Perpetual Memorial Trophies
How do they work?
There has been some confusion and misunderstanding about the establishment and management of American Spaniel Club Perpetual Memorial Trophies (PMT). The establishment of an ASC Perpetual Memorial Trophy (PMT) must be a tribute to a deceased member of the ASC who distinguished him/herself, and is recognized by the ASC membership as one who made major contributions to the breed and/or Club. Second, someone needs to be the “champion” for the establishment of a PMT and that person must petition the Board for approval to establish it. Third, after Board approval a fund of at least $2,500 (plus the cost of the first year’s trophy - a minimum of $50) must be raised to underwrite the PMT. Fourth, the fund is deposited in the Club’s treasury for investment using a separate brokerage account in one of the financial vehicles selected by the ASC Finance Committee for this purpose.
The basic difference between PMT’s and other show trophies is that there is money on deposit with the Club to underwrite the expense of purchasing and engraving these trophies each year. There are currently 20 PMT’s and most of them have been in existence for decades. Once a PMT is approved, the funds raised, and the money invested, the trophy fund is inviolate. That is, the capital can not be used for any other purpose. It is permanently there for the generation of earnings to purchase and engrave the PMT each year.
The ASC Treasurer maintains accurate and current records of how much money is in each PMT brokerage account and determines how much money can be spent each year for each PMT from the earnings generated during the previous year. This determination is based on a formula developed by the Finance Committee and approved by the Board. In turn, the Treasurer notifies each show trophy chairman of this amount. It is the intention that the amount specified (or as close as possible) is spent on the trophies. No money may be “borrowed” from one PMT to help purchase another PMT. The show trophy chairmen are responsible for notifying the Treasurer of the amount spent to provide each individual PMT, so that amount can be withdrawn from each account. The money not spent on a PMT reverts back to the individual investment fund; it cannot go into the Club’s treasury.