Coalfield Water Development Fund

“The organization will pay a monthly fee to mrs. Donna stanley who serves as the administrative agent for the organization. In addition, juan garcia, (hicok, brown and company cpa's,pc) of abingdon, va serves as the fiscal agent for the organization. The type of services they provide consist of the following: maintain financial records in collaboration with the audit firm propose budgets for the board to approve report on status of accounts and grant projects serve as spokesperson between the organization and other interested parties serve as liaison with the investment manager for the cwdf in implementing the investment and spending policies of the board of directors assisting the planning district ccommission with solicitation of grant applications complete annual reports for funding received serve as liaison to the providers of professional services complete 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.”

“Conflict of interest statements obtained annually at fall board meeting”

“Documents and policies available upon request”

“To expedite water development by providing gap financing, encourage regional water system development and local investments in water provision, and address public health problems related to the quantity and quality of water”

“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 (vra), a public body corporate and political subdivision of the commonwealth of virginia. The loan proceeds were invested and zero coupon bonds are held in trust for the benefit of the va water supply revolving fund. The loans are secured with zero coupon bonds and collateralized by the investment account. All earnings are to be used to extend grants to assist in the financing of new or the upgrade of existing 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 investment earnings in accordance with guidelines of the va water supply revolving fund. Failure to make grants in accordance with 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 collateralized 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.”