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Date of Issue: 26 may 2015

Purpose of this operating procedure (OP)

  1. The purpose of this Operating Procedure is to define how the Endowment fund of the HPAC/ACVL shall be established, maintained and used.

Definition

  1. The purpose of the Endowment fund is to provide Grant assistance for the National Paragliding and Hang Gliding team pilots when they participate in FAI category 1 and category 2 competition.

The Endowment Fund - Establishment Mechanism

  1. The Endowment Fund shall be established using
    1. funds realized from the surplus of operating capital at the end of each fiscal year;
    2. The sum of $5,000 per annum shall be used to establish the fund until the fund attains a $20,000 minimum level;
    3. Donations from private, corporate and public sources especially earmarked for the fund shall be accepted into it;
    4. The annual contribution shall not take place if the annual operating surplus is less than $5,000;
    5. The fund shall be managed by the Executive Director and the treasurer. The board of directors must approve the investment vehicle and any change to it;
    6. The fund shall be maintained outside the general bank account of the Association, in a long term interest paying vehicle. This vehicle shall be of a secure and guaranteed nature;
    7. Interest earned and not used shall be reinvested in the fund;
    8. The fund is not to be used for the day to day financial concerns of the Association;
    9. The fund can only be accessed for financial operating account emergency by unanimous approval of all voting members of the board of directors;
    10. The Endowment Fund can only be terminated by approval of the general membership at an extraordinary meeting of the association or at the Annual General Meeting;
    11. If the Endowment Fund is terminated the funds shall be placed in the regular operating account of the HPAC/ACVL.

The Endowment Fund - Grant Eligibility and Distribution

  1. The Grant shall come from the interest earned by the Endowment Fund
  2. The Grant shall be disbursed upon successful application by the competitor
    1. Administration of the grant shall be carried out by the HPAC/ACVL Executive Director
    2. The successful applicant shall agree to represent Canada and their sport at the international level with dignity, respect and good sportsmanship and allow the use of all competition images of them by the HPAC/ACVL for sport promotional purposes
    3. The Board of Directors shall decide on the distribution and size of individual grants

    Revision history:
  • 2005-02-17: created
  • 2009-02-17: removed previous 4.b.i-iv
  • 2015-12-14 SL: new version conform to canadian regulations
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