Membership Proposal 20100601 Emergency Fund
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- Proposed and passed at Member Meeting 2010-06-01.
WHEREAS i3 Detroit could experience unexpected expenses and/or decline in membership, and WHEREAS it is desirable to be able to continue normal operations despite such events,
we RESOLVE the following:
1. The Treasurer shall open an ING Business Savings account to serve as a "rainy day fund" (the Fund).
2. The initial deposit to the Fund shall be $3000 taken from the OUR Credit Union checking account.
3. The Treasurer may open additional savings accounts in the name of i3 Detroit and may distribute the Fund between these accounts in any manner.
4. At the end of each fiscal year, all or some of the interest earned on the account may be moved into the general operating fund by a simple majority vote of the Directors.
5. Money may be added to the Fund by a simple majority vote of the Directors.
6. Money may be moved from the Fund into the general operating fund by a 2/3 majority vote of the Directors.