Approved March 23, 2018
The American council of the Blind Inc (ACB) Legacy Endowment (Legacy Endowment fund for ACB investment purposes) creates a link with other programs ACB currently has like Annual Giving Societies.
The balance in ACB’s unrestricted net assets needs to be 100% of the approved budgeted operating expenses. If ACB’s unrestricted net assets balance falls below the designated balance, the bequeathed funds will first be deposited to Board designated reserves until it meets the below criteria. For purposes of the Legacy Endowment, unrestricted net assets are defined as unrestricted net assets less 75% of the undistributed bequeathed funds.
ACB will use the current approved budgeted operating expenses to determine the balance needed in unrestricted net assets. The actual balance from the finalized audit from the previous year will determine if additional funds need to be added to Board designated reserves.
If an individual has designated their bequest for a specific purpose, those funds will be deposited in the appropriate fund.
Any unrestricted bequeathed funds received below $25,000 will automatically be deposited into the Board designated reserves which will help meet the balance needed in ACB’s unrestricted net assets.
For individuals who have bequeathed funds to ACB with no specific designation, 75% of the bequeathed funds will go to the Legacy Endowment and the remaining 25% will be deposited to ACB’s Board Designated Reserves.
At the time the board designated reserves reaches 200% of the approved budgeted operating expenses, 90% of the bequeathed funds will be deposited to the Legacy Endowment and 10% will be deposited to ACB’s board designated reserves.