HOUSE BILL NO. 325
AS AMENDED BY HOUSE AMENDMENT NOS. 1 AND 2
AN ACT MAKING A SUPPLEMENTARY APPROPRIATION TO THE DELAWARE COMMUNITY FOUNDATION TO BE HELD AS PERMANENT UNRESTRICTED ENDOWMENT AND CONDITIONS THEREFORE.
WHEREAS, the Delaware Community Foundation ("DCF") has been organized on a statewide basis by a group of non-partisan, community leaders, solely with the best interest of the people of Delaware in mind; and
WHEREAS, the DCF is governed by a Board of Directors who are well known in the community, represent Sussex, Kent and New Castle Counties, and have been elected because of their community interest and involvement; and
WHEREAS, the mission of the DCF is to encourage greater philanthropic activity to benefit the people of the State of Delaware in all three counties; and
WHEREAS, the DCF is developing permanent Unrestricted Endowment funds, the Income from which will be used in support of establishing institutions and ongoing projects, to assist new organizations by providing start-up funds, and to respond to emerging and changing needs of the people of Delaware; and
WHEREAS, the DCF's permanent Unrestricted Endowment funds will make charitable distributions for Cultural Affairs. Economic Development, Education, Environment, Health, Human Services and other areas of interest to assist needy causes in all three counties (such as AIDS, Child Care Services, Drug and Alcohol Programs, Homelessness, Low Income Housing, Mental Health and Scholarships); and
WHEREAS, several local companies, including Bank of Delaware, DuPont, Hercules, ICI and Wilmington Trust have financially supported the initial operations of the DCF; and
WHEREAS, the DCF will continue to attract and accumulate charitable resources from a broad range of sources, both from within and outside the State; and
WHEREAS, the DCF's Board of Directors has authorized a one-time endowment campaign, for both unrestricted and operating purposes, to ensure fully the success of this new Initiative; and
WHEREAS, the DCF hereby requests that the State of Delaware provide a one-time leadership contribution to the DCF to be held as permanent Unrestricted Endowment, to benefit the people of the State and to act as a catalyst in attracting and accumulating additional donations from a wide variety of other local and national donors.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fourths of all members to each House thereof concurring therein):
Section 1. The sin of Two Million Dollars ($2,000,000) is hereby appropriated to the Delaware Community Foundation (DCF), to benefit the people of the State of Delaware, subject to the terms and conditions set forth herein.
Section 2. The funds so appropriated herein shall be held as a permanent unrestricted endowment, with principal being kept Invested and income therefrom being used for general charitable purposes in the State of Delaware. For an initial period of five (5) years, Income generated from these funds will be distributed solely to worthy organizations for capital purposes, including, but not limited to, purchases of equipment and the renovation or construction of buildings or shelters, consistent with the mission and objectives of the DCF.
Section 3. This appropriation is contingent upon the DCF obtaining an equal amount of matching funds from public or private sources, for use in fulfilling the mission and objectives of the DCF. Should the DCF not procure an equal amount of matching funds from non-State sources within five (5) years from the date of this appropriation, that portion of this appropriation for which matching funds have not been pledged or received shall be returned to the General Fund of the State of Delaware.
Section 4. So long as the monies appropriated herein remain part of the DCF, the following shall apply:
a. the State of Delaware shall have the right to be represented on the Board of Directors of DCF by at least one person designated by the Governor of the State; and
b. any agency which receives a State Grant-in-Aid shall only be eligible to receive funds for capital expenditures.
Section 5. This is a supplementary appropriation and the funds hereby appropriated shall be paid by the State Treasurer out of the funds in the General Fund in the State of Delaware not otherwise appropriated.
Approved July 19, 1989.