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4.13.090 Endowment Fund Grant Policy

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Providing for solicitation of proposals and distribution of portion of grant earnings

Policy:

The City Council shall provide for the solicitation of proposals and the distribution of up to 5% of proceeds from earnings gained on Endowment Fund investments each year in which investment proceed funds are available for community/City capital projects.

Procedure:

The amount of Endowment Fund proceeds will be determined at the end of each fiscal year by the Endowment Fund Committee.  These funds will be kept in a one year Certificate of Deposit (CD) while awaiting transfer to the City account.  Interest gained from the CD will remain in the Endowment Fund.  Once grant funds are available, the city will encumber and earmark as Endowment Fund Grant Money.  Unused money will carry over for use in future Endowment Fund Grants.

July:  At the first work session the Endowment Fund Committee will recommend to the Council the Endowment Fund Grant amount for the following fiscal year.  At the July City Council meeting, the Endowment Fund Committee will be directed to purchase a one year CD for the Endowment Fund Grant money.

December:  The City will post in at least three (3) locations the annoucement of Endowment Fund Grant money available for capital projects and will solicit Endowment Fund Grant Proposals (EFGP).

The EFGP shall be limited to two (2) typed pages and contain the following headings:

1.  Title of the project

2.  Purpose and Need - include reference to Strategic Plan if applicable

3.  Request - specific amount of funds requested and pertinent information

4.  Location of the project

5.  Business Plan - ownership, maintenance and operation responsibility

6.  Budget for the project with timelines

7.  Number of times this project has been requested

8.  Contact person with phone number and email address

9.  Person responsible for complying with the Policy & Procedure for City Grants

Selection of the winning proposal will be based upon community need, clarity & accuracy of proposal, appropriateness of the project and its feasibility and useful life.

January:  All EFGP(s) must be submitted to the city clerk or postmarked on or before 4 p.m. January 31st of the year.

February:  City Council members will receive a copy of all EFGP(s) at the first work session.  All EFGP(s) will be reviewed and discussed during the second work session.

March:  Final discussion of all EFGP(s) will be held during the first work session.  At the March General Council meeting the EFGP(s) will be voted on and awarded, with funds available at the beginning of the fiscal year.  The Council will incorporate the Endowment Fund Grant award(s) where appropriate in the city budget.

July:  Endowment Fund Grant CD will be cashed with a fund transfer to the City account.  Money will be given to the winning grantss(s) in compliance with the policy and procedure for City Grants and all grantee(s) will follow the policy and procedure for City Grants.

 

History:
Internal draft:
Final draft presented at city council meeting: December 14, 2006
Adopted via resolution:
Reference to City of Gustavus Municipal Code:4.13.090
City of Gustavus, Alaska Policies and Procedures
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