will be voluntary.
The board of directors, at its March 12, 1997 meeting, voted unanimously to change the name of the Directors’ Unrestricted Fund to the Directors’ General Fund. This action was taken because several contributions, totaling nearly $2,000.00, had been made to the “General Fund for Charitable Purposes” and these monies were being placed in the checking account from which operating expenses were taken. In order to place these contributions in a fund where only the interest would be used for grants and/or scholarships, and since these grants and/or scholarships are to be made at the discretion of the board, members voted to place these donations in the new Named Fund account. No distributions will be made from this fund until it reaches the minimum $5,000 such as is required of all other Named Funds. Recommendations for expenditures of these funds will be determined by the Grants and/or Scholarship Committee.