Enacted March 20th, 1996
1. Definition of Terms
- Moneys raised through donations to the Endowment Fund are held in a separate account by the University and are referred to as the 'Funds', while those moneys generated through the investment of the Funds are referred to as 'Income'. 'Income' is the money used to allocate 'Funding Grants' and 'Administrative Expenditures'.
- 'Funding Grants' is money approved to further the objectives of the Endowment for specific purposes proposed by the Funding Council and approved by the Board of Directors.
- A simple majority is greater than 50 percent.
- 'On-Term Director' refers to the Executive Director of the Endowment Fund for the corresponding term.
- 'Off-Term Director' refers to anyone who was the Executive Director of the Endowment Fund in either of the past 2 terms. 5.6. Membership of the Endowment Fund will be
- Membership of the Endowment Fund will be limited to undergraduate Math Faculty students who have been registered in one of the current or previous two terms and and have yet not graduated .
- Members of the Endowment Fund are the only eligible voters in elections for elected positions of the Endowment Fund.
- A simple majority of the vote is required to elect any elected position of the Endowment Fund.
- Subject to 2.1 and 2.2, all elections shall be held in accordance with the Mathematics Society's election policy.
3. Board of Directors
3.1 Powers and Duties
- The Board of Directors shall be responsible for the following, subject to all Constitutional provisions:
- administering the affairs of the Endowment Fund;
- enacting resolutions concerning Funding Grants recommended to it by the Funding Council;
- appointing agents and engaging employees as it shall deem necessary; such persons shall have authority and shall perform duties as prescribed by the Board of Directors at the time of their appointment.
3.2 The Endowment Director(s)
- The Executive Director will be chosen by a process determined by the Board of Directors.
- Only undergraduate mathematics students at the University of Waterloo are eligible for the position of Executive Director. Laurier based Double degree students are not allowed to be the Executive Director.
- Further, the on-term Director cannot hold any executive position with any Faculty Society or Endowment Fund at the University of Waterloo during their term of office.
3.3 Term of Office
- The term of office of any undergraduate student Director shall end immediately upon that student ceasing to be an undergraduate mathematics student at the University of Waterloo and a new student Director, if desired, may be appointed at the following Board of Directors meeting.
- However, an off term director will continue to be a director till the end of their term unless a written resignation has been sent to the Board of Directors.
3.4 Meetings of the Board of Directors
- Meetings of the Board of Directors shall operate under the following provisions:
- the on stream Director shall be the chairperson;
- if the on term Director is absent, either of the off term directors shall be the chair person as decided by the on term Director or the Board of Directors;
- if none of the on term or off term Directors are not present, the meeting can not be held;
- there shall be at least one (1) meeting of the Board of Directors per term;
- meetings may be called by any Director, to be held at any time and place to be determined by the on stream Director, provided that seven (7) days notice of such a meeting be received by each Director. No error in giving notice of any meeting of the Board of Directors shall invalidate such a meeting, or make void any proceedings taken thereat. Any Director may at any time, waive notice of any such meeting;
- the presence of a simple majority of the voting members of the Board of Directors shall constitute a quorum;
- all resolutions, unless otherwise specified in these bylaws, shall be ratified by a simple majority vote of the Board of directors;
- However, there must be at least 5 directors present to vote to approve the Executive Director Scholarship or any changes to the standing resolution that describes the Executive Director Scholarship;
- any resolution in writing, signed by all members of the Board of Directors entitled to vote on that resolution at a Board of Directors meeting, is as valid as if it had been passed at a meeting of the Board of Directors;
- Board of Director meetings are open to the members of the Endowment Fund
- The meeting minutes shall be uploaded to the Endowment Fund’s website within 2 weeks of approval
- each director entitled to vote at a meeting of the Board of Directors may by means of a proxy appoint a proxy holder as his or her nominee to attend and act at the meeting in manner, to the extent and with the authority conferred by the proxy. The instrument appointing a proxy shall be executed by the director in writing and shall be deposited with the Secretary of the Board of Directors before any vote is cast under scrutiny;
4. Funding Council
- In the event that the on term Director is absent from a Funding Council meeting, either of the two off term Directors shall act as chairperson as decided by the on term Director or the Funding Council;
- In the event that none of the on term or off term Directors are absent from a Funding Council meeting, the meeting cannot be held;
- The Funding Council quorum for approval of bylaws is the presence of at least two thirds (2/3) of the voting members of the Funding Council;
- The Funding Council quorum for approval of Funding Grants and other non-bylaw issues is the presence of at least one-half (1/2) of the voting members of the Funding Council;
- All resolutions shall be ratified by a simple majority vote of the Funding Council;
- Meetings may be called by the on stream Director, to be held at any time and place to be determined by the on stream Director, provided that at least seven (7) days notice of such a meeting be received by each Funding Council member. No error in giving notice of any meeting of the Funding Council shall invalidate such a meeting, or make void any proceedings taken thereat. Any Funding Council member may at any time, waive notice of any such meeting;
- There shall be at least one (1) meeting of the Funding Council per term and meetings shall be open to the members of the Endowment Fund except for when funding deliberations are being done.
