Council of Indian Organizations
Copy of the report establishing the Scholarship Fund of CIO approved by the BOARD OF DIRECTORS of CIO in its annual general body meeting held during 1991.
As per the terms of reference given by the Board of Directors of CIO, the subcommittee was requested to look into the feasibility of establishing a fund to take care of any educational needs of the Students of Asian Indian Origin in North America, and in particular, the children of member organizations of CIO.
Education is power. The standard of living we have to-day is due to our education. The cost of education is dramatically increasing. When we are doing well it is necessary to set aside some amount towards education. Organization like CIO can provide a tool to take care of the educational needs of our children by establishing and managing a Fund. The Sub-Committee makes the following recommendations regarding establishing and managing a Scholarship Fund to provide an educational aid to the children of Asian Indian origin and in particular Children of member organizations of CIO.
3. NAME OF THE FUND
3.1 This fund hereafter will be known as CIO SCHOLARSHIP FUND (CSF).
Educational needs are many. This committee defines it as a condition which is usual in a student's career which threatens a person's continuation of education.
Few instances are identified below, which may warrant the organization to render the help to the person to promote the education.
a. Death of a member with inadequate support to the surviving dependent children to continue the education.
b. Travel needs to go to the places of learning.
c. Boarding and lodging needs at the place of learning.
d. Any hardware needs like books, computers, tools, etc
e. Any other student need that is determined by the CSF.
4. INSTRUMENT OF AUTHORITY
4.1 Scholarship Fund Committee (SFC)
A. The scholarship fund committee shall consist of The President of CIO, the General Secretary of CIO, The Joint Secretary of CIO and Four members including the Chairperson.
B. The Joint Secretary of CIO shall be the Secretary of the SFC.
C. The Chairperson and the other Three members shall be elected by the General Council of CIO during CIO biannual elections.
If there is no Chairperson elected by the General Council The President of CIO shall nominate a person for the position. The nominated person shall coopt additional members as required in consultation with the President of CIO.
D.The Chairperson will be a member of the Executive Committee and represents the SFC in the Executive Committee and in the Board Meetings.
E. The term of office of the members of SFC shall be the term of office of the Executive Committee of CIO.
4.2 DUTIES AND RESPONSIBILITIES OF THE SFC
A. SFC chairperson shall preside over its meetings, represent SFC and maintain its records during the fiscal year.
B. At the request of the Chairperson of the SFC, The Secretary of SFC shall call the meeting and be responsible for all the executive work of the SFC.
At the end of each fiscal year the secretary of SFC shall hand over the records to the general secretary of CIO.
C. The SFC shall be responsible for administering and managing the fund.
D. The SFC shall be responsible to determine the necessary help to be given and make necessary arrangements for
E. The SFC shall be responsible for raising funds by legal methods approved by the CIO executive committee.
F. The SFC is answerable to the Board of Directors of CIO.
G. At the end of the fiscal year the Secretary of the SFC shall submit a report to the CIO executive committee which will be part of the TREASURER'S report of CIO.
H. All financial transactions shall be according to the recommendation of the SFC as approved by the Board of Directors and shall be handled by the office bearers of CIO as defined in the constitution of CIO.
I. In the event of a conflict between SFC and the CIO Executive Committee, the recommendation of the Board of Directors supersedes the conflict.
J. In the event of any unforeseen circumstances the President of CIO shall assume the responsibilites of the chairperson of SFC and report to the Board of Directors of CIO, within thirty days of such an action. In this case the decision of the Board of Directors shall be final.
4.3 ADMINISTRATION OF CIO SCHOLARSHIP FUND (CSF)
A. In every fiscal year the Executive Committee of CIO shall contribute a certain amount to the CSF but not less than five percent of the net income of CIO during the year. However the General Body by three fourths majority can increase or decrease the amount of contribution to the CSF.
B. The fund shall not be invested in any speculative ventures. The fund shall be held in fixed deposits in any Commercial bank or financial institutions insured by FDIC/FSLIC.
C. The principal shall not be withdrawn from the fund but only the interest/dividend generated by the fund shall be available to meet the expenses of the educational need. However, if the situation warrants additional funds for disbursement, the SFC can raise funds and disburse the same.
D. During the year if there is no need for the SFC activity then the interest/dividend earned on the fund shall be added to the principal.
E. This fund shall not be used for purposes other than for what it has been established as mentioned above.
F. For financial gains the funds can be transferred from one insured financial institution to the other with the approval of the Board of Directors.
G. Contributors to the fund can establish a trust within the frame work of the CIO constitution to promote the education of the Children of the member organization.
H. Economic considerations of the applicant takes the precedence over all other considerations in providing the assistance.
I. Contributors can designate the contribution to any specific purpose but cannot designate a recipient.
J. Every year the Executive Committee shall invite application from needy students and preferences shall be given to the Students of Delaware Valley. News Media, News Letter of member organizations and any other method shall be used to inform the Pubic to apply for help.
Amendments to the above rules can be made by the approval of seventy five percent of the majority of the Board of Directors of CIO.
6. DISSOLUTION OF THE FUND
The dissolution of the fund shall be approved by Seventy Five percent(75%) majority of the Board of Directors and the fund shall be returned to the general account of CIO.