WHEREAS, the USA Foundation has been in discussions with representatives of the Coastal Conservation Association concerning the Association’s interest in making a contribution of approximately $92,000 to the Foundation, to be used to endow a fund to support recreational fisheries research by the Department of Marine Sciences, University of South Alabama, and to honor the memory of Joe Bullard, Sr., an avid recreational fisherman;

            WHEREAS, the Board understands that these funds were contributed by the many friends and fishing partners of Joe Bullard, Sr. in the Coastal Conservation Association in recognition of Joe Bullard, Sr., and his love of fishing and the fellowship and friendship he enjoyed while engaged in fishing, and his lifelong personal interest in supporting and promoting fisheries research;

            WHEREAS, the Investment and Audit Committee of the Foundation has considered the matter and has unanimously recommended to the Board of Directors (1) that the Foundation receive and accept the aforementioned contribution, (2) that it enter into an agreement, a copy of which is attached to this Resolution, providing that such contribution shall be used to establish the Joe Bullard, Sr. Fisheries Research Fund (the “Fund”), which shall be held, managed, and used by the Foundation as provided in such agreement, (3) that the Foundation, upon receipt of such contribution, contribute to the Joe Bullard, Sr. Fisheries Research Fund moneys in an amount equal to the amount of said contribution, and, at the same time, make an additional contribution to the Fund in the amount of $8,000, all from undesignated funds, and (4) that the Foundation, over the next three years, upon receipt of other contributions to the Fund, shall match, dollar-for-dollar, other gifts and donations received for the Fund, up to an additional $100,000, also from undesignated funds;

            WHEREAS, the Board finds and declares that the establishment of such research fund as and for the purposes herein described, and the matching, by the Foundation, on a dollar-for-dollar basis, of the funds contributed by the Coastal Conservation Association and such other gifts and donations contributed by the friends and family of Mr. Joe Bullard, Sr., would further the purposes and interests of the Foundation in its support of the University of South Alabama and the Department of Marine Sciences,

            NOW, THEREFORE it is hereby RESOLVED that:

1. Management of the Foundation be and hereby is authorized, empowered, and directed to take all such actions – which shall include, but not be limited to, entering into and performing, on behalf of the Foundation, the agreement attached hereto – as it reasonably may deem necessary or appropriate to effectuate the establishment of the Joe Bullard, Sr. Fisheries Research Fund, as described herein and in such agreement.
2. Upon receipt by the Foundation of the above-described contribution of funds from the Coastal Conservation Association, management of the Foundation shall cause to be transferred, to the Joe Bullard, Sr. Fisheries Research Fund, funds from the Foundation’s undesignated funds in an amount equal to the amount of the aforesaid contribution, and an additional amount of $8,000, also from undesignated funds.
3. Upon receipt by the Foundation of additional contributions to the Fund, over the next three-year period, management of the Foundation shall cause to be transferred such amounts as may be necessary to match such contributions, dollar-for-dollar, up to a total amount of $100,000, all to be from the Foundation’s undesignated funds.
4. The President of the Foundation and the Managing Director of the Foundation be and hereby are authorized, empowered, and directed to execute and deliver such further documents and instruments, and take all such other actions, as may be deemed necessary to carry out the purposes of this Resolution.

And it is FURTHER RESOLVED that:

            The Board hereby expresses to the family of Joe Bullard, Sr., to his friends and fishing partners, and to the Coastal Conservation Association, its gratitude for the aforesaid contribution, which will afford to the Foundation an opportunity to honor Joe Bullard, Sr.’s remarkable life of service to his community, including through his support of fisheries research and study, which will be of great benefit to this important aspect of Marine Sciences for this region and to the Department of Marine Sciences of the University of South Alabama.