By-Laws

Article I            NAME

The name of this organization is the Dryden Youth Opportunity Fund (hereafter, DYOF). DYOF operates as a Special Fund of the Community Foundation of Tompkins County.

Article  II          PURPOSE

            GENERAL PURPOSES

A.                 DYOF 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 DYOF 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.

SPECIFIC PURPOSES

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 DYOF will be used primarily to:

1.                  Fund mini-grants (typically under $500) 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.

dryden youth opportunity fund GRANTS are not intended to replace funding support for educational and extra-curricular activities generally funded by the school district’s operating budget.

Article III         MEMBERSHIP

A.                 The management and direction of DYOF shall be delegated to a Board of Trustees hereinafter referred to as the “Board”.

B.                 The Board shall consist of eleven members: President, Vice President, Secretary, Treasurer, and seven other members.

C.                 Members of the Board shall be residents of Dryden or the 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 first Board shall be comprised of individuals interested in overseeing the establishment of DYOF and managing it through the formative period of the first two years.

E.                  The first Board shall be selected and shall serve as follows:

Three members for a two (2) year term;

Three members for a three (3) year term:

Three members for a four (4) year term.

Following the initial staggered terms, Board members shall be selected to serve a three year term and shall serve no more than two consecutive three year terms.

F.                  As openings on the Board arise, there will be a public announcement seeking nominations to fill the vacancy.

G.                 The selection of a member to fill a vacancy during a term or for the selection of members for vacancies created by the termination of a term shall be by a majority vote of the full Board.

H.                 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 or a person who has missed three consecutive meetings.

I.                    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 Secretary shall send notices at least seven days in advance of all meetings of the Board and shall keep accurate minutes thereof. The Secretary shall handle all correspondence and gift acknowledgement; 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; and shall submit a report of the Office of the Secretary at the annual meeting.

D.                 The Treasurer shall oversee the collection of monies donated to DYOF and deposit of those funds into the designated Special Fund with the Community Foundation of Tompkins County. The Treasurer shall oversee and review the disbursement of funds by the Community Foundation of Tompkins County in accordance with DYOF’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.

Article V          ELECTION OF OFFICERS

Upon the organization of the Board, the officers shall be elected annually by majority vote by the original membership with a term limit of three consecutive years. At each annual meeting the Board members shall elect by majority vote the officers for the following year.

Article VI          RELATIONSHIP WITH THE COMMUNITY FOUNDATION OF TOMPKINS COUNTY

A.                 The Community Foundation of Tompkins County is a public foundation created to encourage and develop local philanthropy for a broad range of community efforts. Gifts to the Community Foundation of Tompkins County are tax deductible.

B.                 DYOF operates as a Special Fund within the Community Foundation of Tompkins County. Gifts to DYOF are deposited directly into the Special Fund established with the Community Foundation and are therefore tax deductible. Funds deposited will be invested by the Community Foundation in accordance with investment policies established by its Board of Directors. 

C.                 Funding to accomplish the mission of DYOF will be obtained through tax-deductible contributions and other charitable fund-raising activities carried on under the oversight of DYOF’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 Special Fund guidelines established from time to time by the Community Foundation. Restrictions imposed by donors are subject to the approval of DYOF’s Board and the Community Foundation Board.

D.                 Proposed awards and disbursements authorized by a majority vote of the Board of DYOF will be forwarded to the Community Foundation for review and approval. Such proposals shall be signed by two officers of the Board. As the tax-exempt entity, the Community Foundation must have final legal authority over how funds received for tax-exempt purposes are spent. The Community Foundation will notify DYOF 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 May at which time 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 DYOF.  Copies of these reports shall be 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 majority vote of 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 by-laws and amendments thereto together with Roberts Rules of Order shall govern the conduct of business of the Board.

E.                  The fiscal year of DYOF shall be July 1 to June 30.

F.                  Five 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 by-laws shall first be submitted, accompanied with a copy of the current by-laws, 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 by-laws 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 the Board. Amendment to the policy may occur at any time by majority vote. Final approval of policy amendments must be granted by the Community Foundation.

B.                  By majority vote, 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 DYOF’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 Community Foundation 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.