The Ringwood Education Foundation Bylaws
Amended April 13, 2022
These policies and standard operating procedures govern the affairs of the Ringwood Educational Foundation (REF), a nonprofit local education foundation organized in partnership with and as a fund of the Communities Foundation of Oklahoma (CFO).
SECTION 1 - NAME
Section 1.1: The name of this local education foundation shall be Ringwood Education Foundation.
SECTION 2 – PRINCIPAL PLACE OF BUSINESS/ADDRESS
Section 2.1: The principal administrative office for the transaction of business of the Ringwood Education Foundation shall be the Ringwood Public Schools’ banquet room until such time as the Board of Directors deem otherwise. The banquet room is located at 101 W. 5th Street, Ringwood, Major County, Oklahoma. The address for the Ringwood Education Foundation is P.O. Box 175, Ringwood, Oklahoma 73768.
SECTION 3 - PURPOSE
Section 3.1 The purpose of the Foundation is to receive and distribute funds for educational activities, to encourage and reward academic excellence, and the development of ideal character by initially providing scholarships and other educational support for programs that significantly contribute to the education of students within the Ringwood Public Schools. Scholarship endowments, established by organizations or individual donors, are created to provide encouragement and financial support to graduates who seek to pursue various educational goals at trade, technical or post-secondary programs or schools.
SECTION 4 – BOARD OF DIRECTORS
Section 4.1 The Directors shall be known as the Board of Directors. The first Board shall be appointed/elected by the planning committee of this Foundation for terms of one, two and three years with the expiration dates of these terms reflecting the terms of these initial appointments. Subsequent terms shall be for three (3) years. Directors appointed to one or two year terms retain eligibility to serve two (2) consecutive three (3) year terms after their initial appointment. Thereafter, all succeeding Directors shall be elected at the appropriate meetings as directed by these policies and standard operating procedures. There shall be no less than seven (7) and no more than nine (9) voting members of the Board of Directors at any one time. The Board members with voting authority shall be an odd number.
Section 4.1.1 The first-year board shall consist of the following: two members of the Board shall serve a one (1) year term; two members of the Board shall serve a two (2) year term; and three members of the Board shall serve a three (3) year term. Subsequently, each permanent Director shall hold office until his or her designated term, normally three (3) years, from the annual meeting until the earlier of a) the annual meeting three (3) years following his/her election; b) the election of a successor; c) his/her death, resignation or removal in the manner hereinafter provided. The term of office for approximately one-third (1/3) of the elected Directors shall expire each year. Directors may be elected at any time to serve the remaining term of another Director who resigns, etc., and this partial term does not count as a full term when considering any possible successive term limitation.
Section 4.1.2 At the first annual meeting of the Board, the Board will elect two (2) additional members to replace those initial members who were designated to serve only one (1) year. At the second annual meeting of the Board, the Board will elect two (2) additional members to replace those initial members who were designated to serve only two (2) years. Approximately, one-third (1/3) of the Board will be replaced each year or may be extended for another three (3) year term.
Section 4.2 Directors shall be elected by vote at a duly noticed meeting of Directors. Candidates receiving the highest number of votes of the Directors at that meeting shall be elected as Directors.
Section 4.3 Directors shall be chosen and elected by the Board because of their knowledge and interest in the quality of education of students in the Ringwood Public Schools. Voting Board of Directors shall not be a member of the Board of Education. Directors employed by the Ringwood Public Schools may not exceed three-sevenths (3/7) employment. The majority of the members of the Board of Directors shall reside in the Ringwood school district.
Section 4.4 No person shall be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination because of race, religion, color, national origin, gender, sexual orientation, age or disability.
Section 4.5 The Board of Directors will serve as ambassadors for the REF by encouraging community awareness of the Foundation, and seek to promote its growth.
Section 4.6 The Superintendent of the Ringwood Public Schools (or his/her designated representative) and the President of the Ringwood School Board (or his/her designated representative) shall serve as standing, non-voting members of the Board of Directors to provide liaison between the Ringwood Public Schools and the Ringwood Education Foundation.
Section 4.7 The officers of the Ringwood Alumni Association shall appoint one representative to serve as a standing voting member of the Foundation for a minimum of three (3) years. Other members of the Alumni Association may serve at the discretion of the Board of Directors.
Section 4.8 A minimum of five members of the Board of Directors of the Ringwood Education Foundation present at any meeting shall constitute a quorum for the transaction of business.
