RESOLUTION FOR THE ESTABLISHMENT — June 21, 1987
280 RESOLUTION FOR THE ESTABLISHMENT OF A POOLED INCOME FUND BY THE UNIVERSITY OF THE VIRGIN ISLANDS (Board of Trustees meeting, June 21, 1987) WHEREAS, THE UNIVERSITY OF THE VIRGIN ISLANDS needs funding, in addition to its annual appropriation from the Virgin Islands Government, to build new programs, improve and expand the University's physical plant, increase the University's endowment, and to maintain academic excellence now and for the future; and WHEREAS, a life income giving program, notably a Pooled Income Fund will provide another method for alumni and friends of the University to contribute to the mission and goals of the University and at the same time expand the University's base of donor support in response to its needs for immediate and long-range funding; and WHEREAS, the Internal Revenue Service has approved the University's request as a qualified institution under Section 642(c)(5) of the Internal Revenue Code to establish a Pooled Income Fund and to conduct that Pooled Income Fund in accordance with the approved governing instrument hereafter referred to as the Plan …
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280 RESOLUTION FOR THE ESTABLISHMENT OF A POOLED INCOME FUND BY THE UNIVERSITY OF THE VIRGIN ISLANDS (Board of Trustees meeting, June 21, 1987) WHEREAS, THE UNIVERSITY OF THE VIRGIN ISLANDS needs funding, in addition to its annual appropriation from the Virgin Islands Government, to build new programs, improve and expand the University's physical plant, increase the University's endowment, and to maintain academic excellence now and for the future; and WHEREAS, a life income giving program, notably a Pooled Income Fund will provide another method for alumni and friends of the University to contribute to the mission and goals of the University and at the same time expand the University's base of donor support in response to its needs for immediate and long-range funding; and WHEREAS, the Internal Revenue Service has approved the University's request as a qualified institution under Section 642(c)(5) of the Internal Revenue Code to establish a Pooled Income Fund and to conduct that Pooled Income Fund in accordance with the approved governing instrument hereafter referred to as the Plan and the Specimen Life Income Agreements which are attached hereto and made a part thereof; NOW THEREFORE, BE IT RESOLVED that the Plan and the Specimen Life Income Agreements approved by the Internal Revenue Service be adopted by the Board of Trustees; AND, BE IT FURTHER RESOLVED that the President and Vice President for Business and Financial Affairs of the University of a. ie denial of any charitable contribution deduction to which donors "to the Fund (and their estates) may be entitled under the Internal Revenue Code. = DATED: June 21, 1987 —<— A = Se pe ecretary of the Boar CERTIFICATION The undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of ' the University of the Virgin Islands adopted at its meeting on June 21, 1987 as recorded in the minutes of said meeting. ecretary or the Boar