The Javier Niño Memorial Scholarship Fund

Purpose

Gifts shall be deposited into Austin Classical Guitar’s Fund at the Austin Community Foundation, with related distributions to be used for ACG Education Scholarship Lesson Recipients.

Administration

If, in the opinion of the Austin Classical Guitar’s Board of Directors, future circumstances change so that the purposes for this fund become illegal, impracticable, or no longer able to be carried out to meet the needs of the organization, said Board of Directors may designate an alternative use for the funds in accordance with applicable state law to further the objectives of Austin Classical Guitar in the spirit of the original purpose.

Investment, Payout and Reinvestment

Gifts to The Javier Niño Memorial Scholarship Fund will be co-mingled with other assets of Austin Classical Guitar’s Fund at the Austin Community Foundation, which is managed by the Foundation for investment purposes. Austin Classical Guitar is authorized in its sole discretion to distribute or accumulate in whole or in part, the income derived from the principal of the funds.

 

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