Section 4.9 The Board of Directors will have voting powers on all issues of the Foundation unless specified otherwise. No voting by proxy shall be permitted.
Section 4.10 Except as provided in these policies and standard operating procedures for initial terms of the first Directors, the term of office of each Director of this Foundation shall be three (3) years or until his/her successor is elected at the Annual Meeting. A Director may serve two (2) consecutive three (3) year terms after which he/she becomes ineligible for election to the Board for two years.
Section 4.11 A year shall commence at the Annual Meeting of each year and terminate at the Annual Meeting of the succeeding year. One year from the date of the initial appointment of the Directors shall constitute the first Annual Meeting.
Section 4.12 Whether caused by resignation, removal, death or otherwise, the Board will nominate, elect and fill any vacancy on the Board. A vacancy is filled by the affirmative vote of a majority of the remaining Directors present at any stated or special meeting. A director selected to fill a vacancy will serve for the unexpired term of his/her predecessor in office.
Section 4.13 The Board of Directors, by a two-thirds vote of the number of all Directors, may at any time, and after due notice to all Directors, remove any Director for misconduct, malfeasance in office, or for any good cause. An individual that misses three consecutive meetings may be removed from the Board unless the reasons are medically related or obviously justified.
Section 4.14 There shall be no compensation for serving on the Board of Directors.
Section 4.15 Should a Director become a candidate for a seat on the Ringwood School Board of Education, such Director shall excuse himself/herself from meetings of the Foundation until after the election and, if elected, the Director shall resign. This does not exclude the person from being appointed to represent the Board of Education according to Section 4.6 of this document.
Section 4.16 The board may create standing and other committees and appoint the membership thereof. Such committees shall serve at the pleasure of the Board under such policies as the Board may approve. The first committee to be formed will be the publicity committee to help disseminate information about the newly formed Ringwood Education Foundation.
Section 4.17 A nominating committee shall be formed to nominate a sufficient number of qualified persons to fill all vacancies on the Board. The nominating committee shall be selected by the Directors. The chairperson shall be selected by the president of the Board. The nominating committee may nominate more persons than are necessary to fill Director positions in order to give the Board an opportunity to select among the persons nominated. It is within the power of the nominating committee to nominate only a sufficient number to assure that Directors’ seats are filled. The nominations of the nominating committee shall be submitted to the Directors at least fourteen (14) days prior to the meeting for which an election of Directors is to occur, and prior to the normal expiration of the term of the Director’s seat to be filled. Members of the nominating committee shall serve for one year and may not succeed themselves. The year terminates at the Annual Meeting of the succeeding year.
Section 4.18 Officers of the Board of Directors shall be: President, President-Elect, Secretary, and Treasurer. Appointment to these positions will be determined by the Board.
Section 4.18.1 The first president shall be elected to serve a two-year term. He/she will be expected to serve as immediate past-president for a one-year term following his/her term as president, after which he/she will be ineligible to be elected as president for at least two (2) years. The immediate past-president shall assume the duties of the president in the absence of the president, or in the president’s inability to serve, and shall serve as president until the next elected president-elect assumes office. The immediate past president shall work cooperatively with the president in administering the Foundation and shall perform such duties as may be assigned by the Board.
Section 4.18.1.1 The president shall be responsible for conducting the affairs of the Foundation, with the guidance of the other Directors, in a manner that is consistent with the policies and direction of the Board. He/she shall preside at all meetings of the Board, shall serve as an ex-officio member of all committees, except the nominating committee, and shall have other duties as prescribed by the Board. The president and one (1) other Board member, appointed by the Board, shall coordinate with the CFO to generate the Ringwood Scholarship Endowment Fund Agreement and the establishment of any subsequent funds by completion of the Agency Endowment Fund Agreement.
Section 4.18.2 The first president-elect shall be elected by the Board at the first Annual Meeting, and in alternate (odd numbered) years subsequent to this first election. The president-elect shall be elected for a one-year term and automatically become president at the close of the Annual Meeting one year later. The president-elect, in the absence of the immediate past-president, shall assume the duties of the president in the absence of the president, or in the event of the president’s inability to serve, and shall automatically become president.
Section 4.18.3 The secretary shall be elected by the Board at each Annual Meeting for a term of one (1) year. He/she may serve consecutive one-year terms until he/she is no longer eligible to serve on the Board per guidance in Section 4.10.
