The purpose of the Society of Economic Geologists Foundation ("SEGF" or "Foundation") is to "fund education, research, publications, student support, public outreach and other geoscientific programs endorsed by the Society of Economic Geologist, Inc. (SEG), or other programs considered for funding by the Trustees of the Corporation with the approval of the SEG Executive Council." (SEGF Articles of Incorporation.)
SEGF is a Colorado-incorporated, 501-c-3 membership corporation founded in 1966. Originally a Delaware corporation, it was reincorporated in Colorado on March 15, 1999. SEG and SEGF are closely related—elected SEG Councilors are the members of the Foundation and elect the SEGF Trustees.
SEG Foundation is the principal fund raising entity for the Society's activities and:
- Strives to increase the Foundation's financial assets through fund-raising campaigns to support the following three objectives and uses
- To increase the assets of the General Fund in order to increase the level of funding for approved SEG programs and activities.
- To fund SEG programs and activities recommended by the SEG Council (or the SEG Executive Committee in lieu of the Council) and which have been reviewed and approved by the SEGF Board of Trustees.
- To financially support special conferences, field trips, workshops, publications, and/or other special events or activities recommended by the SEG and approved by the SEGF Trustees.
- Ensures compliance with the "IRS 5% Rule," by spending annually at least an amount equivalent to 5% of the average of the Foundation's net assets in any given year.
- Ensures that SEGF fully discharges its fiduciary responsibilities relating to oversight of the Foundation's assets, and that the SEGF's "Investment Policy Statement" is current.
- Solicit contributions to grow the Foundation's three funding streams:
- Solicit contributions from SEG members through mailings and personal contacts;
- Develop innovative plans to secure funding from individuals through bequests and estate planning programs;
- Solicit funding from industry to support the SEG annual program, special events, and the SEGF asset base;
- Identify new funding sources from new exploration companies, the service sector and affiliated businesses.
- Contributions coming into the Foundation, except those directed to donor-designated funds (McKinstry, Hickok-Radford, Hugo T. Dummett, Student Field Trip, or Graduate Student Fellowship), will be forwarded to the Foundation General Fund.
- SEGF will continue to actively participate in the governance of SEG through representation on the SEG Council and SEG Executive Committee as provided in the SEG Bylaws and to participate in carrying out the responsibilities of the SEG Finance, Advisory and Audit committees through representation on those committees.