Final Revisions to Articles V & XI as approved by the LSF Board of Directors meeting July 19, 2010 during Cumberland Dance Week.
Under ARTICLE V – COMMITTEES AND DIVISIONS, Section 2, paragraph shall be revised to read:
The Scholarship Committee shall be governed by the General and Special provisions for scholarships as set forth in ARTICLE XI.
ARTICLE XI – ENDOWMENTS
Section 1 – Establishing Endowment funds: Besides accepting contributions, gifts, or bequests of devises to establish an endowment fund, the Board of Directors may also direct the use of existing funds within the general fund in establishing an endowment fund.
Section 2 – Purpose of Endowment Funds:
The purpose of the endowment fund shall be specified at the time the fund is established.
The endowment fund may either be designated to provide individuals attending LSF events with scholarship awards or be designated for some other specific purpose.
Section 3 – Endowment Funds to Remain Intact:
An endowment fund’s principle shall be kept separate and preserved.
No expenditures from any endowment fund will be made if the value of the fund should fall below the value of all contributions made to that fund.
While the accounting for each endowed fund must be kept strictly separate, this does not exclude the possibility of depositing funds from more than one fund in the same investment account.
Section 4 – Income from Endowment Funds:
Income generated by the fund will be restricted for use as originally specified.
The available income from any scholarship fund shall be reasonably allocated among the several dance events in any given fiscal year.
The percentage of the accumulated value of each fund which can be used for disbursement will be decided by the LSF board for each fiscal year.
Section 5 – Changing Endowment Characteristics: Any funds from which the endowment characteristic has been appropriately amended or removed shall be returned to the general operating budget and accounted for with the operating funds of the current year. The bylaws will be amended appropriately to reflect any change in endowment characteristics of an endowment fund, in a timely manner. The endowment characteristic for a fund may be amended or removed only as follows:
As specifically stipulated when the endowment was established.
Any fund that has been endowed for a specific purpose that no longer exists may be dissolved by a majority vote of the members of the Board of Directors.
The Board of Directors will have no other power to amend an endowment outside the original intent of the donation. Should it become necessary, the Board of Directors, may, by a unanimous vote of all those Directors voting, dissolve an endowment fund. Those funds are to be used to establish an endowment fund of similar intent. Every effort should be made to insure these funds are used for the original endowments intended purpose.
Section 6 – Endowment Committee: The Endowment Committee shall be appointed by the President, approved by the Directors, chaired by the President, and with one or more members-at-large appointed to create an odd number of members on the committee. The committee shall oversee the administration of the endowment funds and make recommendations to the Board of Directors for their action. The committee shall conduct all their business in writing and those records shall be kept available for examination upon request of any Director. The committee shall make a detailed report of its activities to both the annual Membership meeting and the annual Board meeting.
Section 7 – General Provisions for Scholarship Awards:
An application will be submitted by the event coordinator and forwarded to the scholarship committee. (A letter of endorsement from a Lloyd Shaw Foundation member must accompany the application for the Gail and Leland Ticknor Scholarship Fund).
Awards will not be used to pay any transportation costs.
Awards will be used by the applicant only.
Awards will not exceed two-thirds of attendance fees (room, board & tuition) excepting the Patrick Ortner Music Scholarship and Endowment Fund which is limited to actual room and board expense.
The Scholarship Committee will consider giving preference to younger applicants providing they fulfill all requirements under the General and Special Provisions.
The Scholarship Committee will consider giving preference to developing dance leaders and musicians excepting the Patrick Ortner Music Scholarship and Endowment Fund which can be applied to any dancer or musician
Recepients shall be limited to no more than two awards in a five (5) year period.
Section 8 – Special Provisions for the Edna May Liden Fund:
The Scholarship Committee will consider giving preference to developing dance leaders:
That are interested in leading Round Dance and passing it on to new dancers
That reside in the western part of the USA.
The income generated by this endowment fund may be used to supplement other scholarship funds as the Scholarship Committee may decide. Income may accumulate in this fund until such time as a deserving potential leader may apply.
Section 9 – Special Provisions for the Dorothy Stott Shaw Scholarship and Endowment Fund:
The Scholarship Committee will consider:
Giving preference to developing dance leaders that have demonstrated their interest in more than one phase of dance leadership.
The need for a full scholarship, based on extreme financial need, with unanimous vote of Board.
Section 10 – Special Provisions for the Patrick Ortner Music Scholarship and Endowment Fund:
The first priority for use of the income from this fund is to purchase the rights to use and publish copyrighted music in projects authorized by the Lloyd Shaw Foundation, Inc.
The Scholarship Committee will grant scholarships to assist in the development of (a) musician(s) at LSF sponsored dance events by:
Payment of room and board for student musicians.
Payment of room and board for the person or persons whose primary responsibility at the event will be to teach classes for developing dance-band musicians. These persons may also have responsibilities in regard to playing to accompany dance, but they should be involved in teaching at least two sessions daily for amateur musicians (such as : playing back-up piano, playing dance band fiddle, leading a dance band class, etc.).
Section 11 - Special Provisions for the Gail and Leland Ticknor Scholarship Fund:
The Lloyd Shaw dance event or training function the applicant attends will include in its program the teaching English Country Dancing.
Applicants must apply in writing to the Lloyd Shaw Foundation Scholarship Committee. The Committee will be responsible for selecting the recipients of the scholarship.
Letters of application must be accompanied by a letter of endorsement from a member of the Lloyd Shaw Foundation.