OPERATING PRINCIPLES
The AGI Foundation (AGIF) is a non-profit, non-stock corporation
operating under the laws of the state of Virginia and in accordance
with Internal Revenue Service codes governing tax-exempt charitable
and educational organizations. The AGIF provides start-up, development,
or matching funds for AGI programs approved by the Foundation Trustees.
Continuous support for ongoing programs normally will not be funded.
To secure support, the Institute must provide a preliminary business
plan for the project that includes descriptions of needs, objectives,
expected outcomes, and probable sources for matching funding. When
appropriate, the Foundation may seek or provide support for Member
Society education programs having a national scope and funding from
sources mostly generated by the sponsoring society. Approval from
both the Board of Trustees of the Foundation and the AGI Executive
Committee is required. The Foundation does not contribute to Member
Society endowments.
Membership
Participation as a Trustee is voluntary; there are no dues or
fees. The primary role of Trustee members is to raise funds to support
specific programs sponsored by the Foundation. The AGIF seeks members
who are geoscience leaders in industry, academia, and government,
and who have a keen interest in promoting Earth science, particularly
in education. Industry members should demonstrate a willingness
to contribute time and effort toward raising funds to further the
goals of AGI and its Foundation. All members should provide some
financial support to the Foundation consistent with their own abilities
and needs. The Foundation recognizes that the amount each person
can donate will vary significantly but Trustee members’ contributions
can be in many forms and should not always be measured in financial
terms.
Specific Trustee Responsibilities
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Seeking corporate, private foundation, and individual support
for AGI programs and activities;
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Securing gifts and endowment funds to generate income for approved
new and discretionary programs;
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Evaluating AGI programs funded through the Foundation to assure
their conforming with the funding plans;
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Providing advice to AGI on trends in industry, government,
and education relating to AGI programs and serving as a resource
for AGI, its Executive Committee, and staff.
Governance
The Foundation is governed by its Articles of Incorporation, Bylaws,
and Internal Revenue rules for tax-exempt corporations. An independent
audit is conducted annually. The Board of Trustees consists of a
Chairman, Vice Chairman, Secretary, and Treasurer and is empowered
to formulate rules, regulations, and practices relative to the Foundation’s
day-to-day business. The President and Executive Director of AGI
are ex-officio, non-voting members of the AGIF Board of Trustees.
The AGIF Executive Director, the non-voting principal executive
reporting to the Board of Trustees, serves at the pleasure of the
Board and is responsible for implementing the Foundation’s
objectives as directed. The AGIF’s financial managers, Woodway
Financial Advisors - A Trust Company in Houston, Texas, have fiduciary
responsibility to manage the Foundation’s programmatic and
endowment accounts. |
