420.5 Restricted Band Club Fund

420.5 Restricted Band Club Fund

A. Background

Furman University has benefited from the continuing support of a group of benefactors, especially former band members, with interest in the Furman band. There is a need to coordinate the acquisition and use of gifts for the band and to coordinate the fund-raising activities for the band with other fund-raising programs in the University.

B. Policy

Funds raised for the Furman band will be placed in the restricted Band Club Fund to be used for the following purposes with the approval of the Band Director and the Chairman of the Music Department: (1) operating expenses; (2) equipment acquisition; and (3) band scholarships.

C. Guidelines

1.The Furman Business Office will establish a restricted fund to be titled, "Band Club," with the Band Director as budget unit head for operating or equipment acquisition purposes. Funds will be expended from this fund on approval of the Band Director and the Chairman of the Music Department. Any balances in the fund will be carried forward from year to year.

2.The University administration will not reduce the annual budget of the band because of support which may be forthcoming from the Band Club. It is recognized, however, that the financial condition of the University, and therefore, its level of support of the band will vary with economic and other conditions.

3.Gifts received for endowment for band scholarships, if any, will be invested by Furman through its pooled endowment fund. It is understood and agreed that the principal balance in the band scholarship fund must reach $10,000 within ten years from initiation of the fund for it to continue with this designation. (If the fund fails to reach this level, the principal balance will revert to the general endowment scholarship fund.) Scholarship awards will not be made until the fund reaches $10,000 after which the annual income from said endowment will be awarded as band scholarships by the Committee on Financial Aid upon recommendation of the Band Director and the Chairman of the Music Department.

4.Gifts to Furman through the Band Club will generally be solicited only from former Furman band members. Solicitation of individuals other than these alumni will require advance approval of the Vice President for Development to assure coordination with other fund-raising programs.

5.All fund-raising expenses of the Band Club will be charged against the restricted Band Club fund.

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