Sec. 10.1:

All activities connected with seeking, receiving, and managing gifts and bequests shall be carried out in accordance with CCB's Gift Acceptance Policy. Except as specified in Sec. 10.4, policies will be developed for dealing with gifts and bequests received prior to the implementation of CCB’s Gift Acceptance Policy.

Sec. 10.2:

Except as otherwise specified all gifts and bequests shall be administered and managed in strict conformance with the highest standards of fiscal accountability, including:

Sec. 10.2.1:

Selection by the Treasurer, or by such other official as the President may determine, of an investment manager whose stewardship shall include informing the organization of the benchmarks used to evaluate investment performance, who shall consult with the Treasurer or other designated representative in the selection of suitable investments, who shall adhere to a fiduciary standard in the allocation of organizational assets and in the furnishing of advice, and who shall cooperate in ensuring that information and options made available to the Treasurer and board are accessible to persons who are blind or have low vision.

Sec. 10.2.2:

The Treasurer shall report to the board at such intervals and in such detail as the board may direct on the performance and other details concerning gift and bequest funds.

Sec. 10.3:

The Council hereby provides for the creation of an endowment fund for the purpose of soliciting and investing funds for use in promoting the purposes of the Council as set forth in article 2 of these bylaws. The name of the fund shall be the Newel Perry Endowment Trust. The trust shall be administered by a board of trustees comprised of three trustees.

Sec. 10.3.1:

Three trustees shall be selected by the board of directors of the California Council of the Blind. Should a trustee resign or be incapacitated for any reason, such trustee shall be replaced by the Council board of directors.

Sec. 10.3.2:

The trustees shall serve without compensation. Their duties shall be to accept, receive and hold, invest and reinvest contributions to the Newel Perry Endowment Trust, with interest thereon and additions and accretions thereto, and such other income that might accrue. Upon the order of the board of directors of the California Council of the Blind, the trustees shall pay out and distribute the earned income for the purposes set forth in this article. The board of directors shall not order the expenditure of the corpus unless an amendment is adopted for that purpose as provided in article 12 of these bylaws.

Sec. 10.3.3:

The trustees shall comply with the provisions of the California Business and Professions Code regulating charitable solicitations and shall file such reports as may be necessary to obtain or maintain approval of the tax-exempt status of the Newell Perry Endowment Trust, California Council of the Blind with the Internal Revenue Service and the State of California Franchise Tax Board.

Sec. 10.3.4:

The Council board of directors shall determine at any regular meeting whether the trustees shall be bonded and in what amount to guarantee the faithful performance of their duties, or whether the trustees shall serve without bond. If the Council board of directors takes no action on this subject, the trustees shall serve without bond, but if a bond is required, then bond premiums shall be paid from the Newel Perry Endowment Trust funds.

Sec. 10.3.5:

The trustees shall account to the Council board of directors quarterly, providing such information as the board shall direct. All solicitations and investments shall be subject to the approval or ratification of the board. No expenditure of trust funds shall be made unless two trustees shall sign, therefore.

Sec. 10.3.6:

The board of trustees, with the approval of the Council board of directors, may adopt such rules and regulations consistent with the provisions of this article as they may deem advisable for the administration of the trust funds.

Sec. 10.3.7:

In case any funds are donated for a specific purpose within the meaning or use of these trust funds, the wishes of the donor shall be respected to the fullest extent possible.

Sec 10.3.8:

The trustees shall prepare a report to the membership at the Council's annual Convention.

Sec. 10.4:

Funds received by the organization pursuant to contracts, grants or otherwise for the conduct of specified organizational activities, and to be used within specified periods of time, shall be administered in accordance with the conditions and reporting requirements applicable to their receipt but shall not comprise any part of the organization's gifts and bequests portfolio.