Background
Origins of the Trust Funds
The IMechE Trust Funds comprise of legacies to the Institution under the wills of late members, or money collected or donated to the Institution for specific purposes under Deeds of Trust.
Trustee
The Institution is the Corporate Trustee of the Trust Funds. The Trustee Board of the Institution is the governing body of the Institution. Thus, the Members of the Board for the time being act as the Trustees and, as such, should not benefit individually or corporately from the Trust.
Limitations
Trust money is intended in all cases to assist or reward individuals in accordance with any conditions laid down. It cannot be used as a means of making donations to any other organisations or charities nor can the money be used for the financing of tasks, which could be considered to be normal IMechE activities or responsibilities.
Responsibilities
As Trustees of the Funds, the Trustee Board is responsible for the administration of the Trust Funds and of the awards financed by the Trust Funds. Therefore, the Trustee Board is responsible for investing Trust Fund moneys and for ensuring that properly audited accounts are maintained by the Finance Department and the Trustee Board Awards Committee.
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