- An Endowment Fund is hereby established for the purpose of supplementing or providing staff compensation for the planning and presenting the annual Charleston Leadership Foundation Community Prayer Breakfast.
- This Endowment will be known as the Jerry and Lynn Young Legacy Endowment.
- Interest earned on the corpus may be distributed to the Charleston Leadership Foundation, in the sole discretion of the Endowment Committee, to provide assistance in hiring and retaining qualified staff to plan and present an annual Prayer Breakfast for the Greater Charleston business community, so as to assure its continuation in perpetuity.
- The corpus of the Endowment Fund may never be invaded or spent.
- The Endowment Fund will be administered by an Endowment Committee made up of seven individuals chosen by the CLF Board, four of the members of which shall be currently serving or past CLF Board members.
- Endowment Committee members shall be elected to staggered two year terms, with a requirement that no member may serve more than three consecutive terms.
- An Investment Policy will be developed, implemented, and amended from time to time, by the Endowment Committee and all funds shall be invested in accordance with that Policy.
- The Endowment Fund shall be subject to the Endowment Guidelines of the Charleston Leadership Foundation.
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