Combined Jewish Philanthropies, Boston, Massachusetts

              
David H. RosenBernard Olahansky   February 6,   1975
At the meeting of the Committee on CJP Budget and Administration on
-February 5, the Committee discussed the proposal that funds he made
' available from the Unrestricted Income of Endowment Funds to be used
for scholarship purposes.   There wan a geperal sense of the Cornrnittee
that the provision, of $5,000 for this, purpose would be. appropriate-in ,
the coming year.    However there were some additional thoughts of which
you should be aware, and you ahould know that no final action was taken
on .the matter* 7-a>,«,. /.-,.» «   •    .^ , ,^ .,, _.-,•.•
-  .    T '. •.,"» ',___— •" '21      . *■ • y..::*:'";^:_ ?-j   ■   '
First.af all,  the feeling of the Cornmittse was that it ahould not bo validating
this need,-but that a proposal for such-funding should be. processed, through
the SP∾. that the SPSiAC might also consider the source of such funds,
since It is conceivable that operating funds might appropriately be used for
.this purpose... . ^ -_-.; o^aj-g-i, \AlZ ^--^ w„ i:<i
".*a>V/   i .     >
>», ■  f\r~ --     -r-    r_-tr.
Second, the $5,000 figure was not a final amount,, but. there was. little inclination to provide more than this for the.coming year.,   The Committee's
, thinking was that the matter should be handled on a year-to-year baa ia,
recognising that requests for additional funds might very well be made in
later yeara.   It also recognised that other sources of such funds might
become available. ■ ..   - -   ,-.,•,_/.•.
". , .aw., o-.. 1   V . .
_'—*■_, " ' V    '      <.    .,„
K'C*
•.Thi'ljcv the matter of a maximum provision for such purposes was discussed,
but the Committee did not went to set a maximum at this time.    They preferred to specify an amount which wan raodeBt.  -i jus,, „   ^
Fourth,  there was a very strong inclination to lean toward the   uoe of such
funds as loans rather than scholarships', with provision of a signed note and
allowance for very low rates of.interest (perhaps two or.-three precent).
If the above is clear, I would appreciate your discussing the appropriate
processing with Josh Guberman and moving ahead on this basis. „ This item
could be included alont^ with others'recbmmended by the SPtAC during the
budgeting process.   If you or Ben Wolman have any questions, I stand ready
to discuss them with you.
:mm
cc:   Edward Baker
Ben Wolman