Greg Mace Memorial Fund
The Greg Mace Memorial Fund was adopted by the Colorado Search and Rescue Board on January 9, 1997
The intent of this fund is to provide money for Colorado Search and Rescue Board (hereinafter referred to as the "Corporation") members who wish to become instructors or trainers and to subsidize other search and rescue (SAR) related training opportunities. The goal is to provide quality SAR training at a reduced cost. That goal can be met by subsidizing the training costs of prospective instructors from within the Corporation's membership. Once trained, these instructors will give back to the Corporation by providing SAR training for Colorado SAR resources. Instructors who receive monies from the Greg Mace Fund shall not expect to profit from their teaching of these classes.
2. Fund Operations
2.1. Board of Directors
The Board of Directors of the Corporation may choose to spend Greg Mace Fund monies on SAR related trainings. This, however can only occur if the majority of the board of directors, who are present and voting, is in favor of such action.
Any current member of the Corporation may apply for money. All applications must be received in writing by a director of the Corporation at least 90 days before the need date. The Board of Directors of the Corporation will approve or deny by a majority of those present and voting each application. The Board of Directors will decide the amount awarded to approved applications. The Treasurer will fund approved applications or requests as soon as practical.
The board of directors of the Corporation may, in exigent circumstances, wave any of the aforementioned requirements or the application guidelines.
The secretary of the Corporation will maintain a history of all applications and recipients.
The application guidelines along with the names of the recipients shall be provided yearly in the Corporation's newsletter.
2.2.1 Approval Guidelines
The Board of Directors of the Corporation will grant scholarships or training money based on the following guidelines.
- The Corporation's projected needs and current priorities
- Current and anticipated instructor availability
- Number of candidates
- Availability of finances
- The past history of the team or region. The hope being that the instructors will be spread throughout the state.
- The perceived stability of the applicant and their ability to teach what they learn. (Are they going to be a long term contributor to the statewide SAR effort.)
2.2.2 Application Guidelines
The applicant must be affiliated with a dues paying team or an individual member of the Corporation. All requests for subsidy shall include:
- a) Title, location, sponsoring or producing agency, date of class and candidate's teaching status upon completion.
- b) The break-out of total expected costs for attendance for each candidate.
- c) What anticipated costs the candidate would like subsidized.
- d) When the monies are due and what savings can be realized by early payment.
- e) What other subsidy has been requested or received from other sources.
- f) Candidate's length of membership in SAR agency(s).
- g) Short summary of candidate's teaching experience.
- h) Two references from SAR leaders personally attesting to the candidates proven teaching qualifications and performance.
- i) Statement of Commitment from the candidate to help teach 3 courses in a reasonable number of years or fulfill certifying agency minimums.
3. Investment Guidelines
The general investment strategy for the Fund is to provide a consistent stream of income annually to fund SAR training, and to preserve principal of the fund by establishing a maximum income draw which cannot be exceeded without the fulfillment of certain conditions.
3.1 Investment Strategy
The Corporation shall seek to achieve the highest total investment return consistent with present risks through an appropriate portfolio. It is expected that the officers of the Corporation shall use their best judgment to reduce any unusual or unnecessary risk.
Net income (dividends and interest) and principal of the Fund shall be distributed as follows:
- It shall be the policy of the Corporation to distribute an appropriate amount of the interest consistent with the above investment guidelines and investment strategy to the Board of Directors to be used for training.
- The Corporation shall determine the actual amount of the "draw" on the basis of the fund balance as of December 31.
- The Corporation may consider liquidations from the Fund in excess of the above-mentioned "appropriate amount" for non-training needs. This can only occur, however, if each of the following conditions are met:
- 1. 75% of the current members of the Board of Directors of the Corporation vote in favor of the liquidation,
- 2. the Board of Directors adopts a proposal to replenish the funds, including time frames and revenue sources.
All of the above-mentioned directors must vote or abstain. Balloting may be performed by mail. Members may not vote by proxy. If amount available for distribution exceeds the amount requested, the excess shall be re-invested in the principal of the Fund.