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ROTARY CLUB OF STEAMBOAT SPRINGS POLICY

 

 

POLICY NAME:  Use of Endowment Fund at Yampa Valley Community Foundation

 

DATE APPROVED BY BOARD:  August 9, 2021

 

EFFECTIVE DATE:  On approval

 

NEXT SCHEDULED REVIEW DATE:  August 2025

 

REPLACES POLICY DATED:  Formalizes and expands board action in April 2016

 

PURPOSE:  The purpose of the policy is to provide guidance for how the funds in the Endowment Account at the YVCF are to be used to benefit the community.

 

POLICY STATEMENT:

 

The focus in the use of the Foundation funds is to maximize giving from the Foundation consistent with the fund’s growth, keeping up with inflation before new contributions as calculated over the life of the fund.  Grants from the Foundation each year should be 4% of the average fund balance for the four quarters (June 30, September 30, December 31 and March 31) before the annual budget is created rounded to the nearest $1,000.

 

This allocation of funds will be provided in the budgeting process to the Grants Committee who will be responsible for determining how they will be spent.

 

Under extraordinary circumstances or for extraordinary uses, the board may approve additional special use of funds for a specific purpose.