UNIVERSITY OF THE VIRGIN ISLANDS

BOARD OF TRUSTEES RESOLUTION



Purpose: To approve an affinity card program between the Chase Manhattan Bank and the

University of the Virgin Islands.



WHEREAS, an Affinity card program will provide a service for University alumni,

graduate students, seniors, faculty and staff in the United States Virgin Islands, United States of

America and British Virgin Islands while generating revenues for the institution and the Alumni

Association; and



WHEREAS, the program will form a relationship among the bank card issuer (Chase

Manhattan Bank), an Affinity Partner (University of the Virgin Islands/UVI Alumni

Association), and a payment brand (Visa) in a beneficial relationship for all three parties; and



WHEREAS, the University and the Alumni Association will receive, on a quarterly basis,

100% of the annual membership fees (currently $25.00), and 25% of the monthly interchange

fees (sales); and



WHEREAS, the revenues generated from this affinity program will be shared between

the University and the Alumni Association at a 60:40 ratio, respectively; and



WHEREAS, the card will be custom-designed to uniquely identify the University along

with Chase’s corporate signature and Visa’s brand identity, subject to the University’s prior

approval of the program card design; and



WHEREAS, the University and the Alumni Association will provide Chase with the

database (alumni, graduate students, seniors, faculty and staff) to use for solicitation mailings

and an appropriate letter of endorsement of the affinity card program; and



WHEREAS, Chase will manage the administrative, customer and financial details

associated with the affinity program; and



WHEREAS, the University will not be held liable for any client defaults;



NOW THEREFORE, BE IT RESOLVED by the University of the Virgin Islands Board



of Trustees:



1) that the Visa Affinity Card program between the Chase Manhattan Bank and the

University of the Virgin Islands is hereby approved and adopted;



2) that the revenues generated from the Chase/UVI Affinity Card Program be paid

directly to the University;



3) that the University will distribute revenues generated from the Chase/UVI Visa

Affinity Program based on a 60% UVI, 40% Alumni Association share of the

revenues;



4) that the period of the agreement would be five years.

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 as amended and



adopted at its meeting on June 3, 2000, as recorded in the minutes of said meeting.



Orville Kean, Ph.D., Secretary of the Board



SS