WELFARE AND SCHOLARSHIP FUND
Established in 2006, these Post supported programs were established to expand and diversify Post excess financial resources and manage its assets with regard to the fund in an efficient and effective manner. To foster an environment that will encourage innovation of fund dispersal and to determine assessment factors of fund dispersal so that prejudice or favoritism will not enter into the dispersal criteria. This fund shall be administered in accordance with theFunds Procedure Book.
A Board of Directors of five members shall be appointed by the Commander, and be accountable to the Executive Board. Those names will be announced for approval by the Post Membership at a regularly scheduled meeting. The terms of office shall be three (3) years. The first Board will serve as follows:
Two Directors – Three-year term
Two Directors – Two-year term
One Director – One-year term
A lottery should be used to determine who will serve 3, 2, or 1 year.
Any member of the directors who has served up to one 3 year term may be re-appointed to a 2nd term. It is desired that no member serve more than two 3-year terms.
The welfare fund is a fund to help active members, of 5 years or more, in direct need caused by unforeseeable events. Any Member in need can contact the Post Commander who would pass the information to the Board of Directors for consideration. The Board of Directors would give the Executive Board the name of the member for consideration of fund dispersal at a special session of the Executive Board. If all are in agreement, the Board of Directors would execute the award.
The Scholarship directors shall consist of five (5) members, replacements to be named in June. After the June appointment, the directors shall select its chairperson. The directors shall act as resume judges and administer the fund for the succeeding year. The award shall be presented to an applicant or applicants in time for announcement at his/her school commencement.
Whether there is a single award or multiple awards will be determined by the funds made available by the Executive Board in the first quarter of the year. The directors shall determine the methodology in 2007 and submit it to the Post “E” Board for approval no later than the November “E” Board Meeting. The directors shall be able to request approval of changes to the methodology for the following year no later than November of the current year. These changes would not go into effect until after the awards for spring graduation are announced.