The Orcas Island Children's House Endowment Fund is established to provide financial support to the Orcas Island Children's House on an annual basis.
The Endowment Fund shall distribute four quarterly payments on or about the fifteenth day of April, July, October, and January of each year beginning January 1, 2005. Each payment shall be equal to but no greater than 1.25% of the value of the Fund on the last business day of the most recently ended quarter.
The Board further stipulates that the distribution policy stated herein cannot be amended or restated by any future Children's House Board or Governing Body and that it is this Boards' intent to assure that this Resolution remain in force in perpetuity.
In the event these rules become contested, the assets of the Endowment Fund shall automatically be transferred to OICF (Orcas Island Community Foundation), or its designated successor organization, to be managed and to assure that distributions are made exactly in accordance with the terms outlined above.
In case of the dissolution of Children's House, all the assets of the Endowment will automatically be transferred to OICF to be managed for the benefit of the children of the Orcas Island community.
A copy of this resolution will be lodged with OICF and arrangements made for continual oversight of the Children's House Endowment Fund.
ORCAS ISLAND CHILDREN'S HOUSE
36 Pea Patch Lane | Eastsound, Washington 98245 | 360.376.4744
Orcas Island Children's House is a tax-exempt 501(c)3 organization, and all contributions are tax deductible to the full extent of the law.
Content of this Web site © 2018 Orcas Island Children's House.