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OLD SEMINOLE HEIGHTS NEIGHBORHOOD ASSOCIATION, INC. Suggested revisions for the BYLAWS |
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| Existing Bylaws | Proposed Changes (12-28-2009) |
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Article XII Control and Disbursement of Funds
Section 1. Bank Accounts: Checks, drafts and/or withdraws of funds from OSHNA accounts shall require the signature of any two of the following officers: president, treasurer, secretary.
Section 2. Audits: The Executive Board may audit, or cause to be audited, any and all financial and inventory records and property of OSHNA, including those in the custody of secretary, treasurer, or any committee or member. If the audit is to be conducted by a committee, the Executive Board shall appoint the chairman and members of the committee. The Audit Committee shall be disbanded upon acceptance of its final report. An annual audit of the September financial reports will be conducted by the appointed Audit Committee.
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Article XII Control and Disbursement of Funds
Section 1. Bank Accounts: Checks, drafts, and/or withdrawals of funds from OSHNA accounts in amounts of $500.01 or more shall require the signature of any two of the following officers: president, treasurer, secretary. Allows single signature for checks less than $500.00
Section 2. Financial Reviews: [1] An annual review or audit of the September financial reports shall be conducted by an appointed Committee. [2] The Executive Board may review or cause to be audited, any and all financial and inventory records and property of OSHNA, including those in the custody of any officer, committee, or member. [3] If either review or audit is to be conducted by a committee, the Executive Board shall appoint the chair and any members of the committee. [4] The Committee shall be disbanded upon acceptance of its final report.
Allows a review of records or a full (and expensive) audit.
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Article I - Name, Purpose and Membership
Article II - Meetings
Article III - Quorum
Article IV - Officers
Article V - Elections
Article VI - Executive Board
Article VII - Duties of Office
Article VIII - Committees
Article IX - Amendments to Bylaws
Article X - Non-Discrimination
Article XI - Non-Profit Provisions
Article XII -Control and Disbursement of Funds
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Section 1: Many organizations have had well meaning, good people go wrong. This provision just sets OSHNA up for the same situation. What would prevent a signatory from write 20 $500 checks and absconding with the funds. Given that the Treasurer is a volunteer and may not discover this for some time, the funds would be gone.
This amount should be no more than $200 to $250. Any amount over that should require two signatures and all checks should be drafted by the Treasurer so that they have control over their accounting responsibility.
Currently all checks for OSHNA require two signatures. This has sometimes caused difficulty for the treasurer and delay for the person or project needing the check while the treasurer tracked down a second signer.
It is standard practice that no checks are issued unless the expenditure has been authorized by a vote of the board or it is on the expenditure budget that the Board approves at the beginning of the year.
I noted a grammatical error in the last sentence of Article II Section 3 Paragraph C. It currently reads, "When given the floor, members must state their name and address, while speaking, members must not interrupted." I believe the sentence should read, "When given the floor, members must state their name and address, while speaking, members must not be interrupted." The word "be" is missing between "not" and "interrupted."
You've a good eye, Karen. Thanks. Since it doesn't change any meaning I have inserted the missing word.
Any budgeted allocation exceeding $4000.oo or 5% of the financial statement submitted at the previous meeting, whichever is lesser, must be ratified by 2/3 of the general membership at a regular meeting. Expenditures not allocated in the approved budget must be approved by the general membership at a regular meeting.
At no time is the Board allowed to approve Unlimited Funds. Possible exception would only be if a catasphoric event was declared by FEMA, declaration by the state that the geographical boundaries that is recognized by the City as Seminole Heights are eligible for emergency relief. Funds would be for FEMA-type related expenses only. Proof of Purchase required and to be submitted.
Although these suggestions sound sensible they would be very restrictive and would prevent OSHNA from taking many actions that benefit the neighborhood. Just one example is the current grant that is improving Lake Roberta. The Board approved funding amounting to some $6000.00. If we had had to wait for a general membership meeting we would have lost the grant.
(In managing that grant OSHNA pays the bills as they come in and the grant reimburses OSHNA)
Concerning the second paragraph - The Committee considered these comments carefully but could not conceive of any situation in which a Board would contemplate either action.