Claire Sorati Scholarship Foundation Regulations 2018
The Vice-Chancellor makes the following Regulations:
Dated: 10 May 2018
The objective of these Regulations is to provide for, and establish, under the Act and the University Foundations Statute 2012, the Claire Sorati Scholarship Foundation.
2. Authorising provision
These Regulations are made under the University Foundations Statute 2012 and sections 28, 29 and 30 of the Swinburne University of Technology Act 2010.
3. Establishment of the Foundation
There is established the Claire Sorati Scholarship Foundation.
4. Objects and Functions
- The object of the Foundation is to fund scholarships for women in undergraduate STEM studies. Awardees must be Australian citizens or Permanent Australian Residents who attended a government secondary school in Australia.
- The functions of the Foundation are to—
- Provide funding for the provision of financial scholarships and other prizes or awards at the University;
- accept or solicit donations, gifts, bequests and conduct fund-raising activities consistent with the Foundation’s object; and
- support such other things or activities at the University which are necessary, incidental or conducive to the advancement of the Foundation’s object and functions.
Division 1. Financial
5. Money held by the Foundation
All money held, received or raised for the Foundation, and all accumulations from the investment of money held for the Foundation, must be held by the University and recorded in a separate University ledger account in the name of the Foundation.
- Money held for the Foundation may be invested by the University, either separately or in common with other funds of the University.
- If money is invested in a common fund the investment must be identified as a separate sub-fund of the common fund.
Money held for the Foundation may be expended, both as to capital and income, only—
- in accordance with the object of the Foundation; and
- to pay administration fees (if any) imposed by an external investments manager.
- the university will endeavour to manage expenditure in such a way as to maintain the Foundation in perpetuity.
Division 2. Management and Control
8. Management of the Foundation
- The business and affairs of the Foundation are vested in the University.
- At least once every academic year, the University will produce a Fund Status report which includes
- opening balance in the Foundation at the commencement of the year
- all income (interest and donations) during the year
- all disbursements during the year
- closing balance at the end of the year
- The Fund Status report will be provided to the nominated Family Representative to the Foundation on request, at least once per year.
- At the commencement of the Foundation, the nominated Family Representative will be Claire Sorati’s husband, Joe Loci.
- The Foundation will presently be managed by the University according to criteria laid out in the Claire Sorati Scholarship for Women agreement. Over time these criteria may be changed by the university based on experience, and or changes in circumstances.
Division 3. Distribution by University
9. Distribution if objects cannot be carried out
- This regulation applies if the Council determine that it is illegal, impracticable or impossible to carry out the object of the Foundation.
- If this Regulation applies, the University may spend the funds for the purposes as the Council consider most closely accord with the object and functions of the Foundation.