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FATHER ALLEN SCHOLARSHIP FUND

By-Laws

REVISED: July   2020

 

Article I ‐ Name
Article II – Mission
Article III – Membership
Article IV – Management, Officers and Committees 

Article V – Duties and Responsibilities of Officers 

Article VI – Special Committees
Article VII – Elections
Article VIII – Meetings/Teleconferences
Article IX – Amendments of By‐Laws
Article X—Indemnification and Hold Harmless 

Article XI‐‐‐Dissolution 

 

ARTICLE I – NAME 

1.1 The name of this organization shall be the FATHER ALLEN SCHOLARSHIP FUND, ALSO KNOWN AS FASF.  FASF is a legal entity registered in the state of Illinois. 

ARTICLE II – MISSION 

2.1 The mission of the FATHER ALLEN SCHOLARSHP FUND is as follows:

This non-profit organization was instituted for the primary purpose of raising funds to be used to award a financial scholarship to individual (s) to attend St. Bede Academy, in Peru, Illinois 

The organization is organized under Section 501 (C) (3)  of the Internal Revenue Code as a public charity exclusively for charitable, religious purposes in conjunction with the corresponding section of any future Federal tax code. 

 

 

ARTICLE III – MEMBERSHIP 

3.1 Members of the board of trustees along with committee members shall constitute the membership of the organization 

ARTICLE IV – MANAGEMENT, OFFICERS & COMMITTEES 

4.1 Management 

The Management of the Father Allen Scholarship Fund shall consist of the President, Vice‐President, Secretary, Treasurer and a Board of Trustees.

4.2 Board of Trustees 

The Board shall consist of a minimum of seven (7) members and no more than eleven (11). Potential Members of the Board of Trustees will be nominated by the Search Committee of the Board and elected by the majority of the existing members of the Board. 

 The President, Vice‐President, Secretary and Treasurer are automatic members of the Board of Trustees. 

The Board of Trustees will appoint from members of the Board the Chair for each major committee.  

4.3 Vacancies:  

 

A vacancy on the board shall exist in the case of death, resignation, or removal of any trustee or in case the authorized number of trustees is increased.  Vacancies on the board may be filled by approval of the board or, if the number of trustees then in office is less than a quorum, by (1) the unanimous written consent of the trustees then in office, (2) the affirmative vote of a majority of the trustees then in office at a meeting held pursuant to notice or waivers of notice complying with this Article of these Bylaws, or (3) a sole remaining trustee.  Each trustee so elected shall hold office until the completion of the term of the individual they are replacing.    

 

4.4 Removal:  

 

Any or all of the trustees may be removed without cause if such removal is approved by a majority of the board. The board has the authority to vote a trustee out of his position. The board president is charged with the attempt to negotiate the resignation of a trustee who the board feels is not contributing to a productive environment, or is deemed to be disruptive to the goals of the organization’s mission. If that attempt fails the individual may be removed from the board with a ¾ majority vote of the board if he/she won't resign voluntarily. 

4.5 Elected Offices 

The elected officers of the Father Allen Scholarship Fund shall be a President, Vice‐President, Secretary, Treasurer and members of the Board of Trustees. These officers and trustees shall be charged with the duties and responsibilities of governing the affairs of the   Association in accordance with their by‐laws.  

4.6 Nominating and Governance Committee 

The Board of Trustees shall appoint no fewer then a 3 member Committee. This committee will be responsible for the coordination of the election process for all officers and Board of Trustee members. This committee is also responsible to recommend any changes to the By‐laws to the Board of Trustees for their approval. 

4.7 Finance Committee 

 

Treasurer will be the Chair if the Committee. This Committee shall be made up of no fewer then five (5) total members. It shall operate in the best interest of the goals and purpose of the organization and have the responsibility to manage and invest the assets in such a manner that they seek to maximize the revenue while also protecting the asset base  

 

 

4.8 Audit Committee

The Board of Trustees shall appoint the Chair of the Audit Committee. This committee is made up of 2-5 members, with one member being either a CPA or has a strong financial background. The Committee will review and assess all financial records, transactions   and other assets of the Father Allen Scholarship Fund at least twice each fiscal year. Further, this committee must verify such records as bank statements, etc. and shall report its findings (in written format) to the members of Board at the end of each fiscal year (1/1 thru 12/31). 

 

4.9 Scholarship Committee 

The Board of Trustees shall appoint the Chair of the Scholarship committee, which shall be made up of at least 5-9 additional members. The scholarship committee has the responsibility to set up the criteria for choosing the scholarship winner, determining who is eligible to apply, collecting all applications, reviewing the candidates and choosing the winner of the annual scholarship award.  

 

4.10 Search Committee 

The Board of Trustees shall appoint the Chair of the Search Committee. This committee, made up of 2-5 members, has the responsibility to seek out individuals who are interested and qualified to serve on either the Board of Trustees or any of the committees formed by the Board. 

ARTICLE V ‐‐DUTIES & RESPONSIBILITIES OF OFFICERS 

5.1 The President 

The President is the highest ranking elected officer of the Father Allen Scholarship Fund organization. The President shall: 

  • Provide leadership for the organization to fulfill its Mission. 

