The Greater Pacific Region of The Embroiderers’ Guild of America, Inc (GPR EGA) hereby establishes an honorary & memorial fund.

1. Establishment of a fund. A separate endowment fund shall be established by the GPR EGA and be known as the Greater Pacific Region EGA Honorary & Memorial Fund (Fund)

2. Property of the fund. A separate account shall be set up within the GPR EGA treasury The Fund is established with $5000.00 from proceeds from the GPR EGA 2004 seminar profits. Subsequent to the initial funding, the Fund shall include monies donated to the GPR EGA for the express purpose of being included in the fund. Chapters and individual members are encouraged to make memorial and honorary donations. If materials other than monies are received, the items shall be transferred into money as soon as is feasible. The Fund shall be administered by a Fund board of directors. The GPR EGA members shall have the ultimate authority and control over all property in the Fund, and the income derived therefrom, in accordance with the bylaws of GPR EGA, as they may be amended from time to time, and the terms of this contract applied in a manner not inconsistent with said bylaws.

3. Designation of purposes. The Fund shall be used to further the education of GPR EGA members. The education includes needlework related seminar and workshop classes, self study and/or research in needlework related areas of study. The study is not limited to EGA sponsored or hosted courses. The Fund money may be used for class fees and travel to class or study locations but is not to be used for materials fees, except when part of a class package.

4. Board of Directors. The Fund Board of Directors (Board) shall consist of five active members of the GPR EGA Board: the Region Director, the Assistant Region Director (ARD), the Treasurer, the Fundraising Chair and the Education Chair. The term of office of the Board members will be the same as their term of office on the region board. The ARD shall preside over the Fund Board meetings and shall provide a written and verbal report on the Fund at each GPR EGA board meeting. The finances of the Fund shall be managed by the treasurer.

5. Distribution of income. Distribution shall generally be made from investment income only; up to 10% of the principal may be distributed once each year on the unanimous vote of the Board. The Fund must have a minimum balance of $1000 before distribution for any monies to be distributed. Expenses of the Board shall be paid from a designated regional budget account (#410-11) and must follow region reimbursement policies.

6. Process of applying for funds. An application form will be developed by the Board. The application period will open all year. Any and all applications are due to the ARD the first of the month preceding a GPR meeting (January, May, September). The ARD will distribute the applications to the Board within 10 days for Board review. Discussion of the applications and voting on the awardee/awardees shall be completed following the next GPR finance committee meeting. The results shall be referred to the immediately following Executive Board meeting and be announced at the immediate next full Region Board meeting. The Fund will distribute the scholarship money to the awardee/awardees by the first of the following month (March, July, November) . Payback from the awardee/awardees is due within the twelve months following the award.

7. Payback by the awardee/awardees. In the application, the applicant must specify how she/he will payback GPR EGA. Examples of payback include but are not limited to: teach a technique learned with the funds to some number (to be determined) of chapter or region meetings; design a project or study box for chapter or region use; present a lecture on ethnic/cultural needlework as part of a self study program to some number (to be determined) of chapter or region meetings.

8. Fiscal policies. The books and accounts of the Fund shall be kept in accordance with sound accounting practices. The financial status of the Fund shall be reported by the treasurer at the GPR EGA board meetings. An audit of the books shall be conducted biannually by the GPR EGA audit committee.

9. Variance. The Board with majority approval of GPR EGA members shall have the power to modify any restriction or condition of the distribution of funds if, in their judgment, such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment or becomes inconsistent with the educational need of GPR EGA. The exercise of such power shall not be effective earlier than at least thirty days after the Fund notifies the GPR EGA in writing of (1) its intent to exercise such power, and (2) the manner in which the Fund exercises its power. During the notice period, the GPR EGA may advise the Fund of its views regarding the proposed exercise of the power and take such other action as it deems appropriate.

10. Dissolution. In the event of dissolution of the Fund, all its assets remaining after payment or provisions for payment of all debts and liabilities of the Fund and the proper notification of all contributors, shall be distributed to the GPR EGA, with the intent that it continue to be used for education. The GPR EGA board with majority approval of the GPR EGA members will decide to which budget item of the GPR EGA the funds will be distributed by a two-thirds vote. Notification to the membership shall be provided in writing at least thirty days prior to the meeting at which such a vote is to be taken.

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