Albert Sidney Johnston Camp #67

Sons of Confederate Veterans

ENDOWMENT FUND

Purpose: The Albert Sidney Johnston Camp #67 Endowment Fund is the mechanism by which members and friends of the Albert Sidney Johnston Camp shall be encouraged to make contributions to the Camp. Contributions made to this Endowment Fund will generally be for the long term financial stability of the Camp. It is expected that the motive of the contributor to this Fund shall be to aid the Camp by providing financial resources that will sustain the Camp for its indefinite future. It is contemplated that the source of these contributions shall be individuals who make contributions during their lifetimes or through charitable bequests from their estates, as well as, corporations, foundations or grants, typically from employers, that match qualifying contributions. Contributions to this Fund will be those specified by the donor to become part of this Endowment Fund or such funds that shall be specified by the Executive Committee of the Camp to become part of this Endowment Fund. Expenditures from the Endowment Fund shall include scholarships, awards, humanitarian efforts, support for museums, libraries, historical markers, shrines, statues, and cemeteries and other qualifying charitable activities that the Executive Committee shall, from time to time, authorize.

Status Under The United States Revenue Code: The Albert Sidney Johnston Camp #67 is a component of the Sons of Confederate Veterans, Inc. whose national headquarters is located in Columbia, Tennessee. The Sons of Confederate Veterans has been determined to be qualified under the Internal Revenue Service Code Section 501(c)3 as a tax exempt charitable organization. Such determination is documented under date of June 12, 1997 by the Baltimore, Maryland office of the Internal Revenue Service, the same having been signed by the then District Director Paul M. Harrington. This determination remains in effect and has not been revoked. Therefore, contributions made to the Albert Sidney Johnston Camp shall qualify for deduction under Internal Revenue Code Section 170. A copy of this determination letter is available from the Camp Adjutant/Treasurer upon request. This will be made available to anyone seeking verification of this Section 501(c)3 status. A copy of the same is attached for reference purposes.

Governing Body: The governing body of this Endowment Fund shall be the Executive Committee of the Albert Sidney Johnston Camp #67. This is the Executive Committee specified in Article V of the Camp's Constitution, By-Laws and Rules of Order.

Assistance to Governing Body: The Executive Committee shall have the right to appoint a non standing committee to assist with this Endowment Fund, from time to time, if such proves necessary. However, the Executive Committee is encouraged to specify such a committee only as needed.

Presumption of Nature of Contribution to Albert Sidney Johnston Camp: It shall be presumed that all contributions to the Camp, not designated to become part of the Endowment Fund by the donor, shall be available to meet current giving needs and will not become part of the Endowment Fund. The net proceeds from the Confederate Ball will routinely be used to meet current giving needs. The Handbook of the Confederate Ball requires the Ball Chairman to specify the purposes for which these net proceeds shall be used and seek approval of the Executive Committee before the Ball. The Ball Chairman can, of course, request all or a portion of the Ball proceeds be used to increase the Endowment Fund and this can occur with Executive Committee approval.

Recognition of Donor: Generally, the donor will have his/her name associated with a contribution to this Endowment Fund. The records maintained on this Fund will preserve such identity. This is one way in which contributions to the Endowment Fund will differ from other contributions that are available to meet current giving needs.

Broad Categories of Funds: There shall be two broad categories of funds that will be included in this Endowment Fund. They are Restricted Funds and Discretionary Funds.

Restricted Funds: Restricted Funds shall be those amounts received from donors which have limitations on the use of income or consumption of corpus at the time of contribution. In cases, where there is no restriction on the use of income, the income shall be deemed useable for qualifying charitable purposes at the discretion of the Executive Committee.

Discretionary Funds: Discretionary Funds shall be those amounts received from donors on which there are no limitations as to their use. The Executive Committee shall be empowered to use such funds, both income and corpus, for qualifying charitable purposes as they in their wise and duly constituted discretion should dictate.

Presumption of Discretionary Categorization of Funds: All additions to the Endowment Fund not designated as Restricted Funds by the donor shall be deemed Discretionary Funds.

Nature of Matching Fund Grants: Funds received from any source that match another contribution shall be deemed to have the same character as the underlying contribution, unless specified by the sender of the matching funds to the contrary. That is to say, funds that match a Restricted Fund contribution will be identically restricted and funds that match a Discretionary Fund Contribution will be discretionary in nature.

Investment of Restricted Funds: Restricted Funds shall be invested with full regard and total respect for any investment choices specified by the donor. Contributions received in a form other than cash (typically equity securities, bonds, notes, etc.) shall be expected to be generally preserved in such investment form as received. However, when the Executive Committee is not barred from making changes in the mode of such investments, it shall make such changes as good judgment and knowledge of market conditions and investment opportunities shall direct.

