Special Announcement: ISGH Board has Regained Control of Endowment Funds
The Islamic Society of Greater Houston is pleased to announce that the ISGH Board has regained control of over a $1 million in assets for Endowment Funds and the Ammanah of the community has once again been placed back to its rightful owners by the Grace of Allah (swt).
In 2012, ISGH Endowment Fund, Inc (EFI) was created as an independent entity, in violation of a Board Resolution requiring that it be established as a subsidiary of ISGH. A total of $1,076,639 was transferred into this independent entity that was not under the control ISGH. It was not until 2015 that the ISGH Board demanded that the EFI comply with the original Board resolution that EFI be a subsidiary of ISGH.
The Board of EFI, Inc resisted all efforts to bring it back under ISGH control and ISGH Board had to seek the assistance of its legal counsel who was successful in amending the Articles of ISGH Endowment Fund, Inc to finally transform it to a true subsidiary of ISGH.
The current Shura was able to recover $1,029,382 in the Endowment Fund. Alhamdulillah, since it’s recovery the current balance is $1,091,057 as of September 30, 2016.