Revolving Fund


ACHF Revolving Fund members Smith Wilson (far left) and Chip Brown (far right) and ACHF Ex. Director Amy Kissane present a check to Children First, Inc. Director Christian Orobello

The mission of the Athens-Clarke Heritage Foundation Revolving Fund is to preserve resources (buildings, objects, structures, sites, and districts) of architectural, historical, archeological, and/or cultural significance by promoting their rehabilitation and monitoring their preservation.

The Revolving Fund may be used to:

  • Purchase or participate in purchase of historic resources for resale or other approved disposition
  • Secure options for the purpose of historic resource preservation
  • Secure appropriate financing for historic resource preservation
  • Award grants or short-term loans for historic resource preservation
  • Stabilize the structure of historic resources
  • Bring properties up to code
  • Conduct appraisals
  • Purchase insurance
  • Cover realty and legal fees
  • Pay for architects, engineers, consultants, and others for services connected with any approved Revolving Fund projects
  • Market available historic properties
  • Pay expenses incurred in the operation of the Revolving Fund, including the collection of delinquent payment of any kind
  • Sell, lease, or otherwise determine the use of acquired properties
  • Move properties to other sites.

All monies and other property of the Revolving Fund shall be used only for these purposes and may not be used for the general operating expenses of the Foundation.

The Revolving Fund will not be used to either finance or fund rehabilitation or to make permanent loans for a period of longer than one (1) year. Award of grants and/or loans to be repaid in one (1) year or less may be made according to prudent business practices in order to accomplish the mission of the Revolving Fund. When securing appropriate financing for preservation projects, Revolving Fund assets may be used as collateral.

All assets of the Revolving Fund are assets of the Athens-Clarke Heritage Foundation, Inc., a private, non-profit historic preservation advocacy 501 ( c ) ( 3 ) organization.

Revolving Fund Advisory Board of Trustees
The Revolving Fund Advisory Board of Trustees, an advisory board falling under the Athens-Clarke Heritage Foundation, Inc.’s 501 ( c ) ( 3 ) organizational status, is responsible for the planning, oversight and management of the Revolving Fund. The Revolving Fund Advisory Board of Trustees reports to the Athens Clarke Heritage Foundation, Inc. Board of Trustees. All actions of the Revolving Fund Advisory Board of Trustees must be approved by the Athens-Clarke Heritage Foundation, Inc. Board of Trustees.

The Revolving Fund Advisory Board of Trustees is composed of five (5) members. Potential Trustees will be proposed by the President of the Athens-Clarke Heritage Foundation, Inc. to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees. Once nominees have been approved by the Athens-Clarke Heritage Foundation, Inc. Board of Trustees, they will be asked to serve by the President. One Revolving Fund Trustee shall be a current Trustee of the Athens-Clarke Heritage Foundation, Inc.’s Board of Trustees and shall be elected for an initial term of one year and thereafter for terms of two years. Of the remaining four (4) Revolving Fund Trustees, two (2) shall initially serve for one year and two (2) for two years; thereafter, the terms of all Revolving Fund Trustees, including the officer representing the Athens-Clarke Heritage Foundation, Inc. Board of Trustees, shall be two years.

If, at the end of any term of office of any Revolving Fund Trustee, a successor thereto shall not have been elected, the Revolving Fund Trustee whose term of office shall have expired shall continue to hold office until his/her successor shall be so elected. Revolving Fund Trustees, other than the Foundation’s current Trustee, are not to be Athens-Clarke Heritage Foundation, Inc. Trustees.

The Revolving Fund Advisory Board of Trustees shall elect from their number a Chair and Secretary. Other officers may be elected as determined. Subcommittees may be established.

The Revolving Fund Advisory Board of Trustees shall meet at least semi-annually. It shall have called meetings upon receipt of funding requests (see section below). Notice of any meeting shall be given at least 24 hours in advance by the Chair of the Revolving Fund Advisory Board of Trustees or by the President of the Athens-Clarke Heritage Foundation, Inc. The Revolving Fund Advisory Board of Trustees shall report to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees at least annually. Revolving Fund financial information shall be included in the Athens-Clarke Heritage Foundation, Inc. monthly financial records.

A majority of the Trustees shall constitute a quorum and no action may be taken by the Trustees without the affirmative vote of a majority of the full membership of the Revolving Fund Board of Trustees.

Responsibilities of the Revolving Fund Advisory Board of Trustees

1. Planning, Oversight, & Management of the Revolving Fund

  • Invest and administer the assets of the Revolving Fund. This includes but is not limited to investing, disbursing funds for project expenses, receiving funds or other gifts, and monitoring the portfolio.
  • Accept or refuse gifts of cash, non-cash assets, real estate, wills, estates, life estates, etc. See Appendix A, “Revolving Fund Gift Policy.” All gifts will be considered and a letter of acceptance or regret sent to the offerer within ninety (90) days of the offer.
  • Make recommendations to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees regarding use, acquisition, and de-acquisition of assets.
  • Ensure that the Revolving Fund is active and utilized for its specified mission and that funds are not reserved (un-spent) unnecessarily.
  • Encourage and supplement the efforts of the Athens-Clarke Heritage Foundation, Inc. Development Committee and/or its Revolving Fund Fundraising subcommittee or other committee as appointed by the Athens-Clarke Heritage Foundation, Inc. President and Board of Trustees; not to raise funds or request donations to the Revolving Fund.
  • All actions must be approved by the Athens-Clarke Heritage Foundation, Inc. Board of Trustees.

