DISTRIBUTION OF INCOME: The SFB shall distribute the income of this Fund for each taxable year at a time and in an equitable and fair manner based upon the applications received annually. All applications will have the deadline of August to be completed and returned for SFB consideration. All applicants shall first be enrolled with The Wesleyan Church Department of Education and The Ministry and enrolled with FLAME. The Ministerial Student shall be a Covenant Member of The Wesleyan Church in the South Coastal District. All monies distributed shall be allocated after the course has been completed and the Ministerial Student has successfully passed the course.
AUTHORIZED SIGNATORIES: The Chairman and the Secretary will be duly authorized to sign agreements and request funds for allocations.
CHANGES TO BY-LAWS: Changes to the By Laws of Fund may be authorized by the action of Fund Board with a ¾ majorities and ratification by the DBA with a ¾ majority vote.
RECEIVE GIFTS: The SFB may receive property and funds by will, gift, or otherwise, to be held in Fund for charitable and purposes of scholarship distribution.
RECEIPT OF FUNDS: All monies received for the Fund shall be written to the “South Coastal District” specifying that the monies would go directly into the “Raymond Hicks Scholarship Fund”. The District Office and/or District Treasurer shall immediately send an appropriate receipt for gifts received, as per IRS regulations.
COLLECT INCOME: The SFB may receive monies for the Fund as income, profits, rents, and proceeds of the Fund property, and to collect and receipt for the same.
ACCUMULATE INCOME: The annual distributions of income may be allowed to become part of the principal from time to time, provided, however, that they shall not accumulate income for a period of longer that five (5) years without allocating. Each pay-out year will stand on its own.
HOLDING PROPERTY: The SFB may receive property on behalf of the scholarship as long as, in the exercise of good faith and of reasonable prudence, discretion, and intelligence, they may consider that retention is in the best interests of the Fund. Otherwise, sale of all properties would be immediate and proceeds placed in the Fund.
SALES AND INVESTMENTS: The SFB shall have exclusive authority to handle the sale and investments of funds. Subject to the limitation that they exercise the judgment and care, under the circumstances prevailing, which men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of their capital, to sell, convert, exchange, or dispose of any stocks, bonds, securities, or other real or personal property in the Fund, and to invest and reinvest the income or funds thereby obtained, or the income from time to time accumulated, in any and every kind of property, real, personal, or mixed, and every kind of investment, specifically including, but not by way of limitation, corporate obligations of every kind, and stocks, preferred or common, which men of prudence, discretion, and intelligence acquire for their own account, provided, however, that such action does not offend against any of the restrictions relating to prohibited transactions, accumulations, and investments. It is recommended, although not required, that the investment portfolio be diversified.
BORROWED MONEY AND ISSUE NOTES: The SFB shall not borrow money nor take any actions that may compromise the principle of the Fund.
EXPERTS: The SFB may consult outside experts whenever necessary or convenient to determine the advisability of any specific grant, and to pay such experts from the Fund for their consultations. Such payments will be made out of the interest portion of the Fund.
APPLY FUNDS FOR TAX-EXEMPT PURPOSES: The SFB shall apply the Fund at such time or times, in such manner, and in such amounts as they may determine, or as may be required by restricted contributions, to the tax exempt purpose. The SFB will be under the district’s non-for-profit (501 C3)
MINUTES AND RECORDS: The SFB shall keep, or cause to be kept, minutes of their meetings and a record of all questions voted on and the vote thereon, as well as a book setting for the names, addresses, and telephone number of all members of the SFB, and in the case of the discharge or removal of a board member, the date thereof and the manner in which such removal or discharge was effected. They shall report their meeting to the District Board of Administration within 60 days of every meeting.
KEEP ACCOUNTS: The SFB shall keep, or cause to be kept, adequate and correct accounts of all properties and business transactions of the Fund, including accounts of its assets, liabilities, receipts, disbursements, gains, and losses. A full accounting shall be submitted to the District Board of Administration at least annually.
AUDIT OF BOOKS: The SFB shall have the books and records of the Fund audited annually by the district audit procedure or as recommended by the District Board of Administration.
DISTRICT WIDE FUND DAY: Will be held for all district churches to have a chance to participate with the Fund this will be held annually on the (Third) Sunday of March beginning 2011 these offerings will be added immediately to the Scholarship Fund.
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