Eloise Noonan Bequest Fund

Eloise Noonan Bequest Fund of Ashland Evening Lions Club
The following comments and/or recommendations result from meetings of an ad hoc committee of five AE Lions, appointed by President Ann Miller. The meetings were held at the offices of Forrest Conrad, CPA, July 31, 2007, and September 11, 2007.

Regarding the Noonan Fund, it is recommended that the original plan be carried out of having TWO committees assigned to oversee the bequest fund, and the expenditure of the income generated. Specific recommendations relative to the handling of the fund and its proceeds follows:

The “fund”:
In recognition of the initial bequest of fifty three thousand two hundred seventy five ($53,275) dollars by Eloise Noonan, the fund should be named “The Eloise Noonan Bequest Fund of Ashland Evening Lions Club,” or in short, the “Noonan Fund,” or hereafter referred to as “the fund.”

Investment Committee:
It is recommended that this committee be three in number. The members of the committee consist of: 1) The Treasurer of the Club 2) The Chairman of the Budget and Finance Committee 3) One active Club member to be appointed by the President. It is further recommended that this committee seek the advice of an outside financial counselor or investment banker, hopefully at no cost or fee to the club, to assist with the development of an investment strategy for the fund assets. This committee will have the responsibility of investing the funds for the club, and reporting such investment strategy and progress on an annual basis to the Board of Directors at the February Board Meeting of the Club.

Fund Use Committee:
It is recommended that this committee be five in number. The membership of the committee shall consist of: 1) The Treasurer of the Club 2) Four active Club members serving two year terms. Two candidates shall be appointed each year by the President-Elect to serve a two year term thus providing continuity to the committee.

This committee shall have the responsibility of seeking out projects to recommend or present to the Board of Directors. If there are no uses of earnings, the monies or proceeds from the fund should be allowed to accumulate for future allocation.

Potential uses of the Noonan Fund:
Projects should be non-repetetive in nature, and not be associated in any way or subsidize any line item in the annual budget of the Club. Proceeds from the fund should not be used in any way to fund existing or proposed ongoing projects for the Club. Noonan fund proceeds should not be used for tuition or grants to students for scholastic achievement, or further study, since such would constitute an assumption of an existing activity of the Club.

Emergency usage:
Recognizing that emergency needs may arise for which the fund proceeds could be applied, it is recommended that under extenuating circumstances that the Board of Directors of Ashland Evening Lions Club be authorized to obligate the expected proceeds of the Noonan Fund. Only one such obligation shall be permitted to exist at any time. Such obligation, in an amount no greater than the proceeds earned by the fund for the prior 12 months period, can be made from the general treasury of the Club, with reimbursement from the Noonan Fund income at the next regular accounting period for the fund. Such repayment of obligation shall take precedence over other possible expenditures from the Noonan Fund proceeds.

Principal maintenance and future bequests:
The principal of the Noonan Fund shall remain intact, and only the income generated shall be used for recommended projects. It is further recommended that the “Noonan Fund” be identified and promoted as a special Bequest Fund of Ashland Evening Lions, to which Club members or members of the general public can make bequests to further build the principal balance of the fund. Such should be publicized by the Public Relations Committee of the Club.

Amendments:
Deviation or change from the above procedure and handling for the Noonan Fund shall only be after such change is approved by the Board of Directors of Ashland Evening Lions Club at a regular or special Board meeting, with subsequent endorsement or approval by two thirds (2/3) of the Club membership in attendance and voting at a regular scheduled meeting of the Club.

It is recommended that the above be adopted by the Board of Directors of the Ashland Evening Lions Club, recommended to the Membership for endorsement, and that the content be further publicized by summary in the Club Newsletter.