Eastern West Virginia Community and Technical College Foundation Fund

TYPE OF FUND: Agency Endowment

DATE ESTABLISHED: January 2022

PURPOSE: This fund supports the Eastern West Virginia Community and Technical College Foundation as a temporarily endowed fund.

DISTRIBUTION: The fund shall be used and distributed at the discretion of the Board of Directors of the Foundation.  The Foundation shall make a distribution on an annual basis as outlined in the Foundation’s general policies to the Eastern West Virginia Community and Technical College Foundation, for the purposes outlined herein, with the exception that upon recommendation of the Board of Directors of the Eastern West Virginia Community and Technical College Foundation, the distribution may be reinvested with the fund.

Distributions in excess of the “annual spending policy” of the fund may be made to Eastern West Virginia Community and Technical College Foundation in any year as determined by the Board of Directors of the Foundation.  Recommendations for such distributions may be made from time to time to the Foundation by the Eastern West Virginia Community and Technical College Foundation governing board. Recommendations of the governing board shall be solely advisory and not binding on the Foundation, but approval of such distributions by the Foundation shall not be unreasonably withheld.

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.  TCF has exclusive legal control over its assets.