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HomeMy WebLinkAboutR03-032 Alexander J. Allen - Statement of Fund Operationsh .A • Commissioner moved adoption of the following resolution: BOARD OF COUNTY COMNIISSIONER5 COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2003- b 3 RESOLUTION ESTABLISHING A STATEMENT OF FUND OPERATIONS IN ORDER TO IlVIPLEMENT THE ALEXANDER J. ALLEN EDUCATION FUND WHEREAS, the Alexander J. Allen Education Trust (the "Trust") was established for the purpose of supporting the Alexander J. Allen Education Fund (the "Fund") and fulfilling the intentions of Dr. Alexander J. Allen as expressed in his Will and Codicil under the circumstances now extant; and WHEREAS, the Fund was established to provide scholarship grants for the undergraduate education of eligible Eagle County, Colorado students in accordance with the governing documents of the Fund and the terms and conditions of the Trust; and WHEREAS, the adoption of a Statement of Fund Operations (attached hereto as Exhibit "A" and incorporated herein) is necessary in implementing the Fund; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CONIlVIISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Statement of Fund Operations is hereby adopted by the Board of County Commissioners in order to implement the Fund. THAT, the Board authorizes the Chairman of the Eagle County Board of County Commissioners to execute any and all documents, instruments, papers or other forms necessary in order to implement the Fund. THAT, this Resolution is necessary for the public health, safety and welfare of the citizenry of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Boazd of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held this ~` may of Mazch, 2003. :_::,,:~, COUNTY OF EAGLE, STATE OF COLORADO ,F ~~~`~i:~ ;: ~`.,- gy and Through 'ts Board of County .'tea ~-->.~ a., ~ ~, ~~y `~~~ ~ ommissi~ e ~ ~ ~~n n~ AC 7 7~~ ~ ~ o~~~gY' fig` i Clerk of the az of County Commissioners By: By: Commissioner ,~~~~%l~G seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Michael L. Gallagher Commissioner Tom C. Stone ~ Commissioner Arn M. Menconi %Cri~C~ This Resolution passed b vote of the Board of County Commis- sinners of the County of Eagle, State of Colorado. G\WM\Resolution.Allan Education F~d.wpd Michael L. Gailagher, Chian • In order to implement the Alexander J. Allen Education Fund (the "Fund"), the Board of Commissioners of Eagle County, Colorado (the "Board") hereby establishes this Statement of Fund Operations. I. Selection Committee The grant making functions of the Fund shall be managed by a Selection Committee ("Committee") to be established by the Board consisting of individuals who are permanent residents of Eagle County, involved in the community, knowledgeable of the educational needs of its students and who have the background and expertise to properly evaluate the potential of scholarship applicants and to maintain and manage the Fund. No person maybe selected who, by reason of his or her position, employment or other circumstances would reasonably call into question the ability of that person to make independent, objective, and nondiscriminatory decisions relating to the selection of scholarship recipients. The Board shall determine the number of committee members and the terms to be served by the members which initially need not be the same for all members. The Board shall establish procedures for the selection and appointment of successors ~to the members of the Committee. The Committee shall cause the existence of the Fund and the application process to be publicized sufficiently to allow all eligible students to become aware of the Fund. II. Scholarship Eligibility Requirements The Committee shall establish minimum requirements for scholarship eligibility. Such requirements must be consistent with the purposes of the Fund and limit consideration to those individuals who are Eagle County High School students and who meet the minimum standards for admission to an educational institution, as defined in § 151(e)(4) of the Internal Revenue Code of 1986, as amended (the "Code"). No persons will be considered eligible if they would not reasonably be expected to attend such an institution, however, even if they meet such minimum standards. Selection of scholarship recipients shall be based solely upon substantial objective standards such as, EXHIBIT r C ~/ • but not limited to, prior academic performance, performance on tests designed to measure ability and aptitude for higher education, recommendations from instructors or other individuals not related to the potential awazdees, financial need, and conclusions drawn from personal interviews as to motivation and character. The Committee shall establish an application process consistent with such eligibility requirements utilizing as much as possible information generally provided by students in the process of applying for admission to college and for financial aid. A scholarship applicant must be unrelated to any current member of the Committee and shall not otherwise be a "disqualified person" with respect to the Fund, as defined by §4946(a)(1) of the Code. Under no circumstances will there be any restrictions or limitations in the selection procedures based upon the race, gender, religion or national origin of a prospective scholarship recipient or any relative of a prospective recipient. The award of a scholazship may not be based on any commitments, understandings or obligations, conditional or unconditional, suggesting that the studies are undertaken by the recipients for the benefit of Eagle County or the Fund or have as their objective the accomplishment of any purpose of Eagle County or the Fund (even though consistent with its exempt status) or of the Board or any member of the Committee other than enabling the recipients to obtain an education in their individual capacities and solely for their personal benefit. III. Limitations on Scholarship Grants Scholarship grants shall be made for one (1) year only and may be renewed annually on such conditions as the Committee shall determine consistent with the eligibility requirements then applicable. The terms of any scholarship grant and the courses of study for which grants are available must meet all requirements of § 117 of the Code and the regulations thereunder, and must be consistent with a disinterested purpose of enabling the recipients to obtain an education in their individual capacities solely for their personal benefit. Any public announcement of the awazds must be made by the Committee. 2 _ .. • IV. ~ hundwg of Grants and Committee Expenses In consultation with the Trustee of the Alexander J. Allen Education Trust (the "Trust"), the Committee shall determine the number of grants and the amount of each grant. The total amount to be awarded in any year shall not be less than the amount required to be distributed in order to avoid the imposition of the tax imposed under §4942 of the Code, nor more than 10% ~of the net fair market value of the assets of the Trust deternuned as of the first day of such year. The Committee also may submit to the Trustee requests for reimbursement of expenses incurred by the Committee directly connected with the functions of the Committee and the purposes of the Fund. No request for reimbursement shall be made that if paid would cause any member of the Committee or the Trustee of the Trust to engage in an act of self-dealing, as defined in §4941(d) of the Code, or to make a taxable expenditure, as defined in §4945(d) of the Code. The Committee shall not authorize any expenditure from the Trust nor engage in any other activity that constitutes directly or indirectly the carrying on of propaganda, an attempt to influence legislation, or participation or intervention in any political campaign on behalf of any candidate for public. office. V. Monitoring of Grants The Committee shall cause all scholarship grants to be paid directly to the educational institution attended by, or to be attended by, the grant recipient. Under no circumstances will a grant be paid directly to a grant recipient or to an account controlled by the recipient. The educational institution to which a grant is paid on behalf of a recipient shall agree in writing to use the grant funds to defray the recipient's expenses or to pay the funds (or a portion thereof) to the recipient only if the recipient is enrolled at such educational institution and his or her standing at such educational institution is consistent with the purposes and conditions of the grant. Further, the educational institution shall agree in writing that in the event the recipient fails to satisfy the criteria contained in the preceding sentence with respect to enrollment and standing, the institution shall return to the Fund any portion of the grant not yet expended on behalf of or paid to the recipient by the institution. 3 ~ ~ VI. Amendment This Statement may be amended from time to time by the Board. However, no amendment may be adopted that would cause the Fund and the Trust not to be considered an organization described in §501(c)(3) of the Code, violate the purposes of the Fund, or reduces or eliminates a scholarship grant that has been awarded by the Committee. 4