- Funding Deliberations may only be attended by members of Funding Council and the Board of Directors.
- The procedure for meetings is as follows:
- The chairperson shall address the state of the Endowment Fund;
- The appointment of Funding Council members to the Board of Directors shall follow this; Followed by these items in any order:
- Any matter concerning policies or bylaws shall be considered;
- Presentations on funding proposals by a representative of the groups submitting the proposals. In the event that a representative is not present, the funding proposal shall not be considered at that meeting. The representatives will be asked to leave the room and discussion on the proposed projects shall take place. Following this a vote on each eligible proposal shall occur and the status of each funding shall be determined;
- Any other matter not included in the above shall be considered;
- Following all matters considered above the meeting shall be adjourned;
4.5 Conflict of Interest
- Any Funding Council member who chooses to present a proposal for the funding before the Funding Council must relinquish their position as a Funding council Member.
- Any Funding Council member who is involved with a student team requesting funds must identify themselves to the chairperson as affiliates of said group.
5. Endowment Fund Officers
- The Officers of the Endowment Fund shall be the student Executive Director Directors and Secretary both of which are appointed by resolution of the Board of Directors. Any number of positions may be held by the same person.
- The Officers of the Endowment Fund shall hold office for twelve (12) months from date of appointment or election or until their successors are elected or appointed in their stead. Appointed Officers shall be subject to removal by resolution of the Board of Directors at any time.
5.2 Duties of Officers
- The on stream Director shall preside at all meetings of the Endowment Fund and shall see that all orders and resolutions of the Board of Directors are carried into effect. They shall keep full and accurate accounts of all assets, liabilities, receipts and disbursements of the Endowment Fund. The disbursements of the Funds, as directed by the Board of Directors, shall be monitored by the Treasurer and he or she shall render to the Directors, at the regular meeting of the Board of Directors, or whenever they may require it, an accounting of all the transactions and a statement of the financial position of the Endowment Fund.
- Contracts, documents, or any instruments in writing approved by the Board of Directors, requiring the signature of the Endowment Fund, shall be signed by the on stream Director and one (1) other Director and shall be binding upon the Endowment Fund without any further authorization or formality. This is subject to section 3.1.4 of the Endowment Fund constitution.
- In the absence or disability of the on term Director they may designate an assistant from the existing Board of Directors to perform the duties and exercise the powers of that position subject to retroactive ratification by the Board of Directors. Otherwise, the most recent off term director shall assume control, failing this the off term director before that director shall assume control. In the event that all three (3) directors are absent or disabled any director may call a meeting of the board of Directors to appoint a new Executive Director, either temporarily or for the remainder of the on term director’s term. If all else fails the control of the Endowment Fund shall fall to the Dean of Mathematics.
- The Secretary shall give or cause to be given all notices required to be given by the Endowment Fund, shall be custodian of the Endowment Fund logo and all minutes of the meetings of the Endowment Fund and shall have such other powers and duties as may from time to time be assigned to him or her by the Board of Directors.
6. Funding Sources
6.1 Voluntary Student Contribution (VSC)
- Initially, the VSC was a student donation to the Endowment Fund of $31.42 (10 pi) and is included on the undergraduate mathematics fee statement.
- The student donation may be indexed up to the Government of Canada's rate of inflation (Consumer Price Index) every Year, subject to the Board of Directors approval.
- Any change in the level of the VSC, apart from those listed above, requires a separate simple majority vote in favour by each of the Board of Directors, the Funding Council, and the Membership of the Endowment Fund.
- The collection of the VSC is subject to the following conditions:
- the VSC is opt-outable before paying it according to the University of Waterloo's policies on incidental fees;
- all proceeds generated by the VSC become part of the 'Fund';
7.1 Handling of Income
- Income generated to be used as Funding Grants, will normally be spent in the term in which it was generated. If income remains unspent, it will be treated as Income for the subsequent term.
- Income may not be converted into Funds until it has been available for three (3) terms.
- A resolution of the Board of Directors is required to convert Income to Funds, subject to 7.1.2.
- The Endowment Fund may put aside up to five percent (5%) of the total income generated for administrative expenditures.
- The Executive Director should present a draft administrative budget to the Board of Directors at the first meeting of the term
- A 'Major Administrative Expenditure' refers to an administrative expenditure which exceeds or equals $500. Two (2) different Directors must sign for Major Administrative Expenditures of which at least one signature must be that of the on term Director.
- A 'Minor Administrative Expenditure' refers to an administrative expenditure which is under $500. Minor Administrative Expenditures must be signed by the on stream Director
- Any administrative expenditure may not be incurred and be solely signed off by the same director