From: Jian Lin

E-Mail: JRS_JIAN_LIN@odp.tamu.edu JRS_JIAN_LIN@odp.tamu.edu

Subject: start discussion

  Dear All,
 
 It is marvalous that 11 already pledged! Looks like this is a go 
 project. I think the reunion of last July has already brought us 
 closer, paving the road for working together! How close are we to the 
 $2000 target? If no progress after a week, you can send an email to 
 the borader list again, informing friends that we are very close to 
 the target and encouraging them to join the team!
 
 It is time to dicuss how we should manage the fund. A number of 
 options came into mind:
 
 (1) THROUGH USTCAF:
 
 Manage the fund through USTC Alumni Foundation (USTCAF) as discussed 
 in my last email. The main advantages are that our donations are tax 
 exempt and the fund itself is also tax free. Before this option is 
 adopted, we first need to get approval from the USTCAF governing board 
 (GB). Tang Xiaoou (USTC 856, graduated from MIT-WHOI) is the current 
 USTCAF GB chair. I will be staying in his apartment in Hong Kong on 
 April 19 and will find out more about the current USTCAF rules on 
 special funds like ours.
 
 We need a small board of rotating membership to manage the use of the 
 fund.
 
 (2) BY OURSELVES:
 
 Manage the fund entirely by our own board and earn interests in the US. 
 This means setting up a bank account, investing in money market, CD, 
 stock, etc. The disadvantages are that the donations are not tax exempt 
 (meaning we loose saving of at least 20%), lots more work for everyone, 
 and the interests earned might be taxed!
 
 (3) BY USTC:
 
 Send all the donations directly to USTC 7th Dept. and ask the 
 department to manage the fund. In that case, we will have to make 
 sure that the fund is well managed since we have little control of 
 what's going on in China. Still no tax exempt, but less work for us.
 
 It will be useful that discussion on these and other options start 
 among those who already pledged. 
 
 Jian