- Purpose:
The Potato Association of America Endowment Fund was established to provide a permanent
source of interest bearing assets to be used to foster the charitable
scientific and literary objectives of the organization. Funds received by
the Endowment qualify as a charitable deduction under the IRS-501(c)(3) charter of
the organization and may be received from individuals, estates, corporations and
trusts.
- Administration:
The Executive Committee of The Potato Association of America, with the majority oversight
of the Board of Directors, is responsible for administration of earnings of
The Potato Association of America Endowment. Earnings from assets of the
fund may be used to:
- Stimulate exchange of scientific potato information through invited speakers, papers or
electronic media.
- Encourage emerging undergraduate and graduate students to professional
achievement through competitive awards and specialized
recognition potentially including scholarships, financial support
for travel to meetings of the organization, and library
additions.
- Aid publication of special scientific treatises on the
potato.
- Support representative participation in activities of affiliated
scientific organizations, and
- Provide incubator funds to stimulate priority research on the potato.
- Fund Development:
An endowment steering committee, appointed and updated annually by the
President of The Potato Association of America, shall have
responsibility for conducting an ongoing campaign to generate contributions to the fund.
- Fund Affiliation:
The Potato Association of America affiliates with the University of Maine
Foundation for investment management of fund assets and professional
support of the steering committee for solicitation and marketing the
endowment.
- Official Endowment Fund Description:
The Potato Association of America Endowment Fund
was established in the University of Maine Foundation in 2000 for the benefit
of The Potato Association of America (PAA) (which has a long-standing and
mutually beneficial affiliation with the University of Maine, Orono, Maine)
with contributions from donors who are interested in fostering the development
and advancement of the potato.
The fund shall be used to foster the charitable,
scientific, educational, research and literary objectives of the PAA, at the
discretion of the Executive Committee of the PAA. The Chair of the Executive
Committee of the PAA shall administer the fund.
Should it ever become impossible or impractical to
carry out the purposes of the Fund as described above, an alternative purpose
which best fits the donors' intent and wishes shall be designated by the Board
of Directors of the University of Maine Foundation in its sole discretion, in
consultation, if possible, with the Executive Committee of the PAA.
Signed: December 21, 2000 by Oscar Gutbrod,
President, PAA; Edwin S. Plissey, Chair, PAA Endowment Committee, and Amos E.
Orcutt, President/CEO, University of Maine Foundation.
- How to Make a Gift:
Gifts should be made payable to the "PAA Endowment Fund" and
sent to headquarters at: The Potato Association of America,
University of Maine, 5719 Crossland Hall, Room 220, Orono, ME--04469-5719.
Indicate if you want it to go to the "PAA Endowment Fund," the
"PAA Endowment Fund In Honor Of or In Memory Of, or to the "Frank
L. Haynes Graduate Student
Research Competition Award." Or just send it as a general gift
without a special person in mind except to assist the PAA in helping to make the
Endowment Fund to grow and help everyone. This contribution is fully tax deductible and a receipt
will be sent for use in processing your income tax. A note will be sent to the
family notifying them of the gift if made In Honor Of or In Memory Of someone.
Please include an address to do so.