4.18.3.1 The secretary shall conduct the correspondence for the Foundation, assist the president with correspondence, keep and have kept accurate minutes of the Board meetings, send copies of the minutes to the Board of Directors, and perform any other responsibilities the Foundation may assign. The secretary will acknowledge each donation by sending a personal thank you letter to each donor.
Section 4.18.4 The treasurer shall be elected by the Board at each Annual Meeting for a term of one year. He/she may serve consecutive one-year terms until he/she is no longer eligible to serve on the Board per guidance in Section 4.10.
Section 4.18.4.1 The treasurer shall be responsible for supervising the maintenance of the records of donations and distributions of the Foundation’s funds. The treasurer will prepare the CFO Check Acknowledgement Form and submit it with the donations to the Communities Foundation of Oklahoma (CFO) for investment and accounting. All donations received for the Foundation will be provided to the Board treasurer for documentation and forwarding to the CFO.
Section 4.18.4.2 The treasurer will review the CFO’s financial reports and provide a summary of those reports to the Board at least annually at the Annual Meeting. The treasurer will work closely with the Board’s secretary to provide each donor’s name and address for acknowledgement. The treasurer will complete the Scholarship Fund Payment Request Form and Operating Fund Payment Request Form, and forward them to the CFO.
Section 4.1.1 The first-year board shall consist of the following: two members of the Board shall serve a one (1) year term; two members of the Board shall serve a two (2) year term; and three members of the Board shall serve a three (3) year term. Subsequently, each permanent Director shall hold office until his or her designated term, normally three (3) years, from the annual meeting until the earlier of a) the annual meeting three (3) years following his/her election; b) the election of a successor; c) his/her death, resignation or removal in the manner hereinafter provided. The term of office for approximately one-third (1/3) of the elected Directors shall expire each year. Directors may be elected at any time to serve the remaining term of another Director who resigns, etc., and this partial term does not count as a full term when considering any possible successive term limitation.
Section 4.1.2 At the first annual meeting of the Board, the Board will elect two (2) additional members to replace those initial members who were designated to serve only one (1) year. At the second annual meeting of the Board, the Board will elect two (2) additional members to replace those initial members who were designated to serve only two (2) years. Approximately, one-third (1/3) of the Board will be replaced each year or may be extended for another three (3) year term.
Section 4.2 Directors shall be elected by vote at a duly noticed meeting of Directors. Candidates receiving the highest number of votes of the Directors at that meeting shall be elected as Directors.
Section 4.3 Directors shall be chosen and elected by the Board because of their knowledge and interest in the quality of education of students in the Ringwood Public Schools. Voting Board of Directors shall not be a member of the Board of Education. Directors employed by the Ringwood Public Schools may not exceed three-sevenths (3/7) employment. The majority of the members of the Board of Directors shall reside in the Ringwood school district.
Section 4.4 No person shall be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination because of race, religion, color, national origin, gender, sexual orientation, age or disability.
Section 4.5 The Board of Directors will serve as ambassadors for the REF by encouraging community awareness of the Foundation, and seek to promote its growth.
Section 4.6 The Superintendent of the Ringwood Public Schools (or his/her designated representative) and the President of the Ringwood School Board (or his/her designated representative) shall serve as standing, non-voting members of the Board of Directors to provide liaison between the Ringwood Public Schools and the Ringwood Education Foundation.
Section 4.7 The officers of the Ringwood Alumni Association shall appoint one representative to serve as a standing voting member of the Foundation for a minimum of three (3) years. Other members of the Alumni Association may serve at the discretion of the Board of Directors.
Section 4.8 A minimum of five members of the Board of Directors of the Ringwood Education Foundation present at any meeting shall constitute a quorum for the transaction of business.
Section 4.9 The Board of Directors will have voting powers on all issues of the Foundation unless specified otherwise. No voting by proxy shall be permitted.
Section 4.10 Except as provided in these policies and standard operating procedures for initial terms of the first Directors, the term of office of each Director of this Foundation shall be three (3) years or until his/her successor is elected at the Annual Meeting. A Director may serve two (2) consecutive three (3) year terms after which he/she becomes ineligible for election to the Board for two years.
Section 4.11 A year shall commence at the Annual Meeting of each year and terminate at the Annual Meeting of the succeeding year. One year from the date of the initial appointment of the Directors shall constitute the first Annual Meeting.
