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Endowment Fund Governance

The SOT Endowment Fund has a mission of assisting in advancing the science of toxicology by providing financial support for the Society’s programs. It was created in 2006 through amendment to the SOT Bylaws and is managed by the Endowment Fund Board.

2016–2017 Endowment Fund Board

Matthew S. Bogdanffy, Chair (2015–2017), Member (2013–2017)
Janice E. Chambers, Co-Chair (2016–2017), Member (2016–2019)
Daniel Acosta Jr, Member (2014–2017)
George P. Daston, Member (2016–2019)
David L. Eaton, Member (2015–2018)
Peter L. Goering, Council Contact (2016–2017), Member (2016–2018)
Jeff Handler, Member (2011–2017)
Norbert E. Kaminski, Member (2015–2017)
Jeffrey S. Moffit, Member (2016–2018)
Dennis James Paustenbach, Member (2015–2018)
Denise Robinson Gravatt, Member (2014–2017)
Robert A. Roth, Member (2016–2019)      

Ex-Officio
John B. Morris, SOT President (2016–2018)
Michael Aschner, SOT Treasurer-Elect (2016–2017)
Clarissa L. Russell, SOT Executive Director

Legal Counsel
William E. Hays

Staff Support
Tonia Masson, SOT Deputy Executive Director

In accordance with the SOT Bylaws, four positions on the Endowment Fund Board are filled by individuals by virtue of their immediate past service as either President or Treasurer of the SOT. Each fiscal year, the Society’s Immediate Past President begins a two-year term as a Board Member. Every other year, the Society’s Immediate Past Treasurer begins serving a four-year term as a Board Member. Each year the incoming President of the Society appoints to the Board one individual to serve a three-year term from among the Society’s Past Presidents, Past Treasurers, Past Council Members, and substantial contributors to the Endowment Fund. Three individuals serve as ad hoc (non-voting) members of the Endowment Fund Board: the current SOT President, the current SOT Treasurer, and the Society’s Executive Director. The Society’s Deputy Executive Director and the Society Legal Counsel provide staff support to the Board.

Investment of Endowment Funds and Release of Proceeds for Use

The investment policy for the SOT Endowment Funds is established by the SOT Finance Committee with input from the SOT Endowment Fund Board. The SOT Finance Committee has the ultimate responsibility for managing the investment of all SOT Funds including the SOT Endowment Funds. The investment strategy has been to secure long-term appreciation of the Endowment Fund Assets while also safeguarding the total value of the assets. This policy is consistent with that used for other SOT Long-Term Assets.

The long-term investment goal for the SOT Endowment Fund is to realize investment returns that exceed the annual rate of inflation by at least four percent. Thus, if four percent or less of a fund‘s assets is used each year to support the purposes for which the funds was established, the assets should, over the long-term, grow at a rate exceeding the inflation rate. Hence, the SOT Endowment Fund Board has established a policy that no more than four percent of the assets of a Permanently Restricted Net Asset Fund will be released each year for uses consistent with the purpose for which the fund was established.

Bylaws Establishing the Endowment Fund

ARTICLE SEVENTH ENDOWMENT

Section 1. The Society of Toxicology shall establish an Endowment Fund with a mission of assisting in advancing the science of toxicology by providing financial support for the Society’s programs. The vision for the Endowment Fund shall be to establish and increase in net worth a set of endowment funds that will provide significant, stable, long-term financial support, that complements the Society’s revenue from dues and other sources, to aid in achieving the Society’s strategic objectives.

Section 2. The management of the Society’s Endowment Fund shall be vested with an Endowment Fund Board. The Board shall be responsible to the Society’s Council and shall work with the Finance Committee and other Society Committees to achieve the mission and vision of the Endowment Fund.

Section 3. The Endowment Fund Board shall provide leadership for the Society’s philanthropy-based long-term fund-raising activities. The Board will develop, review, revise and implement policies for fund-raising, oversee the investment of endowment funds in cooperation with the Finance Committee, and recommend to the Council the use of these funds to support the Society’s Programs. The Board will develop philanthropy-based fund-raising goals, spear head fund-raising activities and educate Society members as to the value of philanthropic giving to the Society’s Endowment Fund.

