Taskforce on Jing Liao Memorial Fund

MEMBER ROSTER:

Shuyong Jiang (Chair)

Wen-ling Liu,

Karen Wei

IS THIS AN Interim or annual
REPORT?
_ _ Interim X__Annual

Charge of the Task Force on Liao Jing Fund

Your
task force will work closely with the Constitution and Bylaws committee, the
Handbook of CALA Officer's Task Force, and in consultation with the CALA
Treasurer, to work out the financial issues regarding the establishment of the
Jing Liao Fund. You will also work out the management issues regarding the
fund, and the process of selecting recipients for awards.  The task force will discuss with the donor
and seek legal advice if necessary to draft a binding document, the MOU, which
will satisfy both the intention of the donor and the mission and principles of
CALA.

 

According
to the charges of the TF, there are three basic tasks:

  1.       
    financial
    issues regarding the establishment of the Jing Liao Fund.
  2.       
    management
    issues regarding the fund, and the process of selecting recipients for awards
  3.       
    MOU-discuss
    with the donor and seek legal advice if necessary to draft a binding document,
    the MOU, which will satisfy both the intention of the donor and the mission and
    principles of CALA.

The TF reviewed existing funds as reference
from the following key elements.

  1. C. C. Seetoo Conference Travel Scholarship
  2. Huang Tso-ping & Wu Yao-yu Scholarship
  3. Sally C. Tseng Professional Development Grant
  4. Sheila Suen Lai Scholarship of Library and Information
    Science

Summary of the findings and tasks the TF has
done:

  1. Investment
    and financial issues (Performance of existing funds)

    The donor has suggested that any
    index funds will be fine to invest, and probably better to find a company that
    CALA has already had investment. The TF evaluated the situation and looked into
    the CALA accounts.  The current CALA
    award funds are mainly invested in two companies: one is Janus
    (Shela Lai Fund) and the other Vanguard (Huang Tso-ping & Wu Yao-yu
    Scholarship, C.C. Seetoo fund, and Sally C. Tseng fund all invested in its
    Vanguard Total International Stock Fund). While Janus account is gaining values over time, the Vanguard
    funds have lost some value over the years due to economic crisis.

    The TF checked "morning
    star mutual fund rankings" to find good funds and came up with a list of six funds from
    Janus and Vanguard. Among the six, three of them are the ones that CALA already
    has invested, and the other three were browsed in the Morningstar and have good
    performance records.

    Based on the information provided
    by the TF, the donor picked the Fidelity Capital and
    Income Fund as his preference to invest the
    fund.

  2. Fund
    management
    1.  
      Efforts in sustaining the fund (fundraising, additional donation)

      The TF reviewed CALA existing funds and the
      efforts of sustaining the funds are different from fund to fund. The Shelai Lai Fund is
      self-sustained as the Janus fund is doing well and has gained value over time. There
      are fundraising efforts, especially during the years of 2008-2010, made by the
      CALA Financial Committee to solicit donations for Sally C. Tseng Professional Development Grant, and this is the fund that is still sufficient. The other
      two funds are actually running very low in value. With this information, the TF
      suggested that 1) CALA should find a good fund account to invest as suggested
      in the point #1 above; 2) CALA will make fundraising efforts, 3)the donor can consider further
      contributions should it become necessary to replenish or enhance the fund in
      the years to come.

    2.  

    3. Involvement of the donor in decision making

      The existing CALA funds are also differently
      managed in terms of involvement of the donor in selecting the finalist of the
      receipt of the award. The Sally
      C. Tseng Professional Development Grant has the donor Sally Tseng involved in the selection process as
      the Chair of the award committee, and others are run by CALA Award Committee.
      The TF reviewed the pros and cons of the different model, and suggested that
      the selection will be done by an appointed award committee, the committee will
      recommend 2-3 candidates to the donor, and donor will pick the final candidate.
      TF believes this is the best model to ensure the fairness.

    4. Criteria

      TF also discussed the criteria for the
      selection process. This document will be posted on the CALA web page, so it is
      clear and accessible to all CALA members.

  3. MOU

    The TF also prepared the draft of the MOU. CALA
    currently does not have any records or MOU for the existing 4 funds, so the TF
    has to start from scratch. However, the donor's proposal laid out some basic
    principles for the fund and the TF members also met with the Donor to discuss
    details, so the draft of MOU reflects the CALA's mission and principle as well
    as the intention of the Donor.

    The MOU was approved by the Board and now
    signed by both the CALA president, Zhijia Shen and the Donor, Prof. Zongqi Cai.
    Before the MOU was signed by the Donor, the TF also asked the CALA Executive
    Director, Haipeng Li to sign the MOU, but Haipeng failed to respond to the TF
    in the timeframe provided by the TF. There are two originals, one for the Donor
    and one for CALA. The signed copy was also scanned, and the scanned copy was
    shared with the CALA President, CALA Executive Director, CALA treasurer and TF
    members.

    The TF also drafted a Thank You letter to all
    the people who donated to the fund. The Letter and the list of names are posted
    on the CALA web. The checks are to be sent to the CALA Treasurer to make the deposit
    for investment. The CALA Treasurer will send a receipt along with a thank you
    letter to each donor.