Section 4.12 Whether caused by resignation, removal, death or otherwise, the Board will nominate, elect and fill any vacancy on the Board. A vacancy is filled by the affirmative vote of a majority of the remaining Directors present at any stated or special meeting. A director selected to fill a vacancy will serve for the unexpired term of his/her predecessor in office.
Section 4.13 The Board of Directors, by a two-thirds vote of the number of all Directors, may at any time, and after due notice to all Directors, remove any Director for misconduct, malfeasance in office, or for any good cause. An individual that misses three consecutive meetings may be removed from the Board unless the reasons are medically related or obviously justified.
Section 4.14 There shall be no compensation for serving on the Board of Directors.
Section 4.15 Should a Director become a candidate for a seat on the Ringwood School Board of Education, such Director shall excuse himself/herself from meetings of the Foundation until after the election and, if elected, the Director shall resign. This does not exclude the person from being appointed to represent the Board of Education according to Section 4.6 of this document.
Section 4.16 The board may create standing and other committees and appoint the membership thereof. Such committees shall serve at the pleasure of the Board under such policies as the Board may approve. The first committee to be formed will be the publicity committee to help disseminate information about the newly formed Ringwood Education Foundation.
Section 4.17 A nominating committee shall be formed to nominate a sufficient number of qualified persons to fill all vacancies on the Board. The nominating committee shall be selected by the Directors. The chairperson shall be selected by the president of the Board. The nominating committee may nominate more persons than are necessary to fill Director positions in order to give the Board an opportunity to select among the persons nominated. It is within the power of the nominating committee to nominate only a sufficient number to assure that Directors’ seats are filled. The nominations of the nominating committee shall be submitted to the Directors at least fourteen (14) days prior to the meeting for which an election of Directors is to occur, and prior to the normal expiration of the term of the Director’s seat to be filled. Members of the nominating committee shall serve for one year and may not succeed themselves. The year terminates at the Annual Meeting of the succeeding year.
Section 4.18 Officers of the Board of Directors shall be: President, President-Elect, Secretary, and Treasurer. Appointment to these positions will be determined by the Board.
Section 4.18.1 The first president shall be elected to serve a two-year term. He/she will be expected to serve as immediate past-president for a one-year term following his/her term as president, after which he/she will be ineligible to be elected as president for at least two (2) years. The immediate past-president shall assume the duties of the president in the absence of the president, or in the president’s inability to serve, and shall serve as president until the next elected president-elect assumes office. The immediate past president shall work cooperatively with the president in administering the Foundation and shall perform such duties as may be assigned by the Board.
Section 4.18.1.1 The president shall be responsible for conducting the affairs of the Foundation, with the guidance of the other Directors, in a manner that is consistent with the policies and direction of the Board. He/she shall preside at all meetings of the Board, shall serve as an ex-officio member of all committees, except the nominating committee, and shall have other duties as prescribed by the Board. The president and one (1) other Board member, appointed by the Board, shall coordinate with the CFO to generate the Ringwood Scholarship Endowment Fund Agreement and the establishment of any subsequent funds by completion of the Agency Endowment Fund Agreement.
Section 4.18.2 The first president-elect shall be elected by the Board at the first Annual Meeting, and in alternate (odd numbered) years subsequent to this first election. The president-elect shall be elected for a one-year term and automatically become president at the close of the Annual Meeting one year later. The president-elect, in the absence of the immediate past-president, shall assume the duties of the president in the absence of the president, or in the event of the president’s inability to serve, and shall automatically become president.
Section 4.18.3 The secretary shall be elected by the Board at each Annual Meeting for a term of one (1) year. He/she may serve consecutive one-year terms until he/she is no longer eligible to serve on the Board per guidance in Section 4.10.
4.18.3.1 The secretary shall conduct the correspondence for the Foundation, assist the president with correspondence, keep and have kept accurate minutes of the Board meetings, send copies of the minutes to the Board of Directors, and perform any other responsibilities the Foundation may assign. The secretary will acknowledge each donation by sending a personal thank you letter to each donor.
Section 4.18.4 The treasurer shall be elected by the Board at each Annual Meeting for a term of one year. He/she may serve consecutive one-year terms until he/she is no longer eligible to serve on the Board per guidance in Section 4.10.
