TERMS FOR CREATION OF AN ENDOWMENT

Posted on June 19, 2013 by admin
  • Prizes for specific purpose can be initiated by creating necessary Endowment.
  • Amounts of Corpus Fund for the creation of Endowment be deposited to the WDA by Cheque/DD drawn in favour of WDA TN /cash) are as follows:-
    • The creation of Endowment shall be a permanent one. However the Donor shall be permitted to change in the category of Oration or Certificate (i.e.) by deposing additional amount to the extent necessary whenever he/ she so decides. The Awards under the new category shall be awarded only after completion of one year from the date of deposit of additional amount
  • The Prizes will be given from 50% of annual interest accrued from the Corpus Fund. The remaining 50% will be added to the Corpus Fund every year so as to award the prizes for a longer period without seeking the Donor to deposit additional amount to the Corpus Fund frequently.
  • The concerned deposit of corpus fund will be in the possession of WDA. If no one is qualified to receive the Award as per the terms in any year the entire interest amount will be added to the Corpus Fund.
  • The Awards will be given during the Annual Conference WDA or any other occasion as may be decided by theAssociation.
  • The Donor will be invited to the function in which the award from the Endowment instituted by him is awarded
  • The Donor of the Endowment shall decide the name of the endowment and the name of the Award.
  • Donor shall be entitled to change the norms indicated in S.No.7 above only after an intervals of 5 (Five) years from the date of institution of the endowment.
  • The Donor of the Endowment should inform the change of address then and there to the Association to facilitate the WDA to invite him for the function and for passing on any other information.
  • The Executive Council of WDA shall have the power to make any changes in the terms and conditions in the interest of administering the endowment, after information to the Donor wherever necessary.
This entry was posted in Past Events. Bookmark the permalink.