Page 27 - sipo membership directory

Section 2. Special meetings. Special meetings may be called by the president and shall be called upon
the written request of at least three active members of the club. At least 48 hours’ notice
(personal, written, emailed, or telephoned) shall be given each member. The business to be
transacted at any special meeting shall be limited to that noticed in the call
Section 3. Quorum. A simple majority of the membership in attendance at a membership meeting shall
constitute a quorum.

ARTICLE VIII
Committees

Section 1. Standing Committees include SIA Program, Finance, and Bylaws. Formation of additional
committees shall be as determined each year by the Board of Directors and president based on
SIPO club needs, and the president’s focus and direction.
Section 2. Responsibilities. Each committee’s responsibilities will be as determined by the Board of
Directors.

ARTICLE IX
Dues, Fees and Assessments

Section 1. Fiscal Year. The fiscal year shall be July1 through June 30.
Section 2. Annual Dues and Fees. The dues and fees structure shall be based on the fiscal year
st
beginning July 1 .

ARTICLE X
Investment Policy

The investment goal is to maintain a portfolio based on a “Balanced Toward Income” objective to provide
a portfolio with a focus of principle preservation, income generation, and moderate growth.

To achieve this goal, the portfolio may invest in bonds, mutual funds and stocks as recommended by a
licensed financial advisor and approved by the majority of the SIPO Board of Directors and SIPO club
members.

The investment portfolio shall be managed as follows:
1. The base line of the account shall not be drawn below $125,000 ($120,000 plus $5,000
Votaress donations as of 2018) and shall be maintained at that level and shall be increased
by the amount raised and deposited from Votaress or any other donations made specifically
to the baseline amount. The combined amount of $120,000 plus Votaress contributions and
other direct donations shall be the new minimum balance of the invested funds.
2. The portfolio shall be invested with 60% to 80% of fixed income products with the income
being paid to a checking, money market, or savings account held by SIPO.
3. All equity investment income shall be reinvested and shall be divided between growth &
income, growth, aggressive growth, and international as recommended by the portfolio
objective.
4. At fiscal year’s end (June 30) earnings (both growth and income) from the total account
balance shall become the budget for awards and shall remain invested until expended during
the ensuing club year. In addition, 4% of the resulting balance may be designated for other
club service projects. Any request for a withdrawal greater than the 4% must be approved by
the SIPO Board of Directors and the club by a 2/3 vote, but may not draw the funds below the
minimum amount stated above. However, if the portfolio does not generate a 4% return, there
would be no withdrawal with the exception of income generated by the fixed income.
5. The portfolio will be reviewed at the fiscal year end at which time any rebalancing of the
portfolio will be done. The Board of Directors will act as the investment committee with an
additional non-voting ex-officio member to be designated as investment director. The
Investment Director shall be the liaison between the board, the club, and the financial advisor
of record. The Investment Director shall report to the Board of Directors and club quarterly
and shall serve a minimum two-year term, but no more than four consecutive years. They will
be vetted by the nominating committee.

The vetting process will include the following: (1) shall have exhibited some prior knowledge of basic
investing principals; and (2) shall be able and willing to keep detailed records of all transactions, and give
and maintain reports, statements, and recap of meetings with the financial advisor.