NRCS Endowment Funds By-Laws: May 2, of 6

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1 THE NORTH RIDGEVILLE CITY SCHOOLS ENDOWMENT FUNDS Revised By-Laws Adopted 5/2/ STATEMENT OF PURPOSE The North Ridgeville City Schools Endowment Funds (the Funds) is a school and community based organization designed to develop and provide a permanent source of funding for improving the quality of education. The Funds will provide a mechanism through which community resources can be allocated for worthwhile non-required school programs. Endowment funds will not be used to fund the basic school programs. The Funds shall be used exclusively for the support and enhancement of education within the North Ridgeville City School District and for granting Scholarships for undergraduate studies to graduating NRCS students. 2.0 AUTHORITY AND RESPONSIBILTY The Board of Trustees (the Board) for the Funds is formed under the authority of the Board of Education of the North Ridgeville City Schools. The Board is authorized to conduct activities for the Funds, which shall include but not be limited to the following: (A) Formulate such rules, regulations and procedures as are necessary for the operation of the Funds; (B) Elect Officers and appointment committees; (C) Disseminate information; (D) Solicit for and create activities to raise funds for the Funds; (E) Establish procedures for grant application, selection and grant distribution; (F) Maintain financial records. 3.0 MEETINGS The Board shall establish a regular time, date, and location for meetings. Such meetings will normally be held at least quarterly. Special meetings of the Board may be called by the President of the Board or by the request of three (3) or more Trustees. Notice of any special meeting shall be delivered to all Trustees at least forty-eight (48) hours before the special meeting. A majority of the Trustees shall constitute a quorum at all regular and special meetings. A Trustee must be present at a meeting to vote, and any actions of the Board require approval by a majority of those Trustees present. 3.1 OFFICER ELECTION MEETING The officer election meeting of the Board shall be held in May of every even year for the purposes of electing Officers, beginning in The President, Vice-President, Secretary and Treasurer shall take office by July 1 of the election year. 4.0 BOARD OF TRUSTEES The Board shall consist of two Ex-officio Trustees, six Standing Trustees, and three to eight Elected Trustees. The Board shall not have less than eleven (11) Trustees nor more than sixteen (16) total Trustees. 4.1 EX-OFFICIO TRUSTEES The current Superintendent and Treasurer of the North Ridgeville City Schools shall be ex-officio trustees with full voting privileges. The Treasurer of the North Ridgeville City Schools shall, with consent of the NRCS Board of Education, also serve as treasurer for the Funds. 1 of 6

2 4.2 STANDING TRUSTEES Six (6) standing Trustees of the Board shall be designated as annual appointments according to the following: A. One (1) Trustee representing the Board of Education B. One (1) Trustee representing the North Ridgeville Education Association C. One (1) Trustee representing the North Ridgeville OAPSE D. One (1) Junior student at North Ridgeville High School E. One (1) Senior student at North Ridgeville High School F. One (1) Trustee representing the North Ridgeville Arts Council. 4.3 ELECTED TRUSTEES There shall be a minimum of three (3) and a maximum of eight (8) Elected Trustees. Elected Trustees shall be residents of the North Ridgeville City School District or alumni/interested persons who reside outside of the district. The Board shall solicit the community for potential candidates to fill vacant positions. Potential candidate(s) shall be nominated by a Trustee at any regular meeting of the Board where a quorum is present. The nominated candidate(s) shall be become an Elected Trustee upon an affirmative vote by a majority of the Trustees present. Elected Trustees shall serve 3-year terms beginning in August. Elected Trustees may be removed from the Board by one of the following methods: A. The Trustee submits a letter of resignation. B. The Trustee misses four (4) consecutive regular meetings. 4.4 OFFICERS The entire Board shall elect a President, Vice-President, and Secretary as officers for a two (2) year term. Such officers will work in cooperation with the North Ridgeville City Schools personnel in matters regarding the Funds. The Treasurer of the North Ridgeville City Schools shall also serve as treasurer for the Funds unless otherwise agreed to with the Board of Education. Duties and Responsibilities of the Officers: (a) President. The President shall preside at all meetings of the Board of Trustees. The President shall exercise, subject to the control of the Board, a general supervision over the affairs of the Board. Responsibilities include, but are not limited to: opening the session at the time at which the assembly is to meet taking the chair and calling the members to order announcing the business before the assembly in the order in which it is to be acted upon recognizing members entitled to the floor stating and putting to vote all questions which are regularly moved, or necessarily arise in the course of the proceedings, announcing the result of the vote enforcing, on all occasions, the observance of order and decorum among the members, deciding all questions of order (subject to an appeal to the assembly by any two members) unless when in doubt he prefers to submit the question for the decision of the assembly 2 of 6

