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Lawrence County Senior
Citizens' Center
Endowment  Fund
TERMS AND CONDITIONS
(continued)
ARTICLE II
FISCAL MANAGEMENT
A.




B.




C.
The Board of Directors of the LCSC will oversee the selection of an appropriate financial institution to serve as custodian of The Fund.  Should it become necessary or advisable, the Board of Directors can change the custodian of The Fund by a 2/3 majority vote of the Board.

The Board of Directors will determine appropriate types of accounts/investments for The Fund and will inform the custodian of The Fund in this regard.  The Board will work with the custodian on a continuing basis to insure optimum growth withing the desired safety parameters.

Should theLCSC be legally dissolved, the principal and any unused earnings in The Fund will be distributed to one or more non-profit organizations whose mission is compatible with the mission of the LCSC.  The selection of such organization(s) to receive money from The Fund will be made by the Board of Directors prior to the legal dissolution of the LCSC.
ARTICLE III
DISBURSEMENTS
The principal of The Fund shall be permanently restricted and not be available for use.

Earnings from The Fund shall be reinvested until such time as the principal of The Fund reaches a minimum balance of $100,000.  Thereafter, money from the fund, up to 90% (ninety percent) of the earnings in the most recent fiscal year, July 1 through June 30, may be withdrawn and spent on operating expenses of the LCSC.  Should the principal of The Fund fall below the minimum balance of $100,000, withdrawals shall cease until such time at the principal again exceeds $100,000.

The Executive Director will prepare an annual budget proposal outlining the needs of the Senior Center and funds necessary to carry out the proposed programs of the Center for presentation to the Board of Directors.

The Board of Directors will evaluate the financial need of theLCSC, and will approve an amount to be withdrawn from The Fund to meet those needs, and will specify the frequency of such withdrawals.
A.

B.






C.



D.
ARTICLE IV
ACCOUNTABILITY
A.



B.




C.
 The Executive Director will maintain complete, accurate records of donations received and any other additions to The Fund and will furnish a report of same to the Board of Directors at the regular quarterly Board meetings.

The custodian of The Fund will be instructed to furnish quarterly reports showing the condition of The Fund to the Chairman of the Board of Directors and the Executive Director.  These reports will, in turn, be provided to the other Board members at the quarterly meetings of the Board.

An annual financial report of the activity in The Fund will be prepared by the LCSC within 90 days of the close of the fiscal year, and will posted in a readily accessible public area at the Lawrence County Senior Citizens' Center.
         Should circumstances warrent, the Terms and Conditions of The Fund, with the exception of Article III A, may be modified by a 2/3 majority vote of the Board of Directors.
APPROVED THIS THE EIGHTEENTH DAY OF OCTOBER, 1999
.             J.    Putman                      .          .           10 - 18  - 1999            .
              Board Chairman                                                  Date
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