Coalfield Water Development Fund

“The organization will pay a quarterly fee to the mountain empire community college foundation, which will serve as the administrative agent for the organization. The mecc foundation will provide the following types of services among others: 1. Maintain financial records in collaboration with audit firm 2. Propose budgets 3. Report on status of accounts and grant projects 4. Serve as spokesperson between the organization and other interested parties 5. Serve as liaison with the investment manager for the cwdf in implementing the investment and spending policies of the board of directors. 6. Assist the planning district commission in announcing the solicitation of grant applications on an annual basis 7. Complete annual reports for funding received 8. Serve as liaison to the providers of professional services 9. Complete 10 grant applications to outside organizations and individuals”

“A copy of the 990 is handed out to board members present and emailed to those unable to attend the meeting for review before it is submitted to the irs.”

“The conflict of interest statements from all board members are obtained at the fall board of directors meeting each year.”

“AVAILABLE UPON REQUEST”

“The coalfield water development fund received an interest free loan of $10,000,000 from the virginia water supply revolving fund, acting by and through the virginia resources authority, a public body corporate and a political subdivision of the commonwealth of virginia. The loan proceeds were invested and are held in trust for the benefit of the virginia water supply revolving fund. The loans are secured and collateralized by the investment account. All earnings are to be used to extend grants to assist in the financing of new drinking water facilities in the coalfield region of virginia. The virginia water supply fund allows use of the investment earnings each year by the coalfield water development fund. The coalfield water development fund makes grants from the investment earnings in accordance with the guidelines of the virginia water supply revolving fund. Failure to make grants in accordance with the state guidelines will cause the coalfield water development fund to default on the loan and the investments will revert back to the virginia water supply revolving fund as part of the collateralizd security agreement. The investment earnings are deemed to be an annual revolving grant from the virginia water supply revolving fund. Therefore, these earnings are reported as grant revenue received from a governmental unit.”