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Bylaws of Troubled Times, Inc.
a Nonprofit Public Benefit Corporation
Article 6: Funds
The Fiscal Year of the corporation shall begin on the 1st of January and end on the 31st of December in each year.
The Board of Directors may accept on behalf of the corporation any contribution, gift, bequest, or devise for the charitable or public purposes of this corporation. A log of all gifts shall be kept, specifying the Name of the donor, Address of the donor, Date of donation, Amount of donation, Route by which the gift was received, and Receipt number. Gifts of $1,000 or less, carrying no stipulations or restrictions, do not require review or approval by the Board of Directors, but all gifts over $1,000 or which carry stipulations or restrictions do require such review and approval by the Board of Directors.
To cover operating and administration expenses, the Board of Directors of Troubled Times, Inc. will establish a percentage of all grants received to be set aside to cover such expenses. This percentage will be no greater than 5% as a general rule, but on a case-by-case basis may be set at a higher percentage by the Board for a given grant. The grantor will be notified of the percentage prior to board consideration of the issue. Where the grantor objects to an administrative overhead being extracted from the grant this may be waived, but only if such waiver is approved by the board. The percentage will not be taken from grants that are in and of themselves to cover operating and administration expenses. Where specific grants are given to Troubled Times, Inc. to cover operating and administration expenses, and where setting aside a percentage of other grants to cover these costs is no longer be necessary, the percentage may also be waived, should the board so rule.
All funds of the corporation shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
The books of Troubled Times, Inc. will be established with separate accounts in accordance with legal requirements for nonprofit corporations. At no time will Troubled Times Inc. operating funds be retained in the personal account of any officer, board member, or agent associated with Troubled Times, Inc. in an official capacity. Accounts maintained to monitor grant expenditures will be separate from operating accounts, in accordance with the Bylaws on funds received as grants.
No member, director, officer, employee, or other person connected with this corporation, or any private individual, shall receive at any time any of the net earnings or pecuniary profit from the operations of the corporation, provided, however, that this provision shall not prevent payment to any such person of reasonable compensation for services performed for the corporation in effecting any of its public or charitable purposes, provided that such compensation is otherwise permitted by these Bylaws and is fixed by resolution of the Board of Directors.
The Board of Directors, except as otherwise provided in these Bylaws, may by resolution authorize any officer or agent of the corporation to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances. Unless so authorized, no officer, agent, or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable monetarily for any purpose or in any amount.
Except as otherwise specifically determined by resolution of the Board of Directors, or as otherwise required by law, checks, drafts, promissory notes, orders for the payment of money, and other evidence of indebtedness of the corporation shall not exceed $1,000.
Petty cash accounts for purchases under $500 may be maintained with Debit/Credit Cards issued by the official bank of Troubled Times, Inc. or paid by other means such as checks. The bank statement or canceled checks then becomes the inherent receipt for all such petty cash expenditures. Debit/Credit Cards will only be issued to members of Troubled Times, Inc. duly appointed to positions of responsibility by the Board of Directors, and at the Treasurer’s discretion.
Receipts are required for all expenditures, of whatever amount, from Troubled Times, Inc. accounts. Disbursement of funds from the accounts of Troubled Times, Inc. to individual officers, members of the Board, or to the general membership must result in a proper receipt delivered to the Treasurer or reimbursement of the full amount spent will be required. This rule also applied to disbursement from petty cash accounts.
No such person or persons shall be entitled to share in the distribution of, and shall not receive, any of the corporate assets on dissolution of the corporation. All members, if any, of the corporation shall be deemed to have expressly consented and agreed that on such dissolution or winding up of the affairs of the corporation, whether voluntarily or involuntarily, the assets of the corporation, after all debts have been satisfied, shall be distributed as required by the Articles of Incorporation of this corporation and not otherwise. Should Troubled Times, Inc. disband and dissolve:
(a) all unspent grant funds will be returned to the grantors
(b) any properties or assets will be sold to cover outstanding debts
(c) any profits from such sale or funds in the general accounts will be donated to another non-profit organization per a resolution by the Board of Directors
(d) any outstanding debts will either be covered by the disbanding membership, if the debts are small or inconsequential, or will result in a formal bankruptcy if the debts are large or burdensome