Article I. NAME
The name of this organization is the Dryden Youth Opportunity Fund (hereafter, “the Fund”). The Dryden Youth Opportunity Fund operates as a Donor Advised Fund of the Tompkins Charitable Gift Fund.
Article II. PURPOSE
A. The Fund is an independent community based organization that exists for the sole benefit of the resident youth of Dryden and the surrounding communities. The mission of the Fund is to encourage philanthropy and provide an investment vehicle for individuals seeking to provide resources for the long-term benefit of the youth in the Dryden community and to provide funding for innovative and creative programs and activities which go above and beyond the basic educational requirements of public education.
B. To establish a central board to oversee the raising, investing, appropriating, and use of funds to be provided solely for the benefit of the youth of Dryden and surrounding communities.
Funds raised by the Fund will be used primarily to:
1. Fund mini-grants and major project awards focused in the areas of cultural and academic enrichment, scholastic achievement, professional development, and general youth development; or
2. Finance projects which could not be initiated without supplemental financing.
Article III. MEMBERSHIP
A. The management and direction of the Fund shall be delegated to a Board of Trustees hereinafter referred to as the “Board”.
B. The Board shall consist of up to fifteen members: President, Vice President, Recording Secretary, Grant Secretary, Treasurer, and up to ten other members.
C. Members of the Board shall be residents of Dryden or surrounding communities, but membership may be open, at the discretion of the Board, to nonresidents who are interested and concerned with supporting the youth of the community. Nonresidents shall hold no more than two seats at any given time.
D. The Board shall be comprised of individuals interested in overseeing the sustainment and growth of the Fund.
E. Board membership shall consist of indefinite terms, however membership will be confirmed on an annual basis.
F. As openings on the Board arise, existing Board members will identify potential new Board members recognizing the value of broad perspectives among Board members. Consideration shall be given to a public announcement seeking nominations to fill the vacancy.
G. The Board shall have the authority to dismiss a member of the Board and replace that vacancy by appointment, if in its discretion and by a two-thirds majority vote of the full Board, it determines that the member is no longer able to actively participate in the activities of the Board.
H. The Board shall select all standing and special committees and designate the duties of those committees. Committee members can include non-Board members.
Article IV. OFFICERS
A. The President shall serve as Chairperson of the Board of Directors; shall preside at all Board meetings; shall select a Chairperson of all committees; shall be an ex-officio member of all committees; and shall sign all agreements and formal instruments.
B. The Vice President shall serve as Chairperson of the meetings upon the absence of the President; assume the duties of the President if the President is unavailable to perform the duties of that office.
C. The Recording Secretary shall keep accurate minutes of Board meetings. The Secretary shall keep a roster of Board and committee members; shall prepare and co-sign all agreements and formal instruments, except those pertaining to the Office of Treasurer.
D. The Grant Secretary shall be responsible for communicating Board decisions to grant applicants and for other correspondence with grant recipients which may periodically occur (e.g. pursuit of grant reports).
E. The Treasurer and/or President shall oversee the collection of monies donated to the Fund and deposit of those funds into the designated Donor Advised Fund with the Tompkins Charitable Gift Fund. The Treasurer and/or President shall oversee and review the disbursement of funds by the Tompkins Charitable Gift Fund in accordance with the Fund’s educational and charitable mission; shall keep accurate books of account and shall submit a report of the Office of Treasurer at the annual meeting and at meetings of the Board. The Treasurer shall oversee the collection of monies and deposit of funds from the operating bank account. The Treasurer shall handle all disbursements from the operating account and shall present a bank reconciliation along with copy of the bank statement to the DYOF Board quarterly.
Article V. ELECTION OF OFFICERS
Upon the organization of the Board, the officers shall be elected annually by majority vote. Board members shall elect by majority vote the officers on an annual basis.
