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Board approves bylaws amendments

Summary

OWAA Endowment trustees met twice last fall. The primary discussion point pertained to existing language affecting distributions from OWAA’s Endowment Trust, including the Bodie McDowell Scholarship Fund and the John Madson Fellowship Fund. Problems include the complexity of the “inflation-adjusted average” language implemented and approved by the board and membership a couple of years ago. The proposed new language provides for much greater simplification when figuring distributions, and offers trustees more latitude and responsibility in determining distributions. At its Nov. 6, 2008, meeting, endowment trustees agreed to approve the language below.

Paraphrased, in OWAA Legal Counsel Bill Powell’s words, “What the endowment trustees settled upon as a suggestion is that the language regarding distributions to be made by the trustees be changed in paragraphs 13.6, 13.7, and 13.9 to allow them discretion to distribute annually any amount fitting within the range of zero to five percent of the principal of each fund. The amended language for each paragraph thus would read as follows.”

Proposed bylaws amendments approved by the trustees

13.6:  Replace the entire last sentence with the following: The Endowment Trustees shall have discretion to disburse annually for such scholarships between zero and five percent of the fund’s assets, and shall pay to the OWAA operating fund 10 percent of each such disbursement to cover administrative costs, but otherwise all earnings, appreciation, and donations shall be accumulated.

13.7:  Replace the entire last sentence with the following: No recipient shall receive more than the actual cost of attending the conference, workshop, or course. The Endowment Trustees shall have discretion to disburse annually for such fellowships between zero and five percent of the fund’s assets, and shall pay to the OWAA operating fund 10 percent of each such disbursement to cover administrative costs, but otherwise all earnings, appreciation, and donations shall be accumulated.

13.9:  Replace the entire first sentence and the entire second sentence with the following: The Endowment Trustees shall have discretion to disburse annually to the operating fund of OWAA between zero and five percent of the Endowment Trust’s assets that are not specially restricted for limited purposes.

Board action: Endowment trustees recommend simplification of the formulas used to allocate distributions from the Endowment Trust. Motion carried unanimously. The above bylaws amendments will be forwarded to the OWAA membership for vote in the May board of directors’ election. ◊

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