Investment policy

Investment Policy Overview

The Board of Directors of Uplift Charity Foundation (Foundation) has established a Sharia Compliant Endowment Fund (Waqf), named “Uplift Foundation” (“Fund”).

The Fund accepts cash, property, or other types of assets donated by individuals, corporations, or other entities.  A donor can designate donations under three types of structures:

  • Unrestricted Donor Endowment,

  • Restricted Donor Designated Endowment, or

  • Donor Directed but Unrestricted.

Purpose and Use of the Fund

The primary purpose of this fund is to provide long-term financial support to Uplift Charity Corporation while preserving and growing its capital.

No Income or Principal from The Fund shall be used for any purpose other than charitable purposes or for any purpose that would be inconsistent with UCC Foundation (DBA Uplift Foundation)’s standing as a charitable nonprofit institution under the laws of this State and of the United States of America, and specifically under §501(c)(3) of the Internal Revenue Code. No funds shall be used directly or indirectly for the benefit of any individual person for duties not directly related to UCC Foundation (DBA Uplift Foundation), including but not limited to any employee or Board member of UCC Foundation (DBA Uplift Foundation).

Investment of the Fund

The Board shall maintain an investment policy and investment allocation plan approved by a majority of the Board, which plan may take into consideration the following factors:

  • The security and preservation of the Principal.

  • Investment for Income.

  • Investment for growth.

  • Such other factors which the Board shall determine from time to time.

At least once a year, within 30 days after the end of the UCC Foundation (DBA Uplift Foundation)’s fiscal year, the Board will review and approve a written report stating the balance of Principal, the Income earned on the Principal during the preceding year, any unrealized gain on investments of the Principal, and the amount of any Income used during the preceding fiscal year. The report shall separately itemize these matters for each Named Endowment in The Fund.

In no event shall any Principal from Donor Designated Endowment be loaned to, invested in, or otherwise used by UCC Foundation (DBA Uplift Foundation) or any of its Branches, subdivisions, or other related entities, except in accordance with the provisions of this Resolution.  

Use of Principal from The Fund

The Board may not use the Principal from any Donor Designated Endowment within The Fund except under the following circumstances:

  • As part of a proceeding involving the dissolution or end of the existence of UCC Foundation (DBA Uplift Foundation).

  • Withdrawal of the Charter of UCC Foundation (DBA Uplift Foundation), or cessation of the operation of UCC Foundation (DBA Uplift Foundation).

  • As part of a bankruptcy proceeding as to UCC Foundation (DBA Uplift Foundation).

  • In accordance with requirements mandated by the law of this State or the United States of America.

  • With the donor's written permission or the donor or the heirs of the donor. In no event shall the Principal of any Income from The Fund be used for purposes other than permitted under §501(c)(3) of the Internal Revenue Code.

In the event of the dissolution of The Fund, The Board will designate the distribution of the funds to an appropriate §501(c)(3) body under the Internal Revenue Code. Uplift Charity Corporation is the primary entity of choice that would receive dissolution funds.

Amendment

The Board may amend this resolution at any time by majority a 2/3 majority vote, but no amendment shall be in contravention of law, and no amendment may have the effect of circumventing or abrogating a legal obligation of the Board to any donor of a gift placed within The Fund.