ILTS Members’ Fund for Education
Policy and Procedures (approved by ILTS Council February 2017)
- Fund name: ILTS Members’ Fund for Education (MFE)
- Purpose of the fund, management and financial goals
- The fund is solely to support the ILTS educational mission. It is not intended to support basic or clinical research, and will not be used for non-educational functions of the society.
- All donations will be added to a dedicated investment fund. No distributions will be made until the fund reaches a minimum of $1,000,000.00. After that, the principle will be preserved and part or all of the proceeds will be awarded as one or more annual educational grants. Any remaining balance will be reinvested. The amount of the annual grant(s) will be decided once the fund target is reached.
- Donations may be accepted from individuals, companies and institutions, including pharma contributions with ‘educational grant’ status. The leading role of current and previous ILTS presidents, councilors and members as fund donors will be emphasized. All donors will be formally acknowledged annually.
- Tax-exempt status will be confirmed by ILTS in all applicable jurisdictions.
- The fund investment strategy will be as for other ILTS investments, overseen by the Finance Committee and approved by Council. A separate MFE account will be maintained on ILTS’ behalf by a designated investment agent, currently Charles Schwab Investment Management.
- Determination of criteria for grant eligibility and selection of recipients will be carried out by the Scholarship Committee. Council approval will be required.
- Fund promotion and management of donation will be functions of the ILTS website and secretariat. Members will be solicited for donations at the time of membership renewal, during annual meetings, and by other appropriate means. Donors will be acknowledged on the website and on the program of the annual meeting.
- Restricted donations are to be utilized as indicated by the donor and cannot be reversed by Council. In contrast, unrestricted donations can be redirected based on Council decision, at least two-thirds majority is required.
NOTES ON DEVELOPMENT OF THE FUND
The establishment of an ILTS Education Fund was proposed by Mike Charlton, Elizabeth Pomfret and Mark Ghobrial at the winter council meeting in January 2016. Terms of Reference were proposed by John Klinck. Council endorsed the concept of a fund to which current and previous council members could make public donations. Key issues were outlined and discussed at the annual congress council meeting in May 2016. Final policy was approved by Council at the winter meeting in Park City, February 2017.