BOARD RESOLUTION OF
UNIVERSITY OF SCIENCE AND TECHNOLOGY OF CHINA ALUMNI FOUNDATION
(GBR-2020-40)
ON
Investment Sharing for Sub-funds
WHEREAS, The University of Science and Technology of China Alumni Foundation (USTCAF) is a Nonprofit Public Benefit Corporation, incorporated in the State of Delaware, qualified pursuant to the provisions of Internal Revenue Code Section 501(c)(3), and
WHEREAS, The USTCAF allows members to establish special purpose “sub-funds”, to be used to contribute to future programs, or fund individual programs under USTCAF guidance. Certain points of contact (POC) for some sub-funds have expressed desire to participate in the USTCAF investment scheme, and have gains/losses posted to such sub funds, and
WHEREAS, The USTCAF has an investment scheme to put about half of its balance in to an SP500 indexed investment vehicle, which generates gains/losses on an ongoing basis,
NOW, THEREFORE BE IT RESOLVED as follows:
- The USTCAF shall allow the contact person for any sub-fund with over USD 10,000 in balance to request to join or leave the investment scheme. Each POC can only have one request to join and one request to leave in each quarter. POC can choose to join or leave the investment at any time, each time subject to the approval of the treasurer.
- At the end of every quarter or year, at the treasurer’s sole choosing, the treasurer shall calculate the investment return for the sub-fund for the time period AS IF the balance of the sub-fund is fully invested in an SP500 indexed vehicle at all time as requested. If another index is also used by USTCAF finance team later, the POC can choose which index of AF investment to be used.
- The participation of sub-funds in the USTCAF investment scheme does not alter the USTCAF investment management practice in any way.
Special Note: this resolution was proposed by John Hu and Steven Li, seconded by Shihong Chi, during the board meeting held on 09/18/2020, and was duly passed.