Section 4.18.4.1 The treasurer shall be responsible for supervising the maintenance of the records of donations and distributions of the Foundation’s funds. The treasurer will prepare the CFO Check Acknowledgement Form and submit it with the donations to the Communities Foundation of Oklahoma (CFO) for investment and accounting. All donations received for the Foundation will be provided to the Board treasurer for documentation and forwarding to the CFO.
Section 4.18.4.2 The treasurer will review the CFO’s financial reports and provide a summary of those reports to the Board at least annually at the Annual Meeting. The treasurer will work closely with the Board’s secretary to provide each donor’s name and address for acknowledgement. The treasurer will complete the Scholarship Fund Payment Request Form and Operating Fund Payment Request Form, and forward them to the CFO.
SECTION 5 – MEETINGS
Section 5.1 The first meeting of the newly appointed Board of Directors will be held as soon as feasible following their election.
Section 5.2 Regularly scheduled meetings will be held on the third week of the month during the months of October, January and April of each year at a place and time determined by the Board for the purpose of organization, election of officers, and transaction of other business. The April meeting shall serve as the Annual Meeting.
Section 5.3 Special meetings of the Board, for any purpose(s), may be called at any time by the president or by any three (3) Directors.
Section 5.4 Notice of regular and special meetings, as well as an agenda for a regular meeting or the purpose(s) of a special meeting, shall be sent to each Director not less than seven (7) days prior to the meeting.
Section 5.5 Voting by email is allowed in situations where decisions must be made between scheduled meetings, but the issue does not justify a specially called meeting of Directors. An email vote may be pursued if all participants have access to the equipment for participation in the electronic vote.
5.5.1 The president shall develop the time frame for the e-vote. A minimum of 48 hours notice shall be provided to all participants via email or telephone by the president or a designated person. Such notice shall include the motion and supporting documentation for the e-vote. No second is necessary for the motion to be considered. The motion to lay on the table is not in order. Members may respond at will without seeking recognition from the chair.
5.5.1.1 Time should be allotted for any questions or discussion that members wish to express about the issue.
5.5.1.2 Members shall use “Reply All” in all messages.
5.5.2 Each new main motion must be made in a separate, new e-mail message with no other message thread included. New motions in a new message thread may be introduced while there is another motion currently being debated. There is no limit on the number of simultaneous threads pending.
5.5.3 The president shall assign a number to the motion and shall include the number in the subject line. Example: Motion 1. The subject line must include the word “Motion.” The first line of the message must begin with “It is moved to (or that) …” If the motion comes from a specific Director, “(name of Director) moves to (or that)…”
5.5.4 The president shall put the question to a vote by restating the pending question/motion and requesting the members to vote now. The word “vote” shall be in the subject line. The president shall include the time frame/deadline for the vote. Members shall state, “I vote yes,” or “I vote no” in the first line of the response and use “Reply All.”
5.5.5 The secretary shall tally the votes and report the result of the vote to the Director participants, including the number of votes cast for and against the motion. The president shall either state the next pending motion and open debate or shall declare the thread on “Motion (number)” closed.
5.5.6 The secretary shall compile and maintain the complete thread of the motion and its disposition including all secondary and incidental motions. The secretary shall prepare minutes of the vote and shall send the minutes marked “draft” to all the members. These minutes shall be approved at the next regular meeting.
Section 5.2 Regularly scheduled meetings will be held on the third week of the month during the months of October, January and April of each year at a place and time determined by the Board for the purpose of organization, election of officers, and transaction of other business. The April meeting shall serve as the Annual Meeting.
Section 5.3 Special meetings of the Board, for any purpose(s), may be called at any time by the president or by any three (3) Directors.
Section 5.4 Notice of regular and special meetings, as well as an agenda for a regular meeting or the purpose(s) of a special meeting, shall be sent to each Director not less than seven (7) days prior to the meeting.
Section 5.5 Voting by email is allowed in situations where decisions must be made between scheduled meetings, but the issue does not justify a specially called meeting of Directors. An email vote may be pursued if all participants have access to the equipment for participation in the electronic vote.
5.5.1 The president shall develop the time frame for the e-vote. A minimum of 48 hours notice shall be provided to all participants via email or telephone by the president or a designated person. Such notice shall include the motion and supporting documentation for the e-vote. No second is necessary for the motion to be considered. The motion to lay on the table is not in order. Members may respond at will without seeking recognition from the chair.
