TMA’s Cornerstone Council actively solicits, reviews, and makes funding recommendations on grant proposals for TMA’s board-designated endowment. Proposals for grants must be submitted in writing to TMA International’s director of fund development. An original proposal and electronic copy in pdf format must be submitted no later than 30days prior to any scheduled meeting of the Cornerstone Council and, at a minimum, must include:

• The requesting organization’s name, address, telephone number, e-mail address, and designated contact.
• A brief biography or resume providing background information of the individual(s) applying for the grant.
• A summary (no more than one page) of the proposed research project or education program to be funded.
• For research proposals, a description of how the project is relevant to the corporate renewal industry and beneficial to its members.
• For continuing education proposals, a description of how the program will help turnaround professionals add to their skill sets and add value to the corporate renewal industry.
• A proposed timeline for project completion.
• The amount of the grant being requested.
• A detailed budget for the project or program.

In addition, applicant(s) must disclose any affiliations with other organizations and institutions. The disclosure shall describe in detail whether and how the applicant is to advocate a particular outcome with regard to the proposed project. In addition, an applicant who is to receive funding from multiple sources should disclose those sources to the Council, along with the actual or proposed funding agreement(s). Furthermore, applicants should not seek funding from another source without pre-approval from the Cornerstone Council.

Funding Priorities

The TMA Cornerstone 15 board-designated endowment provides funding in the areas of research and continuing education programs for the turnaround and corporate renewal industry. Accordingly, the Cornerstone Council encourages grant proposals for research and continuing education projects. Requests for research funding may include the following areas:

• Fundamental information and analytics
• Experience data
• Bankruptcy law and practice
• Financial reorganization
• Operational reorganization
• Empirical research and best practices
• Accounting
• International/cross-border insolvency
• Other projects with material research benefit to the corporate renewal industry

Requests for continuing education funding may include the following areas:

• Local chapter education:
  • Turnkey seminars
  • Prepackaged programs
  • Speakers and program presenters for educational events
  • Interactive case studies

• International continuing education
  • Stand-alone seminars and programs
  • Enhancements to existing programs
  • Case studies
  • Educational materials, such as textbooks, primers, white papers, articles, and studies
  • Scholarships and grants for students to attend TMA continuing education programs
  • Other programs with material benefits to the corporate renewal industry

Approval or Rejection of Expenditures

The Cornerstone Council meets at least twice each year to review and consider grant proposals. The Council may vote on proposals by mail, telephone, or e-mail in lieu of meeting in person, provided that a copy of a proposal is distributed to each member of the Council reasonably in advance of the vote. A majority of Council members must recommend a proposal for consideration by the Executive Committee.

Upon the approval of funding by the Executive Committee, TMA and a grant recipient will execute a letter of terms and conditions acceptable to both parties before any funds will be disbursed to the grant recipient.

The Cornerstone 15 board-designated endowment will not approve grants for the following: 

• Social activities
• Political parties and/or organizations
• Public relations or marketing efforts
• Religious organizations
• Sporting events
• Medical centers or hospitals
• Fraternal organizations
• Legislative entities
  •  Faculty academic-year salary or a portion of the ongoing administrative operations of the party seeking the grant (or the entity by whom the party is employed or with it is contatracted) - "organizational" overhead charges.
• TMA employees or their spouses or an organization in which a TMA employee or their spouse has a financial/economic interest
• Current members of the Cornerstone Council. A Council member’s company/firm may apply for a grant. However, Council members from the applying firm must abstain from voting when the Council polls its members for making recommendations to the Executive Committee.

The Council reserves the right to request revisions and resubmissions of grant proposals as it deems appropriate. Applicants must abide by any deadlines stipulated by the Council with regard to the resubmission of grant proposals. The decision of the Cornerstone Council on whether to recommend a grant proposal to the Executive Committee is final. Furthermore, a grant shall not be recommended if the proposal is inconsistent with the mission or policies of the endowment or TMA.

Monitoring of Grants

Grants will be monitored by the Cornerstone Council to ensure that endowment funds are used properly. Grant recipients must submit written reports to the Cornerstone Council as required by the letter of agreement or as reasonably requested by the Cornerstone Council. The report must detail progress to date on the project, whether deadlines in the original proposal are being met, all expenditures and receipts, and any material change or development since the grant was awarded. The Cornerstone Council reserves the right to request any additional information or assurance it deems necessary or appropriate.

TMA’s Executive Committee may withdraw, terminate, or rescind a grant if it determines that any of the information in the original grant proposal is false, misleading, or fraudulent. TMA reserves the right to bring legal action against applicants/recipients in such cases. The Cornerstone Council may in its sole discretion refuse to disburse funds if it determines that a recipient:

• Will not be capable of completing the project within the time allotted or within the agreed budget.
• Is using the funds for purposes other than those specified in the grant proposal.
• Has provided false, misleading, or fraudulent information in either its proposal or reporting.
• Has received funding without the prior approval of Cornerstone Council from a source that is inconsistent with the policies of the endowment and the ethical standards of TMA.
• Has assigned or contracted the performance of the grant in whole or substantial part to any party other than the recipient.
• Has committed any other material violation of the agreement.

Decisions of the Cornerstone Council to refuse, suspend, or condition funding are final.

Tax Treatment of Grants

TMA makes no representation or assurances regarding any tax impact, benefit, or requirements relating to any aspect of a grant. Grant recipients must rely solely on their own tax consultants and professionals, such as attorneys, CPAs, and the like, for advice.