Article VI. RELATIONSHIP WITH THE TOMPKINS CHARITABLE GIFT FUND
A. The Tompkins Charitable Gift Fund is a public foundation created to encourage and develop local philanthropy for a broad range of community efforts. Gifts to the Tompkins Charitable Gift Fund are tax deductible.
B. The Dryden Youth Opportunity Fund operates as a Donor Advised Fund within the Tompkins Charitable Gift Fund. Gifts to the Dryden Youth Opportunity Fund are deposited directly into the Donor Advised Fund established with the Tompkins Charitable Gift Fund and are therefore tax deductible. Funds deposited will be invested by the Tompkins Charitable Gift Fund in accordance with investment policies established by its’ Board of Directors.
C. Funding to accomplish the mission of the Fund will be obtained through tax-deductible contributions and other charitable fund-raising activities carried on under the oversight of the Fund’s Board. All funds received will be distributed solely for charitable and educational purposes in compliance with the Internal Revenue Code and regulations and the Donor Advised Fund guidelines established from time to time by the Tompkins Charitable Gift Fund. Restrictions imposed by donors are subject to the approval of the Fund’s Board and the Tompkins Charitable Gift Fund Board.
D. Proposed awards and disbursements authorized by a quorum of the Board of the Fund will be forwarded to the Tompkins Charitable Gift Fund for review and approval. As the tax-exempt entity, the Tompkins Charitable Gift Fund must have final legal authority over how funds received for tax-exempt purposes are spent. The Tompkins Charitable Gift Fund will notify the Fund if a proposed award does not meet acceptable standards.
Article VII. MEETINGS
A. The annual meeting of the Board shall be held during the month of January at which time any committee reports shall be submitted. Further reports shall be submitted by the Secretary and the Treasurer shall submit an annual report of the finances of the Fund. Copies of these reports shall be made available to all Board members. An annual report, which includes reporting on how funds were actually used, will be produced and made available to the public.
B. Regular meetings shall be held monthly except when otherwise determined by the Board, but shall be held at least quarterly. All meetings will be closed to the public, unless otherwise decided by majority vote of the Board.
C. Copies of the minutes of regular and special meetings shall be available to Board members prior to the next regular meeting.
D. These bylaws and amendments thereto together with Roberts Rules of Order shall govern the conduct of business of the Board.
E. The fiscal year of the Fund shall be July 1 to June 30.
F. A simple majority of Board members present shall constitute a quorum. Action by the Board shall be by majority of those present, except where a majority or two-thirds vote of the full Board is specified.
Article VIII. AMENDMENTS
A. Proposed amendments to the Board bylaws shall first be submitted, accompanied with a copy of the current bylaws, to the Board membership. Any such amendments shall be submitted to the Board at a regularly scheduled monthly meeting for the consideration to be voted on at the subsequent regular meeting.
B. These bylaws may then be amended by a two-thirds vote of the full Board membership.
Article IX. USE OF FUNDS RECEIVED
A. To ensure a long-term benefit to the youth of Dryden and surrounding communities, the Board may raise funds specifically for endowment or may designate unrestricted funds received as funds functioning as endowment. The Board shall establish policy for the allocation of funds for distribution on a current basis or for endowment. This policy shall be established, at least annually, by majority vote of a quorum of the Board. Amendment to the policy may occur at any time by majority vote of a quorum of the Board.
B. By majority vote of a quorum of the Board the Board shall establish and update at least annually a list (the List) of priority uses of funds to be awarded.
C. The order in which items on the List are funded and the methods used to raise funds will be left to the sole discretion of the Fund’s Board.
D. The Board will establish a formal process through which applications for grant funds may be submitted, reviewed and approved or rejected.
E. In accordance with the Tompkins Charitable Gift Fund guidelines and IRS regulations governing charitable foundations, awards may only be made to a tax-exempt organization.
F. The Board will establish requirements, when deemed appropriate, for grant recipients to report and account for use of the funds awarded in accordance with the purposes of the award. Said report shall also be available for public inspection.