5.5.1.1 Time should be allotted for any questions or discussion that members wish to express about the issue.
5.5.1.2 Members shall use “Reply All” in all messages.
5.5.2 Each new main motion must be made in a separate, new e-mail message with no other message thread included. New motions in a new message thread may be introduced while there is another motion currently being debated. There is no limit on the number of simultaneous threads pending.
5.5.3 The president shall assign a number to the motion and shall include the number in the subject line. Example: Motion 1. The subject line must include the word “Motion.” The first line of the message must begin with “It is moved to (or that) …” If the motion comes from a specific Director, “(name of Director) moves to (or that)…”
5.5.4 The president shall put the question to a vote by restating the pending question/motion and requesting the members to vote now. The word “vote” shall be in the subject line. The president shall include the time frame/deadline for the vote. Members shall state, “I vote yes,” or “I vote no” in the first line of the response and use “Reply All.”
5.5.5 The secretary shall tally the votes and report the result of the vote to the Director participants, including the number of votes cast for and against the motion. The president shall either state the next pending motion and open debate or shall declare the thread on “Motion (number)” closed.
5.5.6 The secretary shall compile and maintain the complete thread of the motion and its disposition including all secondary and incidental motions. The secretary shall prepare minutes of the vote and shall send the minutes marked “draft” to all the members. These minutes shall be approved at the next regular meeting.
SECTION 6 - DONATIONS
Section 6.1 Donations may be made by cash, check and credit card (VISA and Master Card). Appreciated stock certificates and mutual fund shares donations will require coordination between the donor, the Board treasurer and the CFO. Refer to the gift acceptance policies at www.cfok.org for further details. Checks must be made out to “Communities Foundation of Oklahoma” or “CFO.” The fund name (Ringwood Scholarship Endowment) must be noted on the memo line in the lower left corner of the check.
Section 6.2 All information concerning donors and prospective donors, except the name, shall be held in strict confidence by the Foundation, subject to legally authorized and enforceable requests for information by government agencies and courts. All other requests for or releases of information concerning a donor or prospective donor will be honored or allowed only if permission is obtained from the donor prior to the release of such information.
Section 6.3 The assets of the Foundation, acquired from whatever source, shall be managed by the Communities Foundation of Oklahoma for the Ringwood Education Foundation Board of Directors in accordance with these bylaws. In their management of these assets, the Directors of the Foundation are specifically empowered to make investment decisions concerning assets of the Foundation, through the Communities Foundation of Oklahoma, to generate, maintain, and maximize income from the assets of the Foundation. All donations will be invested in the CFO’s Balanced Pool to provide income from equities, fixed income and alternative investments. The CFO asset allocation policy reflects and is consistent with the investment objectives and balanced risk tolerance of a well-managed and productive fund. If the Board, at its discretion, elects to deposit funds in the Aggressive Pool, the Growth Pool, or the Conservative Pool through the CFO, the Board must generate a resolution declaring the decision.
Section 6.3.1 The CFO will make an annual distribution of the invested amount available to the Ringwood Education Foundation (each established endowment and fund).
Section 6.4 Gifts to the Foundation will be invested for the purpose of providing scholarships through the Ringwood Scholarship Endowment, a fund in the Ringwood Education Foundation. The Board may establish other endowments or funds at the discretion of the Board in future years.
Section 6.5 Donors may contribute funds in honor of a particular person or family. Funds contributed in honor or memory of a particular person or family will grow through matching funds, investment growth and dividends, with no distribution until a minimum of $20,000 is accumulated. That particular fund will be named “The John Doe Scholarship Fund,” “The John Doe Family Endowment,” “The Doe Family Scholarship Fund,” or similar title to honor the person or family by name, if so desired.
Section 6.6 Gifts to the Foundation will be accepted as earmarked gifts only if the purpose for which such gifts are earmarked or designated is within the statement of the purpose of the Foundation. The Foundation shall do its best to meet the request of donors when specific cause is designated by the donor. However, if this is not possible, the Directors of the Foundation shall do their best to honor the spirit of the donation to the Foundation. Gifts or bequests that are made with special terms, conditions, limitations, or directions for the use of investment or income are acceptable only if they exceed $20,000 in value and meet the purposes designated by the Foundation.
Section 6.2 All information concerning donors and prospective donors, except the name, shall be held in strict confidence by the Foundation, subject to legally authorized and enforceable requests for information by government agencies and courts. All other requests for or releases of information concerning a donor or prospective donor will be honored or allowed only if permission is obtained from the donor prior to the release of such information.
