NCHSAA Endowments

Governing, Procedures and Rules:
The endowment fund is overseen by the NCHSAA Board of Directors through the Finance Committee.  At two Board meetings held during the course of each school year, the Committee reviews reports provided from the NCHSAA staff, makes recommendations as necessary, and reports to the full Board for any necessary action.

The Board serves to guarantee that the endowment fund is used in an integral manner and within the established guidelines.  Furthermore, the Board assumes the responsibility, along with NCHSAA staff, of determining the future direction of the Endowment Fund - its role, its stability, its enhancement, and ultimately - its success.

The following rules and procedures were developed by the initial NCHSAA Endowment Board of Trustees for the purpose of regulating the endowment fund.

Rules:
1.  Endowment funds may only be used to support NCHSAA activities and
programs.
2.  Funding to support NCHSAA activities and programs may only come from net interest earned* on investments made through restricted donations from private individuals, businesses, and foundations.
3.  If donations to the principal do not equal the inflation rate for the current
fiscal year, interest from the earnings shall be used to increase the principal.
4.  Funding for NCHSAA programs/services will be provided ‘as needed’, up to
the amount that is requested and approved by the Board.
(Interest earned +/- realized/unrealized gains)

Procedures:
1.  Requests for use of funds will be made by the NCHSAA Executive Director
and can be made at any time during the fiscal year.  Requests will be made to the Board of Directors through the Finance Committee and/or the Executive Committee and must be approved before funds can be dispersed.
2.  Requests for funding will be considered after careful review of interest
earned from the previous year. Interest earned is reported after the annual external audit conducted in the fall (August-September).
3.  The budget request time period will be the fiscal year July 1 through June 30
of the following year.
4.  All approved budget funds not spent during the budget time period will be
deposited back into the endowment fund.