|The United States Lifesaving Foundation|
The United States Lifesaving Foundation is a nonprofit organization which exists to provide financial support to the USLA. All donations are conservatively invested and the USLA receives a prescribed amount of the investment returns annually. The intent of the Foundation is that your donations (the principal) will not be tapped, but will remain in perpetuity to assist the USLA forever.
According to the Bylaws of the Foundation:
Funds donated to the United States Lifesaving Foundation shall be prudently invested at the direction of the Board of Directors in broad-based mutual funds and/or exchange traded funds (ETF) which track performance of major stock indices (domestic and international) and in corporate or domestic government bonds rated "A” or above. The long term goal of the Board of Directors shall be preservation of all donated capital, a percentage of the proceeds from investment of which may be used to support the objectives of the corporation.
Following each annual Board of Directors meeting, the corporation shall distribute no more than one fifth (1/5) of annual gains from invested capital (as determined at each fiscal year-end) over the previous five year period or five percent (5%) of the average fiscal year-end value of corporate investments during the previous five year period, whichever amount is less. It is the express intent of the corporation to thus preserve and grow capital. Notwithstanding, prior to any distribution of funds, the Board of Directors shall first ensure that current and anticipated corporate expenses for the existing fiscal year are fully covered.
Directors of the Foundation serve without compensation, except that they are allowed reasonable advancement or reimbursement of expenses incurred in the performance of their duties. Directors may not be compensated for rendering services to the corporation in any capacity other than Director.
NOTE: To reduce transaction fees, donations to the Foundation, which is a 501(c)3 nonprofit corporation, will initially be deposited in the account of the United States Lifesaving Association and will then be transferred to the Foundation. Your donation, therefore, is to the USLA, for the benefit of the Foundation.