Endowment Fund Information
Endowment Fund Summary of By-Laws
For a complete and detailed description of the by-laws which the Endowment Fund is governed, please click here and scroll down to Article XVI- Endowment Fund.
Summary of the Endowment Fund:
The EMGS Endowment fund was created to assure future growth by providing additional, stable, and long-term financial support for the Society’s programs. Usages of this financial support include, but are not limited to Hollaender Outreach activities and programs .The Endowment Fund Committee manages the EF and is held accountable by the Finance Committee and the Executive Board in alignment with the EMGS mission and vision. (Section 1)
The EF Board will develop, review, revise, and implement policies for fund-raising, oversee the investment of endowment funds in cooperation with the Finance Committee, and make recommendations to the Executive Board and Council regarding the use of these funds to support the Society’s programs. The Executive Board approves and implements a dollar-to-dollar match of contributions, as the maximum amount from the general coffers of the Society to be allocated for this purpose. (Section 2)
The EFB consists of 6 individuals: EFB Chair, Societies immediate Past president, and Past treasurer, three additional Board Members. (Section 3)
The EFB provides input to the Finance Committee for establishing an investment policy for the EF that is consistent with securing both long-term appreciation of the assets within the EF and safe-guarding the principal and total value of the assets. The EFB regularly reviews the investment performance of the EF and, taking inflation into account, establish a percentage rate for disbursement of funds that will ensure that the funds continue in perpetuity. (Section 4)
Funds initially will be placed into a single common fund in order to facilitate growth of the fund. The EFB may authorize the creation of sub funds within the EF consistent with needs of the Society/donors/and the United States IRS. (Section 5)
Annually the EFB provides the Finance Committee and Council with information on the funds available along with donor or other instructions for funds. The Executive Board and Council approves the expenditures accordingly. (Section 7)
The EFB also annually prepares a report on status of EF. This report is reviewed by the Finance Committee, presented to Council, in summary to the Society at the Annual Meeting, then published on the Society’s website.
EMGS only accepts contributions to the EF that are consistent with the Society’ strategic objectives and as a non-profit with 501(c)3 status under United States, IRS. The final authority for decisions on acceptance and use of EF contributions is vested with the Society’s Executive Board and Council. (Section 9)
Management of the EF will be guided by these Bylaws and a formal legal document that is consistent with the Bylaws. Changes in policy guidance or proposed new policy guidance shall be initiated by the EFB and submitted to the Society’s Executive Board and Council for ratification. (Section 10)
If, in the event there shall ever be dissolution of the EMGS then this EF shall be transferred to the Society of Toxicology, or other organization agreed upon by the Society’s Executive Board and membership to be held and administered as a separate EMGS Endowment in accordance with its original terms and conditions. (Section 11)
The Endowment Fund is hereby declared to be irrevocable. (Section 12)