A Florida Corporation Not-For-Profit
The name of the organization is the JAGA CHARITABLE TRUST, INC. (the “Trust”), incorporated as a non-profit corporation under the laws of the State of Florida.
The primary purpose of the Trust is to accept, hold and administer property, both real and personal, by gift bequest or devise, and to hold, administer and dispose of the same through a scholarship program for graduating high school seniors affiliated with Jacksonville Area Golf Association (JAGA) member clubs and recommended by a JAGA Director, and for other educational purposes, which will qualify it as an exempt organization under 26 U.S.C.A. §501(c)(3).
The Corporation shall not have members and shall not issue membership certificates.
There shall be a minimum of five officers, consisting of a Chairman, Vice-Chairman, Treasurer, Secretary and Scholarship Chairman. These positions will be filled by election and majority vote of those appointed from the JAGA Directors by the JAGA Executive Committee to be officers. Election will be held each February meeting of the Trust. Each officer shall perform duties as described herein.
DUTIES AND RESPONSIBILITIES
Chairman. The Chairman shall be responsible for presiding over all meetings and call special meetings as necessary. He shall make an annual Financial Report to the JAGA Directors and insure that the JAGA President and Scholarship Committee Chairman are advised of the Trust’s actions on scholarships that are available. He shall have the authority to sign as one of two signatures required on disbursements of over two thousand dollars ($2,000.00). He shall be responsible for executing the Trust’s business as directed. The Chairman may appoint and empower committees as he deems necessary to conduct business approved by the Officers.
Vice-Chairman. The Vice-Chairman shall serve as Chairman in the Chairman’s absence. He shall have the authority to sign as one of two signatures required for disbursements of over two thousand dollars ($2,000.00). He may serve as Chairman of any committee formed by the Trust.
Secretary. The Secretary shall record and keep minutes of all meetings. He shall centralize and maintain official files of the Trust covering as much of the past as possible. There are no restrictions on who may be elected to this office.
Treasurer. The Treasurer shall collect all monies belonging to the Trust. He shall be the financial agent of the Trust and have custody of all funds. The Treasurer shall keep accurate records, books and accounts of the Trust and make a financial report at each quarterly meeting of the Trust Officers. The Treasurer shall disburse funds as directed by the Trust Officers. He may write and sign checks for any disbursements under two thousand dollars ($2,000.00). Disbursements of two thousand dollars ($2,000.00) or more require the Treasurer’s signature and the signature of the Chairman or the Vice-Chairman. The Treasurer shall insure that all Trust monies are deposited, held and/or invested in institutions and in a manner approved by the Officers.
Scholarship Chairman. The Scholarship Chairman shall be responsible for managing the Trust’s scholarship application process and the evaluation and selection committee activities and after selection, manage scholar payment approvals and payment process acting as the point of contact for JAGA with all scholars and their institutions.
There will be a permanent standing committee known as the Investment Committee.
The Investment Committee shall consist of a maximum of three (3) members, and shall be chaired by the Vice-Chairman or Treasurer.
The Trust Chairman shall appoint the remaining members of the Investment Committee.
The Investment Committee shall take such action as it deems necessary to enable it to make deposits and investment recommendations to the Trust Officers when required.
Meetings shall be held at least quarterly, in February, May, August and November of each year. The Chairman may call additional special meetings as deemed necessary. The presence of at least 60% of the Officers shall constitute a quorum to begin and conduct business of the Trust, but a lesser percentage may adjourn the meeting.
These By-Laws may be amended or rescinded by affirmative majority vote of all five
Officers at any regular or duly-called special meeting.
Approved at the regular meeting of the Board of Directors of the JAGA Charitable Trust, Inc., on ___________________, 2014.