Policy establishing a long-term Access Ready foundation fund
1. The Access Ready Inc. Board of Directors here in directs the establishment of a savings account at Bank of America and additional accounts as funding permits. These additional accounts shall be established for investment purposes only with institutions as approved by further direction of the Board of Directors.
2. The funding of the above stated accounts shall be deposited to establish a long-term Access Ready Foundation fund and eventually an endowment to provide for the long-term needs of Access Ready Inc.
3. One percent (1%) ‘ of all revenue in the following categories shall be deposited to the above stated accounts upon there deposit to Access Ready’s general accounts. This percentage will be deducted from the gross deposits or the net deposit amounts depending on the line of revenue. As new lines of revenue are developed, and/or old ones are retired the list will be updated by the Chair-CEO and the Chair-CEO shall inform the Board of such actions
* All undesignated or general contributions (calculated from gross deposit)
* All designated contributions made specifically to the Access Ready foundation fund (calculated from gross deposits)
* All Authorized Resource contributions (calculated from gross deposits)
* All Strategy One Corporate Sponsor contributions (calculated from gross deposits)
* All Individual, Nonprofit and corporate re-accruing contributions (calculated from gross deposits)
* All consulting fees (calculated from net deposits after costs are subtracted)
* All online sales revenue (calculated from net deposits after costs are subtracted)
* All Founders contributions (calculated from gross deposits)
4. The Chair-CEO and/or the treasurer may recommend, and the Board of Directors may approve the expenditure of up to fifty percent (50%) of all interest generated revenue from the Access Ready Foundation Fund on an annual basis. Such expenditures may be approved for specific or general purposes.
5. This policy will be amended as the Access Ready Foundation Fund grows and applicable laws come into play.