Purpose: Create a fund where family members can borrow money from with no interest when they find themselves in a very tight situation financially.
Eligibility: Isac and Lillie Heyward decendants are all eligible to receive funds. The final decision as to who will receive the funds will come from the approval board. The aproval board members will be determined.
Submiting a request: A family member in need has to let their need be known to at least one member of the board. That board member shall then share the request with the remaining members of the board. A majoroty yes vote will be required.
Payback: Family members will be asked to payback the money they borrowed in a reasonable time (TBD). A family member will not be permitted to submit another request untill the loan is paid back. Family members are only eligible for 1 request a year.
Building the fund: We should shoot to build the fund to between $2,000-$5,000 by Thanksgiving 2019. I plan to have contributed at least $200. That means we only need 9 others to to do the same to reach $2,000. That amount should let others know we are serious and may motivate them to contribute.
Transparency: we should have a way to show the account balance to everyone monthly. I know if we start woth a checking account screenshots could be taken to show the balance.
Update: 5/3/19: I didn’t get any participation so I ended up investing in stocks. To date I’ve invested over $2,000 since October 2018. I still want ro create some type of family fund, but not sure how to go about it at this point.