Inter-American Foundation [IAF] Law and Legal Definition
The Inter-American Foundation [IAF] refers to a federal agency providing funds for grassroots projects in Latin America and the Caribbean. It was established by Congress in 1969. The IAF operates human assistance projects. The objectives of the IAF are:
1.Strengthening the bonds of friendship and understanding amongst the people of Latin America and Caribbean;
2.Supporting self-help efforts designed to enlarge the opportunities for individual development;
3.Stimulating and assisting effective and wider participation of the people in the development process; and
4.Encouraging the establishment and growth of democratic institutions, private and government organizations which are appropriate to the requirements of the individual sovereign nations of Latin America and the Caribbean.In Six Mexican Workers v. Arizona Citrus Growers, 904 F.2d 1301 (9th Cir. Ariz. 1990), the court held that all unclaimed funds over $ 50,000 are to be given to the IAF for distribution in Mexico for the purpose of promoting entrepreneurship, innovation, and self-reliance.