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RESOLUTION FOR THE ESTABLISHMENT



OF A POOLED INCOME FUND BY THE



UNIVERSITY OF THE VIRGIN ISLANDS

(Board of Trustees meeting, June 21, 1987)



WHEREAS, THE UNIVERSITY OF THE VIRGIN ISLANDS needs funding,

in addition to its annual appropriation from the Virgin Islands

Government, to build new programs, improve and expand the

University's physical plant, increase the University's endowment,

and to maintain academic excellence now and for the future; and



WHEREAS, a life income giving program, notably a Pooled

Income Fund will provide another method for alumni and friends of

the University to contribute to the mission and goals of the

University and at the same time expand the University's base of

donor support in response to its needs for immediate and

long-range funding; and



WHEREAS, the Internal Revenue Service has approved the

University's request as a qualified institution under Section

642(c)(5) of the Internal Revenue Code to establish a Pooled

Income Fund and to conduct that Pooled Income Fund in accordance

with the approved governing instrument hereafter referred to as

the Plan and the Specimen Life Income Agreements which are

attached hereto and made a part thereof;



NOW THEREFORE, BE IT RESOLVED that the Plan and the Specimen

Life Income Agreements approved by the Internal Revenue Service



be adopted by the Board of Trustees;

AND, BE IT FURTHER RESOLVED that the President and Vice



President for Business and Financial Affairs of the University of


a. ie



denial of any charitable contribution deduction to which donors



"to the Fund (and their estates) may be entitled under the



Internal Revenue Code.



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DATED: June 21, 1987 —<— A = Se pe

ecretary of the Boar



CERTIFICATION



The undersigned does hereby certify that the foregoing is a

true and exact copy of a resolution of the Board of Trustees of

' the University of the Virgin Islands adopted at its meeting on



June 21, 1987 as recorded in the minutes of said meeting.



ecretary or the Boar