Proposed Resolution for the Building Fund *revised*
Feb 26, 2003[Ed: The building fund resolution will be considered will be considered on Tues 25 MARCH. This will allow notification to appear in the March Newsletter.]
[Ed: 02/26/03 The Contingency Fund attachment deals with a renaming and restructuring of our present Building Fund which has $86,745 in CD's. This is a most important topic and will be discussed at the March 25 Council Meeting. If you have any comments and will not be able to attend the meeting you can send your comments to Tim Tilson at hmslydia@msn.com.]
Whereas the Council enjoys the hospitality of the parish and diocese, and
Whereas important needs for capital expenditures arise from time to time, and
Whereas the Council Bylaws contain no mechanism for making expenditures from the Building Fund, and
Whereas the Council has saved more than $80,000, in the Building Fund,
Therefore let it be resolved that:
-Section VII, Article 7 retaining a “Building Fund” be repealed in total.
-All moneys in the “Building Fund” be transferred to the Contingency Fund.
-The following be inserted as Section VII, Article 7
VII-7-a. The Council shall maintain a Contingency Fund. The council will deposit 10 percent of fundraising net income, not otherwise dedicated to a specific purpose, as approved by a vote of the council in advance into the Contingency Fund.
VII-7-b. The Contingency Fund may be used only to fund permanent, capital improvements and emergencies as approved according to the following sections:
VII-7-c. All requests for funds from the Contingency Fund will be referred to a Contingency Fund Review Committee (CFRC). The CFRC will review all requests and make a recommendation (favorable or unfavorable) to the Council. The committee will forward its recommendation via a resolution.
VII-7-d. All resolutions will be provided to the membership of the council by a separate mailing prior to the final vote. Such mailing must be postmarked no later than 14 days prior to the vote.
VII-7-e. The Grand Knight shall appoint a Contingency Fund Review Committee (CFRC) which shall consist of the Trustees and two other members. Term of service for the non-trustee members is one year.
VII-7-f. Moneys in the Contingency Fund may be invested in any financial instrumentality as recommended by the Contingency Fund Investment Committee (CFIC) and approved by the Council. The Contingency Fund Investment Committee shall consist of five members as determined by the Grand Knight. The term of service is one year. Investments of money from the Contingency Fund must be approved via procedures in Article IV Section 1, Article VII Section 3, Article VII Section 7 paragraph c, and Article VII Section d. The CFIC shall make a semi-annual report to the council at the time of the semi-annual audit. The report will cover status of the funds, and future investment plans.
Article IV, Section 1. After the sentence “Twelve members shall constitute a quorum at business meetings” add
“With the following exception: A quorum of 40 members is required at any business meting at which a vote will be taken to disburse funds from the Contingency Fund.”
Article VII, Section 3, is amended as follows: After the sentence “…unless by a two thirds vote of the members present and voting a regular business meeting…” Add the following sentence:
“With the following exception: Motions for expenditure of funds from the Contingency Fund must be approved by three quarters of the members present and voting at a regular business meeting held after official notification via special mailing.”
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