Summary of Code of Regulations

Membership

Voting Members: Voting members of the Foundation are individuals and organizations who have contributed one thousand dollars or more to the Foundation. The requirement can be met by a pledge of one thousand dollars to be paid in annual installments of not less than one hundred dollars. A membership shall not be terminated because of failure to meet an annual installment, but voting rights shall be suspended in any year in which an installment has not been made. Lifetime voting rights for individuals are established upon the payment of one thousand dollars. Voting rights for a period of twelve years for organizations with more than two stockholders are established upon the payment by organizations of one thousand dollars.

Contributing Members: Contributing members are individuals and organizations who have contributed $10.00 or more during the year. Contributing members are entitled to attend any general membership meeting but shall have no vote.

Organization

A board of Trustees manage the Foundation. Trustees are elected for three-year terms by voting members at its annual meeting and may not succeed themselves.

Trustees may not be members of the Board of Education or school administrators. Trustees must be voting memebers of the Foundation.

Trustees shall annually elect officers. The President and Vice President shall be a member of the board of Trustees.