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Date of Issue: February 17, 2005

  1. Purpose of this Policy and Regulatory Directive
    1. The purpose of this Policy and Regulatory Directive (PRD) is to state how the Endowment fund of the HPAC/ACVL will be established, maintained and used.
    2. The motion to establish an Endowment fund was passed unanimously at the 2004 Annual Director’s Meeting held in April 10 -11, in Hamilton Ontario.
    3. To set aside $5000 from the excess of each year (above the $5000 minimum surplus decided in item 3. Budget Review and Approval) for an endowment/trust fund to support our paragliding and hang gliding athletes who go to international competitions. A maximum of $20,000 will be set as the HPAC/ACVL contribution.
  1. Purpose
    1. The purpose of this directive is to identify the mechanism necessary to establish an Endowment Fund.
    2. The purpose of the Endowment fund is to provide Grant assistance for the National Paragliding and Hang Gliding team pilots when the they participate in FAI category 1 and category 2 competition.
  1. The Endowment Fund - Establishment Mechanism
    1. The Endowment Fund will be established using
      1. funds realized from the surplus of operating capital at the end of each fiscal year
      2. The sum of $5,000 per annum will be used to establish the fund until the fund attains a $20,000 minimum level
      3. Donations from private, corporate and public sources especially earmarked for the fund will be accepted into it. A charitable tax receipt will be issued for all donations
      4. will be gratefully accepted into the fund. A charitable tax receipt will be issued for all bequests
      5. The annual contribution will not take place if the annual operating surplus is less than $5,000
      6. The fund will be managed by the business manager and the treasurer. The board of directors must approve the investment vehicle and any change to it
      7. The fund will be maintained outside the general bank account of the Association, in a long term interest paying vehicle. This vehicle will be of a secure and guaranteed nature
      8. Interest earned and not used will be reinvested in the fund
      9. The fund is not to be used for the day to day financial concerns of the Association.
      10. The fund can only be accessed for financial operating account emergency by unanimous approval of all voting members of the board of directors
      11. The Endowment Fund can only be terminated by approval of the general membership at an extraordinary meeting of the association or at the Annual General Meeting
      12. If the Endowment Fund is terminated the funds will be placed in the regular operating account of the HPAC/ACVL
  1. The Endowment Fund - Grant Eligibility and Distribution
    1. The Grant will come from the interest earned by the Endowment Fund
    2. The Grant will be disbursed upon successful application by the competitor
      1. Application must be accompanied by a copy of pilot's confirmed registration in the competition(s) to be undertaken
      2. Applications for funding must demonstrate need and be received by the business manager no later than six weeks prior to the competition
      3. Eligibility will be defined by the applicants FAI status. Applicant must qualify for an FAI category 1 or category 2 event
      4. Successful applicants must forward a copy of their paid category 1 or category 2 event registration form
      5. Administration of the grant will be carried out by the HPAC business manager
      6. The successful applicant will agree to represent Canada and their sport at the international level with dignity, respect and good sportsmanship and allow the use of all competition images of them by the hpac/acvl for sport promotional purposes
      7. The Board of Directors will decide on the distribution and size of individual grants
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