Section 4. The Board shall consist of seven individuals. The Society’s Immediate Past Treasurer, by virtue of having served as Treasurer, shall serve a four-year term as a Board Member. Each year the Immediate Past President of the Society, by virtue of his or her office, shall begin a two-year term as a Board Member. Each year the incoming President of the Society shall appoint one individual from among the Society’s Past Presidents, Past Treasurers, Past Council Members and Substantial Contributors to the Endowment who have indicated a willingness to serve as a Board Member, to serve a three-year term as a Board Member. Individuals may be reappointed as Board Members, but in no case shall they serve more than two consecutive three-year terms. In the event of a vacancy on the Board, including vacancies occurring as a result of a former officer declining appointment to the Board, the current Society President shall appoint an individual from the previously described slate of candidates to fill the unexpired term of office. All appointments by the Society’s President shall be subject to ratification by the Council. The Society’s current Treasurer, Treasurer-Elect when that office is filled, the current President and the Executive Director, by virtue of their offices, shall serve as ex-officio members of the Board. Each year the incoming President of the Society shall appoint, from amongst those Board Members who have served as Board Members for at least one year, one Board Member to serve as Chair of the Board for a one-year term and one Board Member to serve as Scribe for a one-year term, subject to ratification by the Council. Individuals may be reappointed to these positions to serve consecutive terms as Chair and Scribe. During the initial implementation of this article, the President of the Society, with the assent of Council, shall fill each of the hold-over positions on the Board from among the same constituencies specified above.

Section 5. The Board shall authorize the creation of subfunds within the Endowment Fund consistent with the needs of the Society, the instructions of donors and the regulations of the United States Internal Revenue Service and the jurisdiction in which the Society is incorporated. To attract the broadest possible donor support, the Board shall establish multiple kinds of subfunds such as (a) Temporarily Restricted Net Assets Funds whose use will be restricted by donor-imposed time and/or donor-imposed purpose restrictions, and (b) Permanently Restricted Net Assets Funds based on donor imposed restrictions as to use, such funds to be maintained and used by the Society in perpetuity for the donor-identified purpose. The Board will periodically review and establish the minimum contribution(s) required to establish a Temporarily Restricted Net Asset Fund. The Board will periodically review and establish the minimum contribution(s) required to establish a Permanently Restricted Net Asset Fund to be maintained and used in perpetuity for the donor-identified purpose. The Board, to assist in the solicitation of funds from multiple donors, may establish separate subfunds to be used for purposes and over time periods identified by the Board; the purpose and time period of such subfunds must be ratified by the Society’s Council. The Board shall provide donors the opportunity to name subfunds for individuals and/or intended purpose of use. All documents related to the solicitation of funds, the maintenance and investment of funds and the use of funds shall receive appropriate review by legal counsel.

Section 6. The Board shall provide input to the Finance Committee for establishing an investment policy for the Endowment Fund that is consistent with securing both long-term appreciation of the assets within the Endowment Fund and safe-guarding the total value of these assets. The Board shall regularly review the investment performance of the Endowment Fund and, taking account of inflation, establish a percentage rate for disbursement of Restricted Net Asset Funds that will ensure that these funds continue in perpetuity.

Section 7. The Board shall annually, as part of preparation of the Society’s budget for the following year, provide the Finance Committee and Council with information on the funds available for expenditure from the various subfunds within the Endowment Fund along with any donor or other instructions as to use of the funds. The Society’s Council shall approve the expenditure of Endowment Fund proceeds consistent with the instructions of the donors and any legal restrictions.

Section 8. The Board shall annually prepare a report on the performance and status of the Endowment Fund. This report shall include the status of all individual subfunds at the beginning and end of each year, the amounts of funds contributed by donors during the year, the return on investment, and the amount and purpose of disbursements from the Endowment Fund and a list of contributors with the exception of any donors who wish to remain anonymous. The Annual Report of the Endowment Fund shall be reviewed with the Finance Committee, presented to the Council as is, presented in summary form to the Society membership at the Annual Meeting of the Society and published on the Society’s website.

Section 9. The Society of Toxicology shall only accept contributions to the Endowment Fund for purposes consistent with the Society’s strategic objectives and the Society’s status as a non-profit entity designated as having 501(c)3 status under the United States Internal Revenue Service Code. The Board shall make recommendations to the Society’s Council on issues concerning acceptance and use of contributions to the Endowment Funds. The final authority for decisions on acceptance and use of Endowment Fund contributions is vested with the Society’s Council.

Section 10. Management of the Endowment Fund will be guided by these Bylaws and written policy guidance that is consistent with the Bylaws. The Board will periodically review the written policy guidance for its adequacy in guiding management decisions and, when necessary, propose modifications to existing policy guidance or propose new guidance. Changes in policy guidance or proposed new policy guidance shall be initiated by the Endowment Fund Board and submitted to Council for ratification.