George and I went to the locally held District Foundation Seminar. Here are a few brief notes –
- money needs to be paid to RFUK and not to Rotary foundation
- We can allocate to which fund we want our contribution to go to –
- Annual fund – goes here by default
- Endowment fund
- Polio plus fund
- Disaster recovery fund
- another but missed it!!
- Funds are placed in an investment and the income from these are used to pay for the admin. In recent years this has not covered the cost so money has had to be taken out of capital.
- The money is not released for 3 years in order to get the investment income and allow the district to be able to plan ahead
- The money is split
- 50% goes to RI
- 50% goes to district [DDF] of which half goes to major projects [ which requires inter-club cooperation] and half for small projects
- The application for grants for 2015/16 starts this Nov. Feb 2015 confirm partners. March submit project outline. Cash comes through in August
- I asked for copies of the presentation but he said he hopes [!] to put them on the website