CHENOWETH ENDOWMENT FUND GUIDELINES
Approved by GWTC Board on July 11, 2001
Gulf Winds Track Club (“GWTC”) has established an endowment fund in the name of Dean and Jenny Chenoweth (hereinafter the “Fund”). The purpose of the Fund is to promote running and fitness in the Big Bend area by assisting local running organizations, individuals and members of GWTC in their efforts to achieve athletic or academic excellence. The Fund shall be operated pursuant to the following rules and guidelines.
1. GWTC shall maintain the proceeds donated to the Fund in a separate interest bearing account (hereinafter “Account”). GWTC and the Chenoweth Committee shall maintain a minimum balance of $5,000 in the Account unless two-thirds of the members of the Board of Directors of GWTC (hereinafter “Board”) vote to dissolve the Fund or to spend a portion of this balance.
2. All interest earned from money in the Account and all additional money raised on behalf of the Fund shall be deposited into the Account and may only be spent as specified in these guidelines.
3. The Chenoweth Committee (hereinafter “Committee”) shall review applications for assistance from the Fund and make recommendations to the Board concerning awards. The Committee shall consist of up to five members, at least one of whom shall be a member of the Board, appointed by the President, subject to confirmation by the Board. In the event the Board rejects one or more of the President’s appointments, any member of the Board may nominate member of GWTC to serve on the Committee. Such nominee shall become a member of the Committee upon a positive vote by a majority of the Board. All members of the Committee shall be appointed for a term of two years.
If a position on the Committee becomes vacant during a term, the President may appoint a person to serve the remaining portion of the term. This interim member may serve without Board approval unless rejected by a majority vote of the Board. The Committee may continue to conduct business as long as it has at least three active members.
4. The Committee shall develop proposals for raising money for the Fund and for promoting its awareness.
5. At least annually, if there is enough money in the Fund, the Committee shall recommend to the Board the name of at least one runner or organization to receive an award as specified in the following paragraphs.
(a) A discretionary award to one or more runners. To be eligible for this award the runner must:
(i) Be a member of GWTC and represent GWTC or a local school or club program in competition, unless participating on a national team or otherwise agreed upon by the Board;
(ii) Demonstrate outstanding achievement in running or be attempting to qualify for or compete in some type of international, national or statewide competition; and
(iii) Agree to use the award to pay for the expenses and costs of training for or competing in such events and to provide the Committee with an accounting of how the money was spent. Such costs may include the costs of travel, entry fees, equipment or any other similar item.
(b) A scholarship award of $500, or such other amount as the Committee may determine appropriate, to one or more college, community college, high school or middle school runners or to their athletic programs to recognize outstanding achievement and to promote GWTC in the local running community. To be eligible for this award a runner must:
(i) Participate on a college or school cross country or track team;
(ii) Demonstrate some high level of achievement in running or be attempting to qualify for or compete in some type of international, national, or statewide competition;
(iii) Be recommended by a GWTC member or the team coach. The recommendation may come directly from the GWTC member or coach, or the Committee may request a nomination; and
(iv) Agree to provide an accounting of how the money was spent.
The Committee may also recommend the creation of such special awards under this subparagraph as may be appropriate to help promote the interest of running in this area.
(c) An organization such as a running club, high school track and field or running program that supports running and fitness in the area. Such an organization must demonstrate:
(i) It is non-profit;
(ii) The money will be used for expenses such as equipment or travel costs;
(iii) A financial need;
(iv) The contribution will advance the sport of running, track and field or triathlon competition;
(v) It can and will provide an accounting of all money received; and
(vi) It will make reasonable efforts to promote GWTC among its members and athletes.
6. The selection of recipients for awards shall be in the sole discretion of the Committee, subject to approval by the Board and the Committee or the Board may reject any application for an award for any reason. The Committee will nevertheless evaluate the follow items in arriving at its recommendation:
(a) Balance in the fund and likely needs in the calendar year.
(b) Overall reasonableness of the amount requested. For example is it running related and meaningful competition, or just a request for help with a vacation trip?
(c) The financial need of the person requesting help.
(d) How many people will benefit from the award?
(e) How connected are the beneficiaries of the award to our local running community.
(f) Does the application meet the eligibility requirements for an award as set forth above?
(g) Will the award promote the goals of the Fund?
7. The Fund shall be known as the Chenoweth Endowment Fund and is an expression of thanks to Dean and Jenny Chenoweth for their support of GWTC.