HPRAR Foundation

FOUNDATION FUND

PURPOSE: To meet the needs of our Community, our REALTORS®, and their Families.

STRUCTURE: Foundation Advisory Board shall be comprised of six (6) past presidents appointed to staggered three (3) year terms by the President and approved by the HPRAR Board of Directors. The outgoing President will appoint two new Advisory Board members subject to the approval of the HPRAR Board of Directors. Two Foundation Advisory Board members will rotate off annually. Past Presidents may be reappointed. If any Foundation Advisory Board member resigns or cannot fulfill his or her term, another member will be appointed by the President to fill the remainder of that term. The minimum dollar amount to be kept in the fund at all times: $25,000.

PROCEDURE: 1. Money shall be held by the High Point Community Foundation until such time as the Foundation Advisory Board, subject to the ratification by the High Point Regional Association of REALTORS Board of Directors, decide otherwise.

2. Any principal expenditures requires a recommendation of the Foundation Advisory Board and the approval of HPRAR Board of Directors.

3. The Foundation Advisory Board shall have sole discretion to spend interest income generated by the foundation.

4. All requests for funding must be in writing using the Fund Application created by the Foundation.

5. Pass through donations, consistent with the purposes of the Foundation, will be directed to the selected cause or entity

6. Only funds processed according to Foundation Advisory Board regulations* will receive 501(c)3 tax benefits.

*(IRS Regulations)

PRINCIPLE: 1. Voluntary contributions of our members

2. Memorials and Honorariums

3. Wills and Estates

4. HPRAR Fundraiser

Policies of the HPRAR Foundation Advisory Board

Meetings: The Foundation Advisory Board will meet quarterly and at other times at the direction of the Chairman.

Attendance: Should a member of the Advisory Board miss two (2) scheduled meetings in a calendar year, the member is considered to have resigned.

Vice-Chairman: Each year, the Advisory Board shall elect a vice chairman who will serve as chairman the following year.

FOUNDATION ADVISORY COUNCIL 2012

TBA