  • Presides over all organization’s Board meeting and oversees the operation in accordance with its By‐laws. 

  • Represents the organization at all association events and approves all association external correspondence.

  •  Develops and presents to the Board of Trustees for their approval a yearly program and budget. 

  • Establish the Agenda for all meetings. 

5.2 Vice President5.2 The Vice President 

In the absence of the President, with the consent and approval of the Board of Trustees, the Vice President shall perform the duties and responsibilities of the President. The Vice President shall also

  • Serve as the Chair of or a member of a committee if appointed by the Board of Trustees.

  • Work closely with the officers and the Board of Trustees to help ensure that the mission of the Organization is fulfilled.  

  • Perform other duties and special projects as requested and assigned by the President.  

 

In the absence of the President, with the consent and approval of the Board of Trustees, the Vice‐President shall be expected to perform the duties and responsibilities of the President. 

5.3 The Secretary shall: 

  • Record minutes of all Board meetings and maintain accurate and organized records, which shall include, but not limited to, a list of attendees and results of any motions presented. 

  • Notify (in writing, email, etc.) members of all scheduled meetings, meeting location and timing, and prepare and distribute meeting agendas as instructed by the president. 

  • Send out all out‐going correspondence of the Organization and retain and maintain all official documents of the Organization 

5.4 The Treasurer shall serve as the Chair of the Finance Committee and:

  • Maintain accurate and organized financial records of Organization at all times. 

  • Collect all contributions, dividends, interests paid to the Organization, and a financial trading account for all investments, and maintain a bank account in the name of the Father Allen Scholarship Fund. There shall be three approved signatures (the President, Treasurer and one other local Board members, designated by the Board, and are not members of the Audit Committee) for this bank account and any of the two will be needed to approve any transaction of more than $200. 

  • Disburse funds for expenditures, etc. as instructed by the President. The Board of Trustees must approve any expenditure over $ 1,000. 

  • Prepare and present a financial report to the Audit Committee and the Board for their review and approval at least twice a year. 

  • Prepare and present to the Board all Tax documentation required by the state or federal government, and upon their approval file such documents in a timely manner so as to comply with the state and federal laws. .  

  • Prepare an end official year report and present to the Board for their review and approval within 60 days after the end of the fiscal year. 

 

ARTICLE VI – SPECIAL COMMITTEES 

6.1 Special Committees shall be appointed at the discretion of the President with the consent and approval of the Board of Trustees. These committees will continue to function until its specific purpose has been accomplished or the Board decides to abolish it. 

 

ARTICLE VII –ELECTIONS 

7.1 Election Process 

The Nominating & Governance Committee shall be responsible for all elections of officers and members of the Board of Trustees. The election of officers and trustees will take place during the Annual General meeting of the Organization to be held on the fourth Monday of January each year. The election shall be conducted by secret ballot with a simple majority of those voting needed to win an office. 

All nominations for each office or member of the Board must be submitted to the Nominating & Governance Committee at least 20 days prior to the election. 

 

 

 

 

7.2 Terms of office 

Each elected officer of the Father Allen Scholarship Fund shall serve a three-year term with the option to run for the same office again for one more three-year term. Each elected officer may run for any other office for another three-year term but must resign from the Board after serving for six consecutive years. 

ARTICLE VIII – MEETINGS/TELECONFERENCES 

8.1 The FASF Board of Trustees shall meet at least twice a year, once in January and once in the month of July. Any special meetings of the Board will be called at the discretion of the President. Notice of all meeting must be executed at least 15 days prior to the meeting date.  

At least 5 members of the Board must be present in person or by proxy to constitute a quorum. A member must notify the Secretary prior to the meeting that they will not attend the meeting and identify which Board member has their proxy, if so desired. 

ARTICLE IX – AMENDMENTS OF THE BY‐LAWS 

9.1 These By‐laws may be amended by a two‐thirds majority vote cast by the board.  

9.2 The President shall ask the Nominating & Governance Committee to review any proposed amendment and make a recommendation to the full Board 

ARTICLE X—INDEMNIFICATION AND HOLD HARMLESS 

10.1 The members of the Board of Trustees, serving as elected volunteers, are hereby exempt from any/all civil or other legal action for any acts approved and/or enacted by the Board under the provisions set forth herein. The membership agrees to indemnify and hold the Officers and individual Trustees harmless for their/his/her actions except for any actions that are deemed illegal, including but not limited to theft of Association funds and other actions enacted by the Board that are in violation of any local, state or federal laws. 

ARTICLE XI‐‐‐DISSOLUTION 

FASF organization, will award all funds to deserving student(s)  attending St. Bede Academy in Peru, Illinois. All of the funds will be awarded to individuals who are chosen to receive the funds. 

 

Upon the dissolution of this organization all funds will be awarded as scholarship award to chosen individual. Should St. Bede Academy close, all funds would be awarded as scholarships to individuals attending Catholic schools in the diocese. 

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