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The Mount Vernon Fellows Fund
Purpose
The Mount Vernon Fellows Fund was established for the purpose of funding, supplementing, or reimbursing Mount Vernon Chapter/SAR activities, events, programs and unforeseen chapter needs that are not included in the chapter's annual budget.


The Mount Vernon Fellows Fund - Member Status and Contributions
Any member of the SAR, a spouse, a relative, or friend of the SAR will be recognized and will be considered a Fellows Fund member with a FIRST TIME minimum contribution of $100.

Mount Vernon Fellows Fund contributors are asked to consider being a yearly "Sustaining Member" when renewing their dues each year. A minimum of $25 a year (following the first time contribution of $100) recognizes contributors as a "Sustaining Member" and supports this Fund for non-budgeted items.

Fellows Fund members may decide to "opt out" at dues renewal time by discontinuing the annual minimum $25 contribution. The Chapter appreciates any and all contributions to this fund.

"Charter Membership" is limited from the announcement in the fall of 2018 until the annual meeting on February 12th of 2019, after which contributors have the staus of a "Fellows Fund Member". Those recognized as Charter Members are: Tom Chrisman [Feb 2019], Jack Dyer [Feb 2019], John E. Elwood [2018], Rev. William N. Floyd Jr. [2018], William T. Fricke Jr. [2018], John S. Galt [2018], E. Sheppard Hammack [2018], Montez Hammack [2018], James T. McDonald [2018], W. Warren McPhillips [2018], Charles G. Olson [2018], Charles R. Rann [2018], David Reed [2018], David L. Wellons [2018], Larry C. White [2018], David L. Wiley [2018]



The Mount Vernon Fellows Fund - Recognition and Reporting
A current list of Fellows Fund contributors (all first time and all sustaining) are to be recorded and maintained by the Chapter Treasurer. This list is to be provided to the Chapter President and to the Chairman of the Fellows Fund Board of Managers. (see next paragraph) A Mount Vernon Fellows Fund Certificate will be presented each year at the Annual Banquet to first time contributors that met the $100 minimum. Sustaining members will be mentioned by the Chapter President.

The Treasurer shall make a year end report of all members and funds in the Fellows Fund to the Chapter President, for inclusion in his yearly report.

The Chapter President shall include an overview of The Mount Vernon Fellows Fund in his annual Operating Report to the chapter. Included are:
  • The number of members in the Fellows Fund.
  • The number of new members during the year of his Presidency.
  • The balance of funds in the Fellows Fund account.
  • A summary of expenditures made (amount and for what purpose).
  • Any other information he considers relevant to the Fellows Fund that must be communicated to the Chapter members.
A Mount Vernon Fellows Fund Certificate will be presented each year at the Annual Banquet to first time contributors that met the $100 minimum. Sustaining members will be mentioned by the Chapter President.



The Mount Vernon Fellows Fund - Management
The Mount Vernon Fellows Fund will be managed by a Fellows Fund Board of Managers, who are appointed by the Chapter Board of Managers (BOM = Chapter Officers).

Appointees to the Fellows Fund Board of Managers are from the regular membership, have their primary SAR membership in the Mount Vernon Chapter, and are current in their yearly dues. Dual members with their primary SAR membership in another SAR Chapter, and Chapter Board of Managers (Officers) are ineligible for serving on the Fellows Fund Board of Managers.

The Fellows Fund Board of Managers are to elect a Chairman each year, and all are to serve staggering terms of three (3) years. This hopefully assures continuity to the longer range goals of the Fellows Fund.  
(At the time of this posting, the initial Fellows Fund Board of Managers from 2018 has expired with no action taking by the Chapter BOM. Not sure how a new Fellows Fund Board of Managers would serve staggering terms, or its ramifications.)

A failure for any Fellows Fund Board of Managers member to maintain their chapter dues, or experiences a disabling health issue, or feels they must suspend their duties for any reason, or is derelict in his duties, will forfeit their position as a Fellows Fund Board of Managers member. A replacement will be reappointed by the Chapter BOM for the remaining portion of the term.

Disbursement of funds in the Mount Vernon Fellows Fund are decided by the The Fellows Fund Board of Managers. However, the Chapter BOM may make recommendations due to a consideration of need. Supporting documentation outlining need of payment with details is to be submitted to the Chapter Treasurer before money is transferred from the Mount Vernon Fellows Fund to the Chapter account. A unanimous decision by the Fellows Fund Board of Managers is required to approve a payout from the Mount Vernon Fellows Fund and immediately communicated to the Chapter Treasurer & Chapter President for disbursement.



Contributions & Tax Implications
Donations made to the Mount Vernon Chapter are "tax exempt" under Section 501 (c) (3) of the Internal Revenue Code. All contributions to the Mount Vernon Fellow Fund shall be deposited in the chapter checking account under a restricted line item identified as "The Mount Vernon Fellow Fund", which shall be maintained by the Mount Vernon Chapter Treasurer.
The Chapter funds are audited yearly.



The Fellows Fund Documentation
The Chapter BOM maintains oversight and has the right to redefine definitions and priorities to the Mount Vernon Fellows Fund Charter document. The Fellows Fund BOM must adhere to those changes.


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