Investment Policy:

Investment of the ISPA Foundation’s resources is the responsibility of the ISPA Foundation Board of Directors.  The Board of Directors represents the interests of the Foundation in all aspects of financial management.  The Board establishes investment objectives, selects the policies and managers to achieve these objectives and monitors the implementation and performance of the investments.   The Foundation will seek the advice of qualified legal and financial counsel whenever appropriate. 

The Foundation Board of Directors will annually review its portfolio, policies and guidelines to ensure the Foundation remains on target for providing spa educational advancement . The Foundation’s spending policy is to authorize project/fund expenses when project/fund revenue goals have been met.  Initial investment objectives are conservative with lower gains to ensure assets are secure, therefore, a high yield interest bearing savings account will be utilized until a sizeable reserve can be established.  Once established, certificates of deposits and conservative mutual funds will be investigated and evaluated.

Gift and Pledge Guidelines:

Gifts to the Foundation will be accepted for purposes consistent with the Foundation’s mission.  Final authority for gift acceptance is the responsibility of the ISPA Foundation Board of Directors. 

Except where noted, to establish a new or named endowment fund requires an initial gift commitment of at least $50,000 paid over a three-year period and will be established in quasi-endowments.  Contributor wishes will always be respectfully considered, and the ISPA Foundation will make  reasonable attempts to meet the specific considerations of the donor.  However, the ISPA Foundation will be the final authority on all funds, gifts, awards, criteria and specifics regarding funds and will notify the contributor before finalizing new or named funds.

Pledges are defined to include both binding pledges and statements of intent.  A binding pledge is recorded as a receivable on the financial statements and is considered to be legally enforceable.  A statement of intent is not recorded on the financial statements and is merely a statement of intended gifts and is not legally enforceable.  Most Foundation pledges will be structured as statements of intent unless a compelling reason exists and the donor signs a binding pledge agreement.

All gifts, pledges and planned gifts require written documentation.  All gifts and pledges will be recorded in compliance with IRS regulations and FASB accounting standards.

Donors will be encouraged to consult with their own legal and financial advisors when considering special gifts.

The Foundation will not knowingly accept gifts that result in an unethical or illegal advantage to the donor or to a third party. 

All information obtained from or about donors and potential donors will be held in strict confidence by the Foundation.  Neither the name, the amount, nor the conditions of any gift will be made public without the prior approval of the donor.

Named Funds:

Commemorative opportunities have been created for individuals, organizations or other entities that choose to support the ISPA Foundation in a significant way.  Donors of these gifts are invited to designate a name of their choosing, either there own or that of another they may wish to honor, in this special manner.  These gifts of support would be invested through the ISPA Foundation Endowment Fund, to allow for a long-term resource in the industry.  Named funds for scholarships or grants can be established with a minimum $50,000 contribution paid over a three–year period. 

General Funds:

Unless other wise designated, contributions to the ISPA Foundation are used to support ongoing Foundation strategic initiatives such as the development of spa educational resources.  Gifts can always be made honoring other individuals or organizations and in which case, a special acknowledgement is sent to the honoree. 

Specialty Funds:

To perpetuate the legacy of  the ISPA Foundation, the contributor and the industry, a donor may endow a program, which may appeal to a very special interest.   These gifts of support would be invested through the ISPA Foundation Endowment Fund, to allow for a long-term resource in the industry.  With generous gifts of $50,000 or more, the donor may name an endowed fund to support the unrestricted operation of the Foundation or may, with approval of the ISPA Foundation Board, designate the endowment for a particular cause.  Specialty funds may be selected for education or research purposes.