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|Educational Trust Over View|
Virginia Association of Surveyors, Inc. Education Trust Over View
July 17, 2018
The “VAS Educational Trust” was created on January 1, 1990 and amended on March 14, 1991. The purpose of the Trust is to support the Virginia Association of Surveyors by conducting its scholarship program and is exclusively for educational purposes in the field of surveying within the State of Virginia.
There are two parts of the Trust: the A) “Scholarship account” and the B) “Other account”.
The purpose of the Trust ”A” account is to support the Virginia Association of Surveyors by conducting its scholarship program and shall be operated exclusively for educational purposes in the field of surveying within the State of Virginia. It is tasked with providing scholarships and grants for deserving students who are pursuing a career as a registered professional surveyor in the Commonwealth of Virginia.
The purpose of the Trust “B” account is to promote study, research and the continuing education of surveyors. Funds may be made available to support purposes associated with surveying education at duly accredited schools, colleges and universities.
The Trust was approved by the IRS as a non-profit organization as described in IRS code section 501(c)(3).
Trustees are nominated by the VAS Regional directors who are then appointed by the President of the VAS at the annual VAS convention. Each trustee is elected for a five-year term and is eligible to serve two terms. Each year one trustee rotates off the Trust and a replacement Trustee is appointed. The five Trustees appoint a chairperson, vice chair and secretary at their annual meeting, held annually in conjunction with the VAS Annual convention. Addition meetings and phone conferences are held as necessary.
Sources of Income: The Trust realizes financial support through individual donations, proceeds from seminars and workshops associated with continuing education sponsored by the VAS. It also receives funds from the education supplement fund and the annual silent auction held at the annual convention. In addition, the Trust also realizes bequests from estates of deceased friends and members.
The Trustees work closely with the funds’ investment advisors to insure that the Trust realizes a reasonable return on funds invested. The Trust, both the “Scholarship and Other “accounts, are to receive gifts, and bequests, grants, etc. and are responsible for managing and investing them in support of its purpose. Contributions are tax deductible. Anyone wishing to make a donation should contact the VAS office or a Trustee.
Distribution of Funds:
Applications for scholarships and John Foster School grants are available on the VAS Web site. Completed applications should be are mailed to the VAS Education Trust care of the VAS office on or before July 1. Upon review and approval by the Trustees scholarship checks are distributed directly to scholarship recipients.