1. ESTABLISHMENT OF ENDOWMENT FUND

The Endowment Fund for the Lower Columbia Preservation Society (LCPS) of Astoria, Oregon, is hereby established effective June 13, 2005. At this time, the Endowment Fund is established as a Board Designated and Board Restricted Fund.

2. OBJECTIVE

The objective of the Fund is to accept gifts according to the Gift Acceptance Policy of the Lower Columbia Preservation Society. Accepted gifts will be placed within the Fund that shall be invested in perpetuity, unless otherwise directed by the donor.

The initial Fund will not be established as a separate 501( c)3 legal entity until it reaches a targeted goal as determined by the Executive Committee of the Lower Columbia Preservation Society and then, only upon recommendation of a professional advisor and the approval of the Board of Directors.

3. USE OF ENDOWMENT FUND INCOME

The LCPS Endowment Fund will be invested according to the Investment Policy of the Finance Committee. This pertains to both in-house and professional management assistance. Income generated from the fund shall be reinvested until the fund reaches a goal established by the Board of Directors.

After this goal, income of between 4% - 8% of the total fund will be available yearly to be paid to the LCPS General Operating Budget. Determination of the % of income available will be made yearly by the Executive Committee and upon recommendation of advisors and approval of the Board of Directors.

Endowment Fund income will generally be used in the following general categories:
a. Special needs and programs.
b. Mission causes approved by the Board.
c. General operating needs.

If donated funds to the Endowment Fund have been specifically designated or restricted by the donor, the income from such funds will be used exclusively for the designated activity, program or operating fund.

4. ASSIGNMENT OF FUNDS RECEIVED WITH NO RESTRICTIONS

Each devise, bequest, annuity and planned gift over $1,000 made to the LCPS and not designated by the donor for current operations or programs shall be deposited into the Endowment Fund.

Memorial contributions shall be placed in the Endowment Fund regardless of the size of the gift and if not designated and/or restricted by the donor.

Gifts less than $1,000 shall be used solely for general operating purposes. Acceptance of all gifts is subject to the review according to the Gift Acceptance Policy.

5. INVESTMENTS

The investment of Endowment Fund assets will be made according to the LCPS Investment Policy established by the Finance Committee and in consultation with the LCPS Board of Directors.

6. STRATEGY TO INCREASE ENDOWMENT FUND

It is the responsibility of the LCPS Board of Directors to actively provide plans and strategies to increase the amount of donations directed to the Endowment Fund. Specifically, LCPS is responsible to utilize board members, key volunteers and donors and staff to:
Acquaint potential donors with the opportunity of making gifts and bequest to these Funds.
Present prior to each new fiscal year a proposal for the use of the funds during the following year. All proposed programs shall be subject to approval of the Executive Committee, and once approved shall be administered by the Treasurer.
Seek professional advice as needed.
Such other responsibilities related to the Endowment Funds as may be assigned to by the Board.

7. FINANCIAL REPORTING

It is the responsibility of the Finance Committee to:
Present to the Board a semi-annual financial report on the status of the Funds and the Investment Policy pertaining to the Fund.
Assume responsibility for the safekeeping, management, investment and transfer of all funds and properties comprising the Endowment Fund.
To seek professional advice as needed.
Such other responsibilities related to the Funds as may be assigned by the LCPS Board.

8. CONSOLIDATION, MERGER OR DISSOLUTION

If at any time the Lower Columbia Preservation Society of Astoria, Oregon, be lawfully merged or consolidated with any other non-profit organization, all of the provisions hereof in respect to the Endowment Fund of LCPS shall be deemed to have been made for and in behalf of such merged or consolidated organization, which shall be entitled to receive all of the benefits of said Endowment Fund, and shall be obligated to administer the same in all respects in accordance with the terms thereof.

In the event of the dissolution of the Lower Columbia Preservation Society of Astoria, Oregon, the Board of Directors shall be entitled to disburse the funds, as they choose, to one or more 501(c)(3) organization(s).

9. AMENDMENT PROCEDURE

Provisions of this Resolution establishing guidelines for the Endowment Fund, may be amended as necessary from time to time by a 2/3 majority vote of the Board of Directors given adequate notice of such action as stated in the LCPS By-laws.