3 to authenticate, by his/her signature, when necessary, all the acts, orders, and proceedings of the assembly declaring its will and in all things obeying its commands execute the responsibilities assigned to the President in the approved NRCS Operating Instructions serves as spokesperson/representative/external liaison for the organization any other responsibility determined by the Board (b) Vice President. In the absence of the President or in the event of his/her death, inability or refusal to act, the Vice President shall perform the duties and be vested with the authority of the President. (c) Secretary. The Secretary shall record the minutes of all proceedings of the Board of Trustees, and shall maintain proper records thereof which shall be attested by him/her. He/she shall keep such books as may be required by the Board of Trustees. Responsibilities include, but are not limited to: record minutes and attendance at meetings formulate agenda, in conjunction with the President, to be used at meetings keeps accurate membership lists with names, addresses, and phone numbers records and distributes all pertinent information to members, including meeting minutes, upcoming events, and opportunities send out notices of all called meetings and to conduct the correspondence of the Board, except as otherwise provided have, at each meeting, a list of all standing committees, and such special committees as are in existence at the time, as well as the by-laws of the organization and its minutes (current school year) any other responsibility determined by the Board (d) Treasurer. The Treasurer shall manage the day-to-day financial affairs of the Board. He/she shall keep such books as may be required by the Board of Trustees. Responsibilities include, but are not limited to: acts as a banker, holding the funds deposited with him/her and paying them out on the order of the Board reports regularly to the Board the group's financial status records and pays bills/reimbursements deposits/withdraws funds works closely with The Community Foundation of Lorain County where the long term funds are maintained any other responsibility determined by the Board 4.5 ATTENDANCE Any Trustee, standing or appointed, who has missed four (4) consecutive meetings or a majority of meetings within a full calendar year will be deemed to have resigned from the Board. Any Trustee deemed to have resigned will be notified in writing of the Board s acceptance of the resignation within ten (10) days. Said Trustee may ask for reconsideration by making said request in writing within ten (10) days of his or her receipt of the notice of the Board s acceptance. After the Board receives a request for reconsideration, the request will be reconsidered at the next regularly scheduled Board meeting, at which time the former Trustee will be given a reasonable opportunity to be heard and present testimony. Replacement for a standing Trustee will be by the respective organization from which they were appointed, while a replacement for an elected Trustee shall be solely by a majority of remaining Board Trustees. Any Trustee who is 3 of 6

