Microsoft Word - NCYC Roster - V1

member each year from at least two candidates presented by the Nominating Committee. In the event of a vacancy on the Committee, the Board of Directors shall appoint an eligible member to fulfill the remainder of the vacant term. Each Committee member must be a voting member-in-good- standing of the Club for at least two years. A member may not be elected or appointed who has served on the Committee in any of the previous three years. THE FUND The fund shall be maintained by deposit of at least 15% of the annual Club Membership Revenues into a separate account by December 31 of each year, plus any gifts, bequests, or contributions earmarked for the Fund. The Committee and Club Treasurer will jointly determine the type of account and the financial institution to be used, and the total balance of the account will be a minimum of $50,000 and will not exceed $500,000. Notwithstanding such minimum requirement, the Fund Committee and Board of Directors may jointly agree to temporarily waive this requirement upon the occurrence of an event deemed to be a significant threat to the Club’s assets and ongoing operations. Disbursements from the fund will not exceed 50% of the balance at any one given time. The Board of Directors may decline