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J. TSANG
FOUNDATION
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Copyright © 2005
Paul J. Tsang Foundation
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The Paul J. Tsang Foundation is headed by a chairperson who oversees the overall organization of the Corporation. A volunteer (unpaid) advisory board of ten (10) or more members will receive grant applications throughout the year. One of the advisory board members will be elected treasurer for a two (2) year term and be responsible for receiving and disbursing funds. Advisory board members will also split or delegate the duties of 1) organizing the annual fundraiser (benefit concert), 2) solicit grant applications, 3) publicize the annual awards to further the goals of the entity.
The major initial financial sources for the fund are contributions given in memory of Paul Tsang. These funds will be augmented via prudent investments as well as an annual fund-raising concert. This concert should be programmed with the goals of the organization in mind (i.e., geared toward the education and enjoyment of classical music in children and youth), and net proceeds will be added to the fund.
Grants and/or scholarships will be awarded on an annual basis. The advisory board will determine based on the growth of the fund for the prior year the maximum of how much will be awarded versus retained in the fund for future growth. Grant applications will be collected, and the advisory board will convene to discuss and vote on the applications based on need and merit. Specific criteria will include how well the applicants meet and further the goals of the organization. These grants are given on a one-time basis, but grantees may update their applications annually to be eligible for future grants.
The Corporation will also seek to further the
goals of the organization by publicizing the awards and the results achieved
by the recipients of the awards.