Revised on September 1, 2007

Objective of the Endowment

This fund is set up to provide financial assistance to foreign scholars to lecture, teach, promote economics education and research, or otherwise conduct scholarly activities to promote free-market economics in China. The fund will pay lump sum cash grants, or reimburse expenses and/or pay honoraria to candidates whose projects or missions are deemed as having merit by the Chinese Economist Society’s (CES) Chow Endowment Board of Directors.

Timeline

This endowment was established on September 1, 2003. Disbursements from this endowment will be made on an annual basis by the Chow Endowment Board.

Budget Summary

The original endowment consists of a donation of $208,000 paid in two parts, $12,000 and

$196,000, during the calendar year 2003. A second donation was made in 2007 for $160,000 to increase the number of teaching fellows by four to support nine each year. The fund will be invested in FIDELITY SPARTAN 500 INDEX FUND (FSKX/317), the same fund as the initial endowment from Dr. and Mrs. Chow. This investment will be implemented by the Chair of CES Finance Committee. Any adjustments on the total number of scholars sponsored and the amount of stipend for each will be proposed by the current CES president each year and approved by the chair of the board of the endowment or his representative.

The Finance Committee chair will be responsible for managing and investing the fund. Investment revenue such as interest or dividend payments will be reinvested in the endowment to support the activities stated in paragraph 1 in perpetuity.

Board of Directors

The fund will be administered by a board consisting five members:

• Gregory Chow or a Chow family member will serve as the chair of the board
• One member will be appointed by the Chow family
• The most recent past CES president
• The current CES President
• The Chair of CES Finance Committee

Board of Directors – Terms

• The term for the chair is permanent.
• The term for the member appointed by the Chow family is determined by the Finance Committee chair after consultation with the chair of the board.
• Because the term for CES President is one year, each President will serve as a board member for two years (as the current and past president). 
• The Chair of CES Finance Committee has a five-year term and can be reelected.

Disbursement Methodology

Applications for endowment funds must be made in writing to the Board of Chow Endowment, and must be approved by a simple majority vote by the Chow Endowment’s Board of Directors. Funds will be dispersed on a yearly basis.

The most recent past CES President will serve as the Executive Secretary of the fund and manage the application and award process.

Award and candidate selection procedure

The award and candidate selection process contains the following steps:

1. The Board decides the total amount of money that will be awarded for the current fiscal year program and inform the President.

2. The President will organize a five-member committee. The committee will submit a proposal to the board. The proposal should include detailed information about the program, including the specific aims of the award, the number of awardees, the proposed products of the awarded program or project, evaluation procedures, and the amount of financial support granted.

3. The board will review, make suggestions for revision, and approve the proposal. Once the board approves the proposal, the CES Finance Committee will disburse the fund.

4. Upon the completion of the program or project, the President will submit a report to the Board. 

Parliamentary Procedure