The ACB of Oregon Endowment Fund is governed by this section of bylaws.
BYLAW 1: ENDOWMENT FUND INCOME
The Endowment Fund income shall provide general operating expense funds to ACB of Oregon with at least quarterly transfers for its operations. The income from the Endowment Fund balance shall be available for reasonable and necessary operating expenses as the board shall in its discretion determine.
BYLAW 2: ENDOWMENT FUND PRINCIPLE
The endowment principal of no less than $367,151.01 will be restricted as stipulated by the donors and may not be spent.
BYLAW 3: ENDOWMENT ASSET
The endowment fund is maintained as a separate account and reported separately. The endowment fund is an asset of ACB of Oregon and cannot be converted from restricted funds.
BYLAW 4: ENDOWMENT INVESTMENT
These funds will be maintained in a low risk, conservative investment to ensure no loss of these assets. Following this guideline these funds may be invested with the advice of the Investment Advisor and Finance Committee and approval of the Executive Board.
BYLAW: ENDOWMENT FUND LAW
The law that governs Endowment Funds is The Uniform Prudent Management of Institutional Funds Act (“UPMIFA” or “the Act”). UPMIFA provides guidance and authority to charitable organizations concerning the management and investment of charitable funds and for endowment spending.