Terra Alta Economic Development Association Fund
TYPE OF FUND: Designated
DATE ESTABLISHED: August 2011
PURPOSE: The shall be used and distributed, at the discretion of the Board of Directors of the
Foundation, for the purpose of the charitable economic development of the Terra Alta area
(general defined as the whole of the City and surrounding area within five (5) miles of the City’s
limits). This includes activities related job creation, job retention and general improvements to the
business climate of the area.
DISTRIBUTION: Upon the recommendation of the Grants Committee and approval by the
Board of Directors of TCF. The Foundation shall make distributions as outlined in the
Foundation’s general policies with the exception that upon recommendation of the Fund Advisor
the distribution may be reinvested with the Fund
The Foundation is authorized in its discretion to invest any part of, or the entire Fund in securities
or in other property, real or personal, in a prudent manner without regard to any statute or law
now or hereafter in force in the State of West Virginia restricting investments made by
fiduciaries.
The Fund may be co-mingled with other funds for investment purposes. The Foundation will
determine annually an appropriate percentage of the fair market value of the aggregate of the
principal and income of the Fund for distribution for the charitable purposes. Such percentage
shall be determined from time to time by the Board of Directors under its spending policy. It is
understood and agreed that in determining such percentage, the Board of Directors of the
Foundation will consider the expected total return on the investment of the permanent funds of
the Foundation, the desirability to maintain the real value of the permanent funds of the
Foundation, and any and all other factors which it deems relevant.
In the case of any conflict between the provision of this Agreement and of the Foundation’s
Articles of Incorporation, Bylaws, and general policies, the Foundation’s Articles of
Incorporation, Bylaws, and general policies shall control.
The Fund shall be subject to the Foundation’s Asset Development Policy and specifically the
Foundation’s Variance Power which states: “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. Tucker Community
Foundation has exclusive legal control over its assets.”
Donor has been informed of the Minimum Fund Requirement and will make or solicit additional
contributions to build the Fund to the minimum appropriate amount necessary for the type of fund
within five years. Donor understands that until such time as the Fund reaches the appropriate
amount all contributions will be held in the general fund of the Foundation and no distributions
shall be made from the Fund unless a supplemental pass through donation is received for that
purpose. If sufficient contributions are not received to meet the Minimum Fund Requirement
within five years, the Fund will remain part of the general fund of the Foundation to be used for
the general charitable purposes. Attention will be given to original intended use of the donor. The
Foundation agrees to hold the property and all other property transferred to it pursuant to a
beneficiary designation as described above, and subject to, the Foundation’s Articles of
Incorporation, Bylaws, and general policies, as amended from time to time. This Fund may accept
donations in cash or other property acceptable to the Foundation. All donations to this Fund and
any income generated shall be held, managed, administered, and paid out by the Foundation
pursuant to the terms of this Agreement and the Foundations Articles of Incorporation, Bylaws,
and general policies.
FUNDING: From the disbanded Terra Alta Economic Development Corporation.
BACKGROUND:
Several members of the disbanded Terra Alta Economic Development Corporation (TAEDC)
agreed to continue the organization’s mission by establishing the Terra Alta Economic
Development Corporation Fund. In addition to providing additional resources for the
community, the fund provides an opportunity for donors to add additional support.
According to Rich Hopkins and Debbie DeLauder, both former officers in the organization,
TAEDC had become inactive, prompting the last-standing board of directors to consider other
options. By establishing an endowed fund with the Foundation, the historic value of the donated
principal is protected and invested for growth and income.