Investment of Funds: The Executive Committee shall invest funds in safe investment vehicles. Though there shall be latitude as to the type of suitable investments, investment in FDIC insured instruments shall be encouraged. No member of the Executive Committee shall engage in any self-dealing or transactions with the Endowment Funds in which the member has any financial interest, direct or indirect. Each member shall, at all times, refrain from any conduct in which his financial interests would conflict with the interests of the Endowment Fund.

Creation of Components Within Each Broad Category of Funds: A component is a single investment device. Individual certificates of deposits, bonds, notes, etc, would be examples of components within the context of this paragraph. For ease of reporting, administration, control, recognition of source of contribution, visibility of any contribution restrictions and possible other reasons, the Executive Committee is empowered to create as many individual components within each category of funds as their good judgment shall direct and thereby separate and segregate such funds. That is to say that, the Restricted Fund side of this Endowment Fund may consist of numerous components, each set up separately for a purpose. Likewise, the Discretionary Fund side shall be made up of numerous components.

Invasion of Corpus of Restricted Funds: This provision is created strictly to deal with what might happen if the Camp encounters extreme financial difficulty that would be cured by the expenditure of Restricted Funds. In the dire event of this eventuality, the Adjutant shall certify a finding that the Camp will fail without the release of a specific dollar value of Restricted Funds and how the expenditure of that specific dollar value will prevent that failure. This certified finding shall be delivered to the Commander. If the Commander finds this persuasive, then an announcement in the Camp newsletter shall be made indicating that release of Restricted Funds are needed to save the Camp and that a request for such action will be made before the upcoming Executive Committee meeting. Additionally it shall be announced that those attending the upcoming Camp meeting shall be requested to approve any Executive Committee decision to release Restricted Funds. The Adjutant shall then be authorized to present his finding to the Executive Committee. The Commander will then ask the Executive Committee to consider this request. The Executive Committee members will be polled for their votes and their votes duly recorded by the Committee secretary in the minutes of that Executive Committee meeting. This request will be approved by the Executive Committee for presentation to the Camp when approved by four fifths (80%) of the Executive Committee members voting. The Camp Commander will then present this approved request to the Camp meeting with a full explanation of the situation. He will note that the Executive Committee has approved this matter. The Adjutant will speak in support of the request and certify that he knows of no other solution to this pending financial problem and that in his belief this request will cure the financial problem. The Camp members present shall then be polled for their votes and their votes duly recorded by the Camp Secretary in the minutes of that Camp meeting. Then this request to expend Restricted Funds shall be approved and authorized upon the vote of a simple majority of the Camp members voting.

Accounting Controls and Records of Endowment Fund: This Endowment Fund shall be considered funds of the Camp within the meaning of Article IV, Section 2(e), of the Camp's Constitution, By-Laws and Rules of Order, designating the duties of the Adjutant/Treasurer. Therefore, the Adjutant/Treasurer shall report the condition of this Endowment Fund including how the funds were collected and disbursed according to the aforementioned Section 2(e). An annual recapitulation of such transactions shall be prepared and reported by the Adjutant/Treasurer upon request by the Executive Committee. The Commander and Adjutant shall keep a Restricted Fund Ledger in which all restrictions and conditions on Restricted Funds shall be timely, faithfully and accurately recorded.

Signatory Authority Over Endowment Fund: This Endowment Fund shall be subject to the same signatory controls as checks drawn on the Camp as specified in Article IV, Section 2(e) of the Camp's Constitution, By-Laws and Rules of Order.

Disclosure: A copy of this Agreement will be made available to Camp members and all prospective contributors to this Endowment Fund. A copy shall also be attached to the formal acknowledgment of each contribution made to this Endowment Fund.

Publicity: The officers, elected and appointed, and the members of the Executive Committee of the Albert Sidney Johnston Camp shall take every opportunity to publicize the existence of this Endowment Fund. Frequently, it should be mentioned and its benefits discussed at Camp Meetings. Additionally, its existence and purpose should be periodically published in the Camp newsletter, The Johnston Journal or its successor. Additionally, it shall be publicized through a web-site maintained by the Camp, it such is appropriate. Announcements of all new contributions to the Fund shall be made at Camp Meetings and in the newsletter, unless the contributor has requested that this not be done.

Interpretations and Implementation: The Executive Committee will fund this Endowment Agreement as soon as practicable after its approval. The Executive Committee will be charged with the responsibility of reasonable interpretation of this Agreement. The assistance of the Camp's Judge Advocate General shall be sought as needed.