BOARD RESOLUTION OF
UNIVERSITY OF SCIENCE AND TECHNOLOGY OF CHINA ALUMNI FOUNDATION
INCREASING THE ANNUAL AMOUNT OF GOODWILL AWARD
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 operate an annual scholarship GOODWILL scholarship program where it raises funding from donors and cover the 4-year living expenses of approximately 40 students; and
WHEREAS, such a program has been awarding each student CNY 3,000 per year for approximately the past 20 years, and such an amount is deemed not sufficient to support the annual living expense of an average student; and
NOW, THEREFORE BE IT RESOLVED as follows:
- That the USTCAF hereby decides to increase the annual Goodwill award amount from CNY 3,000 to CNY 4,500.
- Such a change only affects students from the class of 2020 (i.e. those who entered USTC the school in year 2020).
- The Goodwill Manager shall be responsible for adjusting future funding raising programs and communications accordingly.
Special Note: this resolution was proposed by Shihong Chi , seconded by John Hu , during the board meeting held on 12/18/2020 , and was duly passed.