Endowment Fund

December 2, 1999

Resolutions of the Trustees Council of the ONEness Project establishing the ONEness Endowment Fund

On Thursday, December 2nd , 1999, the Trustees of the ONEness Project , adopted the following resolutions at a duly called and noticed meeting as required by the Bylaws:

WHEREAS, from time to time individuals express a desire to donate something to the ONEness Project with assurance that the original value of the gifts and legacies will be retained by the ONEness Project and only the yield therefrom be expended for the ONEness Projectís exempt purposes; and

NOW, THEREFORE, BE IT HEREBY RESOLVED, that the Trustees Council of the ONEness Project hereby establishes a subaccount to be administered as a permanent, irrevocable fund as defined by the following resolution. The account shall be known as the "ONEness Endowment Fund"; and

BE IT FURTHER RESOLVED, that the ONEness Endowment Fund shall be maintained in a manner in which the present value (subject only to possible ensuing capital investment loses) of the charitable donation at the time the donor makes the planned or actual gift shall be held on behalf of the ONEness Project for so long as the organization continues to exist; and

BE IT FURTHER RESOLVED, that only those planned or actual gifts in which the donor requests restrictions to be placed upon the principal amount will be placed in the ONEness Endowment Fund, and that all gifts and donations to the ONEness Project by pledge or undesignated gifts in connection with the ONEness Project continue to be placed in the general fund of the organization for operating expenses under the supervision of the Trustees as has been customary in the past; and

BE IT FURTHER RESOLVED, that the Fund will be administered by a separate committee appointed by the Trustees Council to be established pursuant to Article 3 Section 4(b) of the Bylaws; and

BE IT FURTHER RESOLVED, that the committee of the Council administering the Fund shall distribute the yield from the ONEness Endowment Fund at such time or times, in such manner, and in such amounts as they may determine, or as may be required by restricted donations, only for the uses and purposes of the ONEness Project as are set forth herein. Such uses and purposes shall be consistent with the Articles of Incorporation and the constitution of the ONEness Project and shall be "visionary" as contrasted to maintaining or supplementing the general budget of the ONEness Project. Distributions shall be made with particular emphasis on extending the life and mission of the ONEness Project which would include but not be limited to:

  1. Implementation of new or existing programs;
  2. Development of new charitable programs;
  3. Non-budgeted, unforeseen or unusual expenses of the ONEness Project and
  4. Emergency relief, physical or economic needs of individuals or communities served by the ONEness Project.

BE IT FURTHER RESOLVED, that if the ONEness Project purchases land for [a] retreat/community center[s], mortgage or other expenses resulting from these purchases, or the maintenance of the same properties, shall, upon the Trustees direction to the Endowment Committee, have priority in regards to Endowment distributions.

BE IT FURTHER RESOLVED, that the Trustees Council shall provide a receipt indicating the date on which the contribution or planned gift was made, and a description of the type of gift (if any) that was provided to any individual who provides a planned gift or donation to the ONEness Endowment Fund.

BE IT FURTHER RESOLVED, that the Trustees Council hereby approves immediate funding of the Endowment subaccount with $500,000 from the general account. This $500,000 principal amount can, under certain limited conditions (in which either the legal life of ONEness or any of its property is threatened, or an opportunity for expansion of ONEnessí mission could be missed due to a lack of funding), be released for any need deemed necessary by the Trustees Council. This is NOT the case for any other contribution received after this original funding (unless said gift is specifically conditioned for similar release).

DATED:

President of ONEness Project: Eric Narayan Waldman

ATTEST:

Secretary of ONEness Project: Connie Zareen Delaney