Flying Scot® Foundation
Assuring the Future of Flying Scot® Sailing
1. Purpose: The Flying Scot® Foundation has been established to further the Flying Scot® Sailing Association's objectives to promote Flying Scot® sailing and racing; to sponsor social, recreational and fraternal events among its membership whereby they might enjoy sharing information and ideas concerning the Flying Scot®; and to sponsor charitable and educational projects. This document provides requirements and guidelines for the administration of the Foundation.
2. This Foundation was established by the FSSA of 1 Windsor Cove, Suite 305, Columbia, SC 29223 on March 24, 2008. The FSSA is an organization exempt from taxation under Section 501(c) (3) of the Internal Revenue Code as amended. Donations to the FSSA Foundation may be deductible from the income of donors as charitable contributions as provided in Section 170(a) of the Internal Revenue Code as amended.
3. The Foundation shall EXIST until terminated by the FSSA Board of Governors.
4. Foundation Committee: The President of the FSSA shall appoint a Foundation Committee to administer and oversee the Foundation annually, at the Mid-Winter meeting, The Foundation Committee shall consist of at least five persons, preferably including one Past President, one member of the Board of Governors, and the current Treasurer. The President shall designate one committee member as chair of the committee (the “Chair”). The Chair shall be approved by the FSSA Executive Committee. Each member shall serve for at least two years. After the initial appointments, one half of the members shall be appointed on even years and the other half on odd. In the event any member of the Foundation Committee can no longer serve, a substitute shall be appointed by the President to serve the remaining term of that member.
5. The Foundation Committee shall work to solicit donations to the Foundation on behalf of the FSSA, for the purposes listed below, and shall receive, spend, hold and invest the money in the Foundation. Money from the FSSA Operating Budget shall NOT be used for Foundation expenses or to fund Foundation projects. The Foundation shall reimburse FSSA for any services rendered.(1)
6. Funds with specific purposes may be established within the Foundation. The purpose will be defined by the Board of Governors or by a Deed of Gift from a donor.
7. Use of Foundation assets:
a. The assets of the General Fund may be used for purposes such as the following:
i. to establish a reserve which may be used to fund any unusual or extraordinary expenses of the FSSA;
ii. to advertise and promote the sport of Flying Scot® sailing;
iii. to recruit new members;
iv. to provide for unique capital expenses not covered by the FSSA annual budget;
v. to help regatta attendance at US Sailing national events for qualified Flying Scot® sailors;
vi. to help Flying Scot® sanctioned regattas;
vii. to promote and solicit charitable contributions to the FSSA;
viii. to maintain and replace perpetual trophies;
ix. to provide Fleet Captains and District Governors with financial support;
x. to provide enhancements to the FSSA Website;
xi. to enhance Scots n’ Water;
xii. to maintain and improve the FSSA historical archives;
xiii. for any other purpose which is intended to further the sport of sailing Flying Scot® class sloops not listed above.
b. The assets of the Fund for Sailing Education may be used for purposes such as the following:
i. to help fund education, seminars, and training programs related to Flying Scot® sailing;
ii. to fund the production of materials related to sailing education for current FSSA members;
iii. to support sailing schools and community sailing programs that use a Flying Scot® for adult sailing education;
iv. to refurbish donated Flying Scots®, equipment and sails and to deliver these items to sailing schools and community sailing programs.
8. Requests for expenditures of assets in the Foundation shall be submitted to the Chair of the Foundation for approval, or may be initiated by the Foundation Committee itself. Expenditures shall be approved by majority vote of the Foundation Committee. All expenditures greater than $5,000 shall be approved by the FSSA Executive Committee. Both the principal and interest may be spent.
9. The Foundation Committee shall hold and invest money received by the Foundation. The Foundation Committee shall exercise discretion with regard to the investment of the Foundation’s assets as a prudent, conservative individual would have in the investment of his or her own funds. All investments shall be approved by a majority vote of the Foundation Committee.
10. Within the Foundation, separate accounts shall be maintained for specific Funds. All donations directed to be used for any specific purpose shall be allocated to the appropriate account and held and expended for that purpose. Although separate accounts are to be maintained and specific donations are to be accounted for as above provided, the Foundation Committee may make joint investment of the Foundation’s assets and hold the funds in several accounts as a common fund.
11. Adequate account records shall be maintained by the Executive Secretary with regard to the Foundation’s accounts and assets, and the accounts shall be open to inspection by the President and Executive Committee.
12. The Foundation Committee may establish such bank account or accounts, either savings or checking, as it shall deem appropriate, and withdrawals from any such account shall be made upon such signature of the Chair of the Foundation Committee or his/her designee.
13. This document may be amended or revised only by a majority vote of the Executive Committee.
14. In the event any provision of this document is in conflict with the exemptions provided the FSSA by 501 (c) (3) of the Internal Revenue Code as amended, then that provision shall be void but the remaining provisions of this document shall remain in effect.
15. In the event of a dispute regarding interpretations of the provisions of this document, the decision of the Executive Committee shall be final.
1. Amended 3-7-2010
2. Amended 1-5-2012 (number of committee members)