Terra Alta Economic Development Association Fund

The Terra Alta Economic Development Association Fund, established in 2011 with funding from the disbanded Terra Alta Economic Development Corporation, supports charitable economic development initiatives in the Terra Alta area, including job creation, job retention, and business climate improvements.

TYPE OF FUND: Designated

DATE ESTABLISHED: August 2011

PURPOSE: The fund shall be used and distributed, at the discretion of the Board of Directors of the Foundation, for the purpose of the charitable economic development of the Terra Alta area (generally defined as the whole of the City and surrounding area within five miles of the City’s limits). This includes activities related to job creation, job retention, and general improvements to the business climate of the area.

DISTRIBUTION: Upon the recommendation of the Grants Committee and approval by the Board of Directors of TCF. The Foundation shall make distributions as outlined in the Foundation’s general policies, except that upon recommendation of the Fund Advisor, the distribution may be reinvested in the fund.

The Foundation is authorized in its discretion to invest any part of or the entire fund in securities or in other property, real or personal, in a prudent manner without regard to any statute or law now or hereafter in force in the State of West Virginia restricting investments made by fiduciaries. The fund may be co-mingled with other funds for investment purposes.

The Foundation will determine annually an appropriate percentage of the fair market value of the aggregate principal and income of the fund for distribution for charitable purposes. This percentage shall be determined from time to time by the Board of Directors under its spending policy. In making this determination, the Board will consider the expected total return on investment, the desirability of maintaining the real value of the permanent funds of the Foundation, and any other relevant factors.

In the case of any conflict between the provisions of this agreement and the Foundation’s Articles of Incorporation, Bylaws, and general policies, the Foundation’s governing documents shall take precedence.

VARIANCE POWER: If, in the judgment of the TCF Board of Directors, the restrictions and conditions of the fund become unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community, the TCF Board of Directors maintains the right to modify the terms of this fund. Tucker Community Foundation has exclusive legal control over its assets.

FUNDING: From the disbanded Terra Alta Economic Development Corporation.

BACKGROUND: Several members of the disbanded Terra Alta Economic Development Corporation (TAEDC) agreed to continue the organization’s mission by establishing the Terra Alta Economic Development Association Fund. In addition to providing additional resources for the community, the fund offers an opportunity for donors to contribute further support.

According to Rich Hopkins and Debbie DeLauder, both former officers in the organization, TAEDC had become inactive, prompting the last-standing board of directors to consider other options. By establishing an endowed fund with the Foundation, the historic value of the donated principal is protected and invested for growth and income.