4 deemed to have resigned pursuant to this provision may not serve on the Board for another twelve (12) months. The replacement Trustee will serve for the remaining term of the Trustee that they replaced. 5.0 ACCEPTANCE OF FUNDS All donations received by the Funds will be documented and, except for those set aside for expenses, forwarded at least monthly to The Community Foundation of Lorain County by the Treasurer of the Board. Donations designated for one of the component funds of the North Ridgeville Endowment Funds and received directly by the Community Foundation of Greater Lorain County will be acknowledged directly by the Community Foundation of Greater Lorain County with a copy sent to the treasurer of the Funds. Contributions are deductible for Federal Income, Estate and Gift Tax purposes. 5.1 CATEGORIES A. Educational Excellence B. Scholarships C. Expenses D. Fine Arts Endowment Fund E. Shannon Edwards Memorial Fund New categories may be added upon the recommendation of the Trustees. All non-specified donations shall be deposited as directed by the Board. No donations can be deposited into the Expenses account unless approved by the Board. New category/component funds must meet the following criteria and goals: A. The component fund must benefit the North Ridgeville City School District or a student of the North Ridgeville City Schools. B. Outlays from the component fund must be through the grant process, scholarship, or a combination of both. C. Recipients of the component fund outlays must be approved by the Board. D. Sponsors of the component fund must enter into a binding contract with The Community Foundation of Lorain County. 6.0 DISTRIBUTION OF FUNDS 6.1 FUNDS DEPOSITED WITH THE COMMUNITY FOUNDATION OF LORAIN COUNTY Only income derived from the interest on the principle will be made available for disbursement. All income shall be computed as of December 31 st of each calendar year for possible distribution in the following calendar year. There shall be no obligation on the Board to disburse income in any given year. Disbursements from specified categories shall be used only for those specific purposes. 6.2 FUNDS AVAILABLE FOR IMMEDIATE DISTRIBUTION If the Funds receive funds for immediate disbursement, no such disbursement shall occur except upon approval of the Board. 4 of 6

5 6.3 GRANT APPLICATION AND PROCESS A standard application form, approved by the Board, shall be utilized for all requests for grants. The application form shall include: 1. Name and position; 2. Student and/or community population to benefit from the proposed activities; 3. Statement of need to be addressed; 4. Objective(s) and activities; 5. Budget; 6. Evaluation. Applications shall be submitted to the Board and considered within the time frame as established by the Board. Applications will be accepted from employees and/or residents of the North Ridgeville City School District working in cooperation with the District. The review of applications will occur within the time limits as set by the Board. The Board may at its discretion, review all applications or establish one or more screening committee(s) for the purpose of assisting in the review process. Applications that address the priorities as established by the Board will receive preferential consideration. The Board shall approve those applications chosen for funding. Distribution within the budgetary limits of each category shall be reported through the school liaison to the Board of Education. 6.4 SCHOLARSHIPS A standard application form approved by the Board shall be utilized for all scholarship requests. No scholarship shall be awarded unless approved by the Board. 7.0 AMENDMENTS These regulations may only be altered, amended or superseded by the affirmative 2/3 vote of all Trustees. Thirty (30) day written notice of all proposed changes to the by-laws, specifying the change(s) shall be given to all Trustees prior to voting on such proposed change(s). 5 of 6

6 DOCUMENT REVISION HISTORY Date Adopted 12/13/2000 General Revision Description of Revisions 11/13/2002 Change Organization Title to The North Ridgeville City Schools Endowment Funds, implement numbered paragraphs, delete paragraph on appointed trustees, add paragraph on ex-officio trustees, revise paragraph titled Board of Trustees, revise paragraph on Elected Trustees, change title of Term of Office and Officers paragraph, revise Acceptance of Funds paragraph, add the Shannon Edwards Memorial Fund to the list of categories, change the name of fine arts category, add paragraph on addition of new component funds, change title of Funds deposited paragraph, revise paragraph on Annual Meeting. 1/8/2003 Paragraph 1.0 STATEMENT OF PURPOSE, change the last sentence to explicitly acknowledge that Scholarships are included as an Endowment tool. 9/8/2004 Paragraph changed title from ANNUAL MEETING to OFFICER ELECTION MEETING. Adjust wording to reflect elections in May on every even number year. Paragraph 4.4 changed to reflect 2-year terms for the officers, where previous elections were for one year terms. 5/2/2007 Paragraph 4.4 Substantial revision with the addition of officer duties, responsibilities, and specifying Treasurer to be NRCS Treasurer unless otherwise agreed to with BOE. Paragraphs 5.0, 5.1, 6.1 Changed the Community Foundation of Greater Lorain County to The Community Foundation of Lorain County. 6 of 6