<VV> Re: CPF FUNDing

[Mark Corbin]

Seth,

I understand what you said, but what I said about the general fund being the default choice is pretty much the way the board has operated so far. To date, most people have donated to the CPF and not specified any intent. This has let the board do with the donations as they have seen fit. The board has neglected funding the endowment, for fear that they wouldn't have enough money from donations to adequately provide operating funds for the CPF.

There should be a "balance" between donations to the general fund and endowment fund, and regardless, the board is obligated to respect any stated wishes of the donors. Otherwise, it would constitute a breech of faith between all the donors and the board, and you really WOULD have a paralizing effect, in future donations. THAT would be intollerable.

However, if in the outside chance that all donations would end up going to the endowment, then the board would be compelled to fund the CPF operating fund from the CORSA general fund, and NOT rob designated donations from the endowment. To do otherwise is unthinkable.

-Mark


----- Original Message ----- 
From: 
To: airvair at earthlink.net;virtualvairs at corvair.org
Sent: 8/11/2007 5:16:26 PM 
Subject: Re: Re: CPF FUNDing


In a message dated 8/11/2007 8:49:55 AM Pacific Daylight Time, airvair at earthlink.net writes:
Which is exactly what I've done. BUT please note that there is a difference
between the CPF "General" Fund and the CPF "Endowment" Fund - the former is
a general financing fund, where money is spent without regard as to
preserving what's there; while the latter is reserved for only using the
INTEREST off the principle, thus preserving the base principle intact.
Donations HAVE to specify which fund, otherwise, the default is to put
donationations in the general fund.

-Mark




Mark - I agree on your distinction between the funds. But, as I see it, if not specified as endowment, then the CPF board or, I suppose, the financial management person acting under the direction of the Board, could decide where to put the funds. I know of no rule that specifies putting contributions into the general fund - EXCEPT - CPF has no regular source of funds. There are no dues for CPF. As far as I know, only donations/contributions and some merchandise sales generate operating funds for CPF (that is, as of now, future endowment will generate funds - someday). If all current donations were earmarked for the endowment, CPF would be paralized. A balanced is needed. - Seth 






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