ABC Residents Association (ABCRA) (the “Corporation”)
1. Purpose of this policy
(a) ABC Residents Association (“ABCRA”) is committed to the betterment of the community and its members. The purpose of the ABCRA Community Fund is to fund projects that will protect and enhance the interests of the neighbourhood and advance the goals and activities of the Residents Association.
(b) This policy is designed to ensure that all funding initiatives are made according to established and common criteria.
(c) This policy is created in furtherance of Section 8.02 of the Corporation’s by-law as amended from time to time and to the extent there is any inconsistency between this policy and the by-law, the by-law shall prevail.
2. Policy statement
The ABCRA Community Fund (the “Fund”) will support the following types of endeavours:
1) expert consultation to assist the Corporation in its decision-making and in accomplishing its purposes and objects;
2) neighbourhood projects approved through the project approval process as outlined in the Community Fund policy; and
3) providing support to the Corporation with its operation and governance.
3. Types of funding
(a) The Fund may provide funding to initiatives within the geographical boundaries established in ABCRA’s By-law 1 that are considered by the ABCRA Community Fund Committee (the “Committee”) to be contributing to the community through the development, advancement, support or initiation of opportunities or promote partnerships that will improve the quality of life of its residents.
4. Proposals
(a) The Committee will review all proposals that fit within its criteria.
(b) All proposals, at a minimum, must contain the following information:
i. Individual/organization/group making the proposal and their contact information
ii. The amount requested;
iii. What the funds will be used for, including a proposed budget;
iv. A demonstration of a need for the initiative;
v. How the proposed initiative is aligned with ABCRA’s objects;
vi. Degree to which the initiative supports the enhancement of the quality of life of residents in the geographical boundaries;
and
vii. How the benefits of the initiative will be reported to the Committee (i.e. how the Committee will know whether the proposed benefits were achieved).
5. Approval
(a) The Committee will assess proposals according to the following criteria:
i. Demonstrated ability of the initiative to reflect ABCRA’s objects;
ii. Demonstrated ability of a benefit to residents in the geographical boundaries;
iii. Demonstrated feasibility of the project;
iv. Quality of the application in terms of clarity of project objectives, reporting, deliverables and outcomes; and
v. Opportunity for community involvement.
(b) The Committee will make a recommendation to the Board of Directors on the proposal. The recommendation will include:
i. The amount, if any that should be provided for the initiative;
ii. The type of funding;
iii. Any constraints that should be place on the funding;
iv. Any conditions that should be met prior to the release of any funds; and
v. Any other condition that the Committee deems prudent.
(c) Before the Committee releases any funds for initiatives it must obtain the necessary approval from the Board of Directors.
6. Investment
(a) Funds that are not designated for any initiatives will be invested in secure investments as and all earned income will accrue to the fund.