Bylaws ARTICLE IX- Benevolence Fund

Constitution and Bylaws of the Northwest Arkansas Aquarium Society

Bylaws ARTICLE IX- Benevolence Fund

Postby mewickham » Wed Dec 18, 2013 3:39 pm

ARTICLE IX- Benevolence Fund

Section 1 - The Board of Directors shall, during the yearly budget process, consider designating up to 10% of the previous year’s income to the Benevolence Fund.

Section 2 - Any monies assigned to this Benevolence Fund may only be disbursed as a donation or grant to non-profit, charitable organizations upon recommendation by the Board of Directors and a majority vote of the members present at the next regularly scheduled monthly meeting of the Society. Funds shall be disbursed during the year they have been assigned. No funds shall be carried over to the next year.

Section 3 - Preference shall be given to organizations involved in fish or conservation activities. Such organizations shall also have a documented history of efficient and effective use of donated funds such as using a small percentage of donated funds for fund-raising and administrative salaries. Preference shall also be given to local and regional organizations.
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