2. Project Review & Recommendations

  • Review funding requests (see section below)
  • Make recommendation to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees and/or the Preservation Issues Committee to approve, deny, or table funding requests
  • Monitor finances of all Revolving Fund projects in coordination with the Athens-Clarke Heritage Foundation, Inc. Board of Trustees and the Preservation Issues Committee
  • Ensure that funds generated by sales, leasing, or other means through Revolving Fund projects are returned to the Fund for future use toward the mission or repaid as stipulated in the project agreement
  • Ensure that funded projects are properly implemented by the Foundation’s Preservation Issue Committee and the appropriate subcommittee
  • All actions must be approved by the Athens-Clarke Heritage Foundation, Inc. Board of Trustees.Revolving Fund Project Funding Process
  • Potential Revolving Fund projects may be presented to the Revolving Fund Advisory Board of Trustees for funding by:

-The Revolving Fund Advisory Board of Trustees
-The Athens-Clarke Heritage Foundation Board of Trustees, Inc.
-The Foundation’s Preservation Issues Committee
-An Athens-Clarke Heritage Foundation member or members
-A 501 ( c ) ( 3 ) organization whose mission is related to historic preservation
-Other written request.

Requests for Revolving Fund Advisory Board funding approval must:

  • Be submitted in writing
  • Specify project building, object, structure, site, or district and the preservation need
  • State the preservation need by addressing all or some of the following criteria: Endangered status, significance, obtainability, marketability, support for project
  • Define project mission, timeline, responsible parties, budget, financing and marketing plan
  • State the level of urgency of the request: emergency, urgent, routine, long-term project
  • Include any other information requested by staff or the Revolving Fund Advisory Board.

Potential Revolving Fund projects will be reviewed by the Revolving Fund Advisory Board of Trustees in the following manner:

  • The written request will be evaluated by staff.
  • Incomplete requests will not be accepted nor reviewed by the Trustees.
  • A funding review meeting will be scheduled by the Chair of the Revolving Fund Advisory Board of Trustees within ten (10) days of receipt of complete funding request. Review meetings for emergency requests will be scheduled as soon as possible.
  • The written request will be judged against established criteria indicated below.
  • Upon review, the project will be forwarded to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees with a recommendation for approval or denial. The Athens-Clarke Heritage Foundation, Inc. Board of Trustees will vote on the recommendation within thirty (30) days of receiving the recommendation.
  • If approved for funding by the Revolving Fund Advisory Board of Trustees and the Athens-Clarke Heritage Foundation, Inc. Board of Trustees, the project will be forwarded to the Preservation Issues Committee for enactment and implementation through a subcommittee.
  • Written response to the funding request will be sent to the requester by the Athens-Clarke Heritage Foundation Revolving Fund within forty-five (45) days of receiving completed request.

The following factors will be considered when reviewing Revolving Fund funding requests:

  • Endangered Status: the property is threatened by development, demolition, vacancy, or demolition by neglect
  • Significance: the property is either listed in or eligible for listing in the National Register of Historic Places, is locally designated as historic, or is of major importance to the local area
  • Obtainability: the property’s current owner is willing to sell, donate, or otherwise transfer ownership to the Revolving Fund. Other real estate options, such as right of first refusal, may be utilized to protect or obtain property
  • Marketablility: Building type, condition, location, and price should be considered
  • Support for the Project: there is obvious support for the project from one or more sources

Revolving Fund Project Implementation, Future Protection, and De-Acquisition
Approved Revolving Fund projects will be enacted and implemented as subcommittees of the Foundation’s Preservation Issues Committee. The Preservation Issues Committee will assign a chair and/or committee for each Revolving Fund project. This subcommittee will oversee the project’s implementation through to completion, including project mission, timeline, responsible parties, budget, financing and marketing plans. Subcommittees will make periodic reports as necessary to both the Athens-Clarke Heritage Foundation, Inc. Board of Trustees and the Revolving Fund Advisory Board of Trustees. The project subcommittee will evaluate and determine the appropriate de-acquisition method (gift, sale, lease, other use, etc.) as well as the level and method(s) of future protection for its assigned project property. This recommendation will be presented to the Athens-Clarke Heritage Foundation, Inc. Board of Trustees and the Revolving Fund Advisory Board of Trustees for approval. All future protection measures adopted will be monitored by staff or a committee as determined by the Athens-Clarke Heritage Foundation, Inc. Board of Trustees. Future protection options include but are not limited to:

  • Demolition restrictions
  • Covenants (either in perpetuity or with an ending date)
  • Easements
  • Rehabilitation and/or restoration specified timeline
  • Rehabilitation and/or restoration guidelines
  • Maintenance agreements
  • Visitation and/or use rights
  • Design review
  • First right of refusal in case of sale
  • Repurchase options if covenants are violated and/or violations are not corrected
    Other protective mechanisms as deemed necessary for each specific project.

All Revolving Fund projects must be documented both in photos and written reports by the established subcommittee for marketing and record-keeping purposes. All files must be maintained in the official files of the Athens-Clarke Heritage Foundation, Inc.