Article (1)
The bylaws on Yasser Arafat Endowment shall be called ‘Endowment bylaws’ and shall be approved and effective in accordance with YAF Standing Order, which shall constitute an integral part thereof and shall be included therein for enforcement purposes.
Article (2) Definitions
YAF: Yasser Arafat Foundation
President of YAF: President of the Board of Trustees of Yasser Arafat Foundation
Chairman of the Board: Chair of the Board of Directors of Yasser Arafat Foundation
Endowment Committee: The committee approved by the Board of Trustees to administer the endowment.
Article (3) The Endowment
Arafat’s Endowment is a special investment fund for deposit of donations designated for this purpose. It shall not be allowed to expend any of the funds available in the endowment for any reason unless in compliance with the provisions of these bylaws; however, it shall be possible to invest such funds in the manner and mechanisms specified in these bylaws; in which case the return in investment shall be utilized to finance the purposes specified in YAF Basic Bylaws.
Article (4) Endowment Committee
1. The Endowment Committee shall comprise of at least five members approved by the Board of Trustees upon recommendation by the Board of Directors;
2. The Committee’s mandate shall be for four years and it shall not be allowed for any member to sit on the committee for more than two terms;
3. Membership in the committee shall be terminated in the event the member is absent for three consecutive meetings; the member in question shall be replaced in the manner prescribed in paragraph (1) here-above.
Article (5) Endowment Committee Chair
1. The Chair of the Endowment Committee shall be selected among its members by decision from the Board of Trustees;
2. The Chair of the Endowment Committee shall call for the Committee’s meetings and shall preside over its sessions.
Article (6) Decision-making
1. The Committee shall make its decisions by consensus; when not possible, it shall make its decisions by the absolute majority of its members.
Article (7) Competences of the Endowment Committee
1. The Committee shall be entrusted with the investment of the Endowment funds in accordance with the investment plan approved by the Board of Directors.
a. By a decision issued by the absolute majority of its members for any sum not exceeding one million US dollars per project;
b. By a decision from the majority of its members and ratification by the Board of Directors for any sum exceeding one million US dollars.
2. The Committee shall devise a plan for collecting donations and increasing the revenues and size of investment of the Endowment.
3. The Committee may not invest the Endowment fund in any manner that jeopardizes the fund or renders it vulnerable to risk of depletion; it shall not be allowed to invest such fund in any area that contravenes with the Standing Order or laws applicable in Palestine.
Article (8) Endowment revenue
The Endowment revenue shall be allocated as such:
1. A percentage that does not exceed (15%) of the Endowment revenue shall be used to increase its capital and size of investment;
2. Covering YAF overhead cost, personnel pay and other deductions pertaining to employees’ rights as per the provisions of the law.
3. The remaining revenue shall be used to cover YAF operational budget and other projects presented to the Board of Directors for endorsement.
Article (9) Endowment Departments
1. The Endowment Committee shall, in cooperation with the Board of Directors, form the necessary departments to fulfill its mission as follows:
a. Department of planning and general policies;
b. Department of public relations
c. Resource development
2. Every department shall be chaired by a member of the Endowment Committee and its membership shall comprise members from and outside the Board of Trustees.
3. The mandate in the departments shall be the same as for the mandate on the Endowment Committee and it shall be possible to change any of their members in the event he/she does not comply by the rules and regulations or omits fulfillment of his/her duties toward YAF.
Article (10) Signatories
Signatories on behalf of the Endowment Committee shall be its Chair for administrative matters; three out of four members in financial matters provided that one of such signatories is the chair of YAF Board of Directors and the Chair of the Endowment Committee, while the other two signatories shall be selected upon decision from the Board of Directors.
Article (11) Endowment Accounts
The sums available to the Endowment Committee shall be placed in special bank account or accounts inside our outside Palestine by decision of YAF Board of Directors.
Article (12) Endowment revenues
1- Unconditional donations to the Endowment from Palestinian, Arab or Foreign governmental or non-governmental agencies;
2- Revenues generated by any activities, sale of material or festivities organized by YAF, and which constitute a surplus to the budget approved for YAF as per the provisions of these bylaws.
Article (13) General provisions
1. The Endowment Committee shall submit a periodic report to YAF Board of Directors on its activities and status via the president of the Endowment Committee in every meeting of the YAF Board of Directors;
2. The Endowment Committee shall submit the annual statement of account (balance sheet) to the Board of Directors in the end of every year for endorsement and ratification.
3. In the beginning of every year, the Endowment Committee shall submit to YAF Board of Directors its projected budget for the coming year.
4. The Endowment Accounts shall be audited by licensed auditor selected by YAF Board of Directors.
Article (14) effectiveness of bylaws:
These bylaws shall come into effect upon ratification thereof by YAF Board of Directors and shall be submitted to the Board of trustees for endorsement thereof in its first meeting.
