Endowment Fund
Resolutions of the Trustees Council of the ONEness Project establishing the ONEness
Endowment Fund
On Thursday, December 2nd , 1999, the Trustees of the ONEness Project , adopted the following resolutions at a
duly called and noticed meeting as required by the Bylaws:
WHEREAS, from time to time
individuals express a desire to donate something to the ONEness
Project with assurance that the original value of the gifts and legacies will
be retained by the ONEness Project and only the yield
therefrom be expended for the ONEness
Project’s exempt purposes; and
NOW, THEREFORE, BE IT
HEREBY RESOLVED, that the Trustees Council of the ONEness
Project hereby establishes a subaccount to be administered
as a permanent, irrevocable fund as defined by the following resolution. The
account shall be known as the "ONEness Endowment
Fund"; and
BE IT FURTHER RESOLVED,
that the ONEness Endowment Fund shall be maintained
in a manner in which the present value (subject only to possible ensuing
capital investment loses) of the charitable donation at the time the donor
makes the planned or actual gift shall be held on behalf of the ONEness Project for so long as the organization continues
to exist; and
BE IT FURTHER RESOLVED,
that only those planned or actual gifts in which the donor requests
restrictions to be placed upon the principal amount will be placed in the ONEness Endowment Fund, and that all gifts and donations to
the ONEness Project by pledge or undesignated gifts
in connection with the ONEness Project continue to be
placed in the general fund of the organization for operating expenses under the
supervision of the Trustees as has been customary in the past; and
BE IT FURTHER RESOLVED,
that the Fund will be administered by a separate committee appointed by the
Trustees Council to be established pursuant to Article 3 Section 4(b) of the
Bylaws; and
BE IT FURTHER RESOLVED,
that the committee of the Council administering the Fund shall distribute the
yield from the ONEness Endowment Fund at such time or
times, in such manner, and in such amounts as they may determine, or as may be
required by restricted donations, only for the uses and purposes of the ONEness Project as are set forth herein. Such uses and
purposes shall be consistent with the Articles of Incorporation and the
constitution of the ONEness Project and shall be
"visionary" as contrasted to maintaining or supplementing the general
budget of the ONEness Project. Distributions shall be
made with particular emphasis on extending the life and mission of the ONEness Project which would include but not be limited to:
- Implementation of new or existing programs;
- Development of new charitable programs;
- Non-budgeted, unforeseen or unusual expenses of the ONEness
Project and
- Emergency relief, physical or economic needs of
individuals or communities served by the ONEness
Project.
BE IT FURTHER RESOLVED,
that if the ONEness Project purchases land for [a]
retreat/community center[s], mortgage or other expenses resulting from these
purchases, or the maintenance of the same properties, shall, upon the Trustees
direction to the Endowment Committee, have priority in
regards to Endowment distributions.
BE IT FURTHER RESOLVED,
that the Trustees Council shall provide a receipt indicating the date on which
the contribution or planned gift was made, and a description of the type of
gift (if any) that was provided to any individual who provides a planned gift
or donation to the ONEness Endowment Fund.
BE IT FURTHER RESOLVED, that the Trustees Council hereby approves
immediate funding of the Endowment subaccount with
$500,000 from the general account. This $500,000 principal amount can, under
certain limited conditions (in which either the legal life of ONEness or any of its property is threatened, or an
opportunity for expansion of ONEness’ mission could
be missed due to a lack of funding), be released for any need deemed necessary
by the Trustees Council. This is NOT the case for any other contribution
received after this original funding (unless said gift is specifically
conditioned for similar release).
DATED:
President of ONEness Project: Eric Narayan Waldman
ATTEST:
Secretary of ONEness Project: Connie Zareen
Delaney
