The Charitable Trust
CLAN FERGUSSON SOCIETY OF NORTH AMERICA, INC.
WHEREAS, the Internal Revenue Service requires a plan or policy for regulating disbursements from the Charitable Trust of the Clan Ferguson Society of North America; and
WHEREAS, the Trustees of the aforesaid Trust desire to comply with the requirements of the internal revenue service;
NOW, THEREFORE, we the Trustees of the aforesaid Trust do hereby established and promulgate the following policies to govern the administration of the Trust this 1st day in January 2013.
1. The Trustees shall review all request for relief, scholarship awards, grants or funds, to insure that such requests are bona fide and that the disbursements are for charitable purposes as defined in section 501(c)(3) of the Internal Revenue Code.
2. Contributions to other organizations or funds may be made only if the purpose of such organization or fund is consistent with the purposes of the Trust and such organization or fund is exempt under section 501(c)(3) of the Internal Revenue Code.
3. Disbursements for relief shall be on the basis of need, want, or distress. It is especially intended that the Trust be applied to worthy causes in which relief may not readily be available from usual institutional or governmental sources.
4. Insofar as is practicable, direct gifts as of cash shall not be made in relief cases where assistance can be given by direct payment for necessary articles such as food, clothing, shelter, fuel, etc. and for hospital, medical or other assistance.
5. Disbursements for educational purposes shall be based on competition. When awards are made for educational purposes, the
Trustees shall inform the public of the following:
a. A description of the award being offered,
b. Eligibility requirements for participating in the award,
c. The requirements, forms, and procedures to apply for the award,
d. The rules for participating in the award,
e. The general standards to be applied in selecting applicants for the award
6. The general purposes for which educational assistance awards are made are the:
a. Payment of tuition fees, books and equipment necessary for vocational training or education,
b. Establishment of scholarships, fellowships or grants to be awarded for study at academic institutions of the applicant’s choice,
c. Establishment of prizes to be awarded in essay or other cultural contests that may be conducted in the fields of Scottish
history, literature, music or art.
(SEAL) ___________________________________________ Billy J. Ferguson, Trustee
(SEAL) ___________________________________________ Stephen D. Butler, Trustee
(SEAL) ___________________________________________ Kenneth R. Ferguson, Trustee
(SEAL) ___________________________________________ Eric Ferguson, Trustee