DEFINITION & PURPOSE
- The ALEAF is a financial assistance program designed to augment the needs of qualified UP IOGF (“University of the Philippines Iuvenis Orbis Geological Fraternity”) student members for the completion of their university undergraduate education. The IO Inc. Board of Trustees (BOT) passed a board resolution last 8 August 2002 naming ALEAF after the late Mr. Alberto R. A. Llamas, an exemplary alumnus of UP IOGF, who passed away last 7 April 2002.
- This program was conceived by several members of the IUVENIS ORBIS, Inc. (“IO Inc.”) in response to the fact that several IOGF members have been forced to stop their education due to lack of financial resources not only at present but in the past as well. Started as an informal undertaking last 5 March 2002 by a few alumni members, the ALEAF is now a full blown official commitment of IO Inc. to address the pressing need for financial assistance to the resident members.
- The ALEAF is not a grant but a loan to be repaid at a future date when recipient(s) become financially able
- Fund sources will initially come from donations and/or loans from members of IO Inc.
- The program will be administered by the ALEAF Committee which will be headed by a Chairman appointed by the IO Inc. President.
- ALEAF will come in the form of loans taken out by a qualified recipients and shall be payable to the fund, either in full or in installments, at a time when the recipients are able. There will be no interest charged to the loans. The recipients are morally encouraged to pay more than the loan or donate to the ALEAF whenever financially capable.
- Loans will be available for any education related expenses such as but not
limited to the following:
- Matriculation or tuition fees
- Subsistence during the course of study
- Expenses related to trips necessary for course completion (e.g. field geology)
- Purchase of books, or any such materials relevant to current study.
- Resident member of the IOGF, irregardless of major. In case of insufficient funds, priority will be given to BS Geology majors enrolled in the University of the Philippines National Institute of Geological Sciences (UP NIGS)
- No failing grade, INC or “4” in any geology course in the preceding semester. For non-geology majors, the same apply to courses of his major.
- Applicant must be able to show extraordinary financial need to the ALEAF Committee
Selection of applicants will be done by the ALEAF Committee upon the recommendation of the Grand Orbian of the IOGF Resident Chapter and endorsed by the Resident Faculty Adviser. Decisions will be released as soon as possible and will be based upon certain priorities:
- According to the severity of the financial need and its impact on the resident
- No current scholarship
- Good academic standing
- Graduating students
- Short-term needs, say up to a semester
- Enrolled in BS Geology at UP NIGS
- Application Procedures:
- Fill up ALEAF Form 1 (include estimated number of units / loan)
- Submit ALEAF Form 1 to Grand Orbian or ALEAF Committee Chairman at least fourteen (14) days before the scheduled start of classes
- ALEAF Committee shall convene no later than three (3) days after the deadline specified in clause 5c.
- Notice of approval shall be given seven (7) days before the start of classes
- Loan proceeds will be released by check for all approved applicants to be issued by the IO Inc. Treasurer no later than five (5) days before the start of classes
- Applications submitted after the specified deadline will not be accepted except for exceptional circumstances as approved by the IO Inc. President
- Maximum Allowable Loan :
- The minimum balance of the ALEAF Account shall be no less than that required by the bank to avoid bank penalties. Currently at Land Bank, it is P 10,000.00
- The maximum allowable loan per person per semester is P 7,000.00 taking into consideration the available funds for ALEAF and that specified in clause 6a.
- The applicant will not be given loans for more than four (4) consecutive semesters. Any applicant filing for a loan after having been granted approval shall have to seek the approval of the IO Inc. Board of Trustees by two-thirds (2/3) majority vote.
- Initial funds will be sourced from members of IO Inc. who have pledged support.
- Funds will be deposited in a bank account authorized by the IO Inc. Board of Trustees (IO Inc. BOT) for that purpose as recommended by the ALEAF Committee. There will be 2 required signatories to the bank account, one of which is the IO Inc. Treasurer.
- c. At any given time, 25% or P2,000 of the ALEAF fund, whichever is lower, should be maintained in the account. The ALEAF Committee Chairman should always ensure that the funds in the bank do not fall below the daily maintaining balance required by the bank.
- When funds have become sufficiently large, a portion may be invested for stable, long term investments for the stated purpose of the ALEAF Fund as recommended by the ALEAF Committee and approved by the IOGF BOT.
- Annual accounting/auditing of finances will be done by a party duly designated by the IO Inc.Treasurer at the same time as that done for IO Inc. as a whole.
- Unaudited statements of account shall be undertaken and posted in the egroup every quarter.
- Responsibilities of Loan Recipient:
- Recipient is honor bound see to it that the loan is used for the purposes of advancing his education
- Recipient will sign a promissory note upon receiving the loan. Loans become payable when recipient becomes able regardless of whether he finishes his studies or not. Loans may be payable on installment basis.
- The ALEAF program will be administered by the ALEAF Committee of three (3) alumni members and the Grand Orbian of the IOGF Resident Chapter or his designate. The Committee Chairman will be selected by the IO Inc. President. The IO Inc. Treasurer is an automatic member. The Committee Chairman will select the 2 other Alumni members for the Committee. The Resident Faculty Adviser, if an IO Inc. member, is encouraged to join in the Committee. The Grand Orbian can join in the deliberations of the Committee but will have no voting privileges.
- The ALEAF Committee is tasked to come out with the rules and regulations for ALEAF based on these guidelines, whenever necessary.
- The ALEAF Committee will be responsible for monitoring the academic progress of the recipients.
- The ALEAF Committee will have the power to terminate financial support during the semester if the recipient is found to be grossly negligent in his academic responsibilities.
- bThe ALEAF Committee will provide a report on the progress of the program after every semester.
- ALEAF Committee meetings will be held whenever necessary as mandated by the ALEAF Chairman.
- Amendments :
Amendments to these guidelines can be undertaken. The process will involve recommendations from the ALEAF Committee to the IO Inc. BOT. Once the BOT approves the amendment(s), they become valid and executory.
- Transitory Provisions :
ALEAF monies are currently placed in a Land Bank saving account opened by Mr. Leopoldo Virtucio plus in personal saving account of Dr. Leopoldo de Silva Jr. at BPI-Family. Once the IO Inc. BOT and ALEAF Committee are constituted, the ALEAF Committee Chairman will transfer all funds to a bank account authorized by the IO Inc. BOT.
- Date of Approval :
Approved by the IO Inc. Board of Trustees on 11 July 2002 and further amended on 12 September 2002.