Section 6.3 The assets of the Foundation, acquired from whatever source, shall be managed by the Communities Foundation of Oklahoma for the Ringwood Education Foundation Board of Directors in accordance with these bylaws. In their management of these assets, the Directors of the Foundation are specifically empowered to make investment decisions concerning assets of the Foundation, through the Communities Foundation of Oklahoma, to generate, maintain, and maximize income from the assets of the Foundation. All donations will be invested in the CFO’s Balanced Pool to provide income from equities, fixed income and alternative investments. The CFO asset allocation policy reflects and is consistent with the investment objectives and balanced risk tolerance of a well-managed and productive fund. If the Board, at its discretion, elects to deposit funds in the Aggressive Pool, the Growth Pool, or the Conservative Pool through the CFO, the Board must generate a resolution declaring the decision.
Section 6.3.1 The CFO will make an annual distribution of the invested amount available to the Ringwood Education Foundation (each established endowment and fund).
Section 6.4 Gifts to the Foundation will be invested for the purpose of providing scholarships through the Ringwood Scholarship Endowment, a fund in the Ringwood Education Foundation. The Board may establish other endowments or funds at the discretion of the Board in future years.
Section 6.5 Donors may contribute funds in honor of a particular person or family. Funds contributed in honor or memory of a particular person or family will grow through matching funds, investment growth and dividends, with no distribution until a minimum of $20,000 is accumulated. That particular fund will be named “The John Doe Scholarship Fund,” “The John Doe Family Endowment,” “The Doe Family Scholarship Fund,” or similar title to honor the person or family by name, if so desired.
Section 6.6 Gifts to the Foundation will be accepted as earmarked gifts only if the purpose for which such gifts are earmarked or designated is within the statement of the purpose of the Foundation. The Foundation shall do its best to meet the request of donors when specific cause is designated by the donor. However, if this is not possible, the Directors of the Foundation shall do their best to honor the spirit of the donation to the Foundation. Gifts or bequests that are made with special terms, conditions, limitations, or directions for the use of investment or income are acceptable only if they exceed $20,000 in value and meet the purposes designated by the Foundation.
SECTION 7 - PUBLICITY
Section 7.1 The Board will work with community agencies to promote awareness of the Foundation, its purpose and accomplishments. Every effort should be made by the Board to publish and disseminate information about the Foundation, and to encourage donations through newspaper publications, the Ringwood Public Schools website, other technological media, Alumni Association newsletter and Facebook page, Ringwood Recorder newsletter and Facebook page, and the development of a brochure, website, etc. This should be an on-going effort.
SECTION 8 - AMENDMENTS
Section 8.1 These bylaws may be amended or repealed, and new bylaws adopted by the vote of a majority of all the members of the Board of Directors.
SECTION 9 - DISSOLUTION
Section 9.1 In the event of dissolution of the Foundation in any manner and for any cause, after the payment or adequate provision for the payment of all of its debts and liabilities, all of the remaining funds, assets, and properties or proceeds of sale thereof, of this Foundation shall be donated and paid to the Ringwood Public Schools. In the event the Ringwood Public Schools ceases to exist, the funds will be donated by percentage of Ringwood students, to the schools the Ringwood students attend.
SECTION 10 - MISCELLANEOUS
Section 10.1 Rules of Order: Rules of order shall be informal and designated to encourage participation of all members of the Board of Directors. The presiding officer may at his/her discretion utilize Robert’s Rules of Order in the event of any dispute.
Section 10.2 Personal Liability: No Director of this Foundation shall be personally liable for the debts, liabilities, or obligations of the Foundation. The Directors shall be indemnified and held harmless to the extent and in the manner permitted by law.
Section 10.3 Scholarship Selection: The Ringwood Education Foundation Board of Directors will select Foundation scholarship recipients based on performance in school, with emphasis on academic achievement, character, effort, intent, and the need for financial assistance.
Approved and signed on April 13, 2022:
Section 10.2 Personal Liability: No Director of this Foundation shall be personally liable for the debts, liabilities, or obligations of the Foundation. The Directors shall be indemnified and held harmless to the extent and in the manner permitted by law.
Section 10.3 Scholarship Selection: The Ringwood Education Foundation Board of Directors will select Foundation scholarship recipients based on performance in school, with emphasis on academic achievement, character, effort, intent, and the need for financial assistance.
Approved and signed on April 13, 2022:
