• Grants-In-Aid Program
• Endowment Fund
• General Operating Fund
• Donation Account and Donation Fund
• Audit of Funds
• Appeals Committee
• Measurement Committee

#1. LMSRF Grants-In-Aid Program

The Lake Michigan Sail Racing Federation, in accordance with its stated goal of fostering national and international sail racing competition, has established comprehensive programs of Grants-In-Aid, Scholarships and Training. The program is aimed at reducing financial burden incurred by qualified and dedicated competitive sailors attending championship level events. Funding for Instructor Scholarships is also part of this effort to improve the overall quality of sail instruction and race management throughout the Lake Michigan area. Providing small sailboats to member not-for-profit sailing organizations for sail training is another objective.

Sources of Funding:

· Endowment Fund Income, less Life Member Annual Dues which goes to the General Operating Fund.

· Directed Donations to the Grants-In-Aid Program. 5% of such donations shall be transferred to the General Operating Fund.

· Surplus from General Operating Fund as granted by action of the Board.

The funds from these sources will be deposited in the LMSRF Grants-In-Aid Money Market Fund and will be disbursed only after approval by the Grants-In-Aid Committee as directed by the Chairperson. Signatories for this account shall be the Treasurer, Commodore or and Executive Secretary with only one signature required per check if the drawn amount is under $2,000; otherwise two signatures will be required.

Grants from this Fund cannot be made in excess of the available Fund balance and will only be made to members of Lake Michigan Sail Racing Federation.

Disbursement of Funding:

Types of Support:

GRANTS-IN-AID:

Grants ranging from $200 and up to defray the expenses of sailors competing at national and international events.

Applications must be submitted in writing to the LMSRF Grants-In-Aid Committee prior to the event; however, the Committee may waive this requirement, if in its opinion there is good reason to do so, and accept a written application subsequent to the event.

The applicant should include the following information:

1. name, address, age, phone number, and e-mail address for the applicant,

2. brief personal background (education, profession, etc.),

3. name of US SAILING championship or other event which applicant is working toward,

4. resume of past racing activities and achievements,

5. summary of present activities in preparation for competition,

6. projected budget for participation in competition, along with summary of other sources of funding(if any) available to applicant from sources such as yacht clubs and/or sponsors,

7. Optional: letters of recommendation from sailing instructors, coaches, club officers, etc.

Grants under the above provisions will not cover damage deposits.

• Grants to LMSRF member not for profit sailing organizations hosting national and international events, racing rules seminars, race management clinic, safety at sea seminars, and other competitive sailing seminars and clinics.

Applications must be submitted in writing to the LMSRF Grants-In-Aid Committee (Committee) prior to the event. When considering such applications, the Committee shall be mindful that sufficient funds should remain available to help defray the expenses of those sailors competing in national and international events, and those persons attending US SAILING Instructor Training or Clinic Programs

The applicant should include the following information:
1. name, address, phone number, and e-mail address for the applicant,
2. name of US SAILING championship or other event which applicant is hosting or presenting,
3. projected budget for the event, along with a summary of other sources of funding (if any) available to applicant from sources such as donations, grants and/or sponsors.

Instructor Scholarships:

Reimbursement may include travel, housing, meals and registration fees for those attending US Sailing Instructor Training or Clinic programs. Applications must be submitted in writing prior to attending any recognized program. The following information should be provided:

1. Name, address, and phone member of applicant,

2. Name of program, date and location,

3. Cost of registration,

4. Summary of prior instructional experience and training,

5. Current CPR and Red Cross First Aid status.

Preference will be given to those persons who have no other source of financial assistance (funding from their club, etc). If approved, payment will made upon applicant’s completion of the program.

Training:

When the Board of Directors of LMSRF determine that the Endowment Fund is producing sufficient income to establish a program of supplying small sailboats for training of the LMSRF member not-for-profit sailing organization’s youth, it will be done.

 

Administration of the Program:

The Grants-In-Aid Committee will review all applications for grants, scholarships and training. The amount of funding granted will be based upon the Committee’s analysis of the qualifications of the applicant and upon monies available in any given year for distribution through the program. A written response will be made to each request upon completion of the Committee’s consideration. An annual report of all grants (grantee, amount requested, amount granted) shall be made to the Board of Directors at the first board meeting of the calendar year.

 

Applications:

All applications and inquires should be directed to:

 

LMSRF Grants-In-Aid Committee

Lake Michigan Sail Racing Federation

3225 West St. Joseph

Lansing, MI 48917

517-327-9207

517-321-0495 fax

 

Enacted November 10, 2007.

 

#2. LMSRF Endowment Fund

Purpose - To assure that funding will be available, now and in future years, to carry on the LMSRF’S GRANTS-IN-AID PROGRAM.

 

Sources of Funding:

· Directed Donations of Cash, Stocks, Bonds, Securities, etc.

· Annual Income Surplus from Endowment Fund unused By Grants-In-Aid Committee

· 80% of cash conversions from the Donation Account.

· Surplus awarded by action of the Board from the General Operating Fund.

· At the end of each fiscal year of the corporation all directed donations to the Grants-In-Aid which have not been dedicated to the Grants-In-Aid Committee, shall be reinvested as principal in the Endowment Fund.

Investment Method:

The Finance Committee of LMSRF shall determine the best method of investment to assure: 1) safety of funds and 2) maximum return on investment. In carrying out this responsibility, the Finance Committee may seek the advice of such investment counselors as they deem warranted incurring such charges as may be necessary. Commissions, if any, shall be drawn from the principal available for investment in the Endowment Fund. The Finance Committee shall review the method of investment on a regular basis (at least quarterly) and authorize any changes in investment instruments deemed necessary.

 

Disbursal of Income:

Income on the principal invested in the Endowment Fund shall be withdrawn on an annual basis, as soon after the end of each fiscal year as practical.

 

1. The LMSRF General Operating Fund shall receive an amount equal to the current year’s LMSRF basic dues times the number of living Life Members enrolled as of January lst of that year,

2. The balance of the income will be deposited in the LMSRF Grants-In-Aid Money Market Fund,

3. At the end of each fiscal year all Endowment Fund Income not distributed by the Grants-In-Aid Committee shall be re-invested as principal in the Endowment Fund.

The LMSRF Finance Chair shall be responsible for:

Withdrawal of the annual income from the Endowment

Fund and its subsequent deposit in other LMSRF

accounts or funds and maintenance of records of all

income and disbursements related to the Endowment

Fund and provision of this information in a timely

manner to the person charged with the responsibility of

preparing LMSRF tax reports.

 

Signatories to this Fund shall be Treasurer, Finance Chairperson and Commodore and each check drawn upon this Fund shall require two signatures.

Principal in the Endowment Fund shall not be withdrawn, except under extraordinary circumstances, and then only by authorization of a three-fourths vote of all LMSRF Board of Directors.

Enacted November 14, 1987, effective January 1, 1988, and amended March 17, 2001.

#3. General Operating Fund

The General Operating Fund is for the purpose of paying LMSRF debts, obligations and purchases, these to be known as the operating expenses, authorized by the Board of Directors.

Source of Funds:

· 5% of Directed Donations from the Grants-In-Aid Fund.

· Dues from Members

· Annual Dues for Life Members from Endowment Fund Income

· 5% of the cash conversion from the donation account.

· Miscellaneous Income (Appeal Fees, etc.)

The Treasurer of LMSRF shall be responsible for an annual report to the Board of Directors of the activity and balance of this Fund. Additionally, the Board of Directors shall appoint an audit committee of one, who shall be a board member, who is not a signatory to any Lake Michigan Sail Racing Federation accounts. This committee will audit the General Operating Fund annually and issue its report directly to the Board of Directors. Any individual Area of LMSRF which has an annual income in excess of $25,000 shall also be audited by this committee and a report of this Area’s audit will be given directly to the Board of Directors..

Signatories to this account shall be the Commodore, Treasurer and Executive Secretary with only one signature required per check if the transaction is under $2,500; otherwise two signatures will be required.

Enacted March 17, 2001.

#4. Donation Account and Donation Fund

This Donation Account is created to receive and identify donations of boats, sails, equipment and property (condo slips, airplanes, etc.). The Chairperson of the Donations Committee shall maintain these records and shall report, at the minimum, annually to the Treasurer the assets contained in the Donation Account and Donation Fund. The Treasurer shall confirm this report and report to the Board of Directors.

· Donation of Boats

· Donation of Equipment

· Donation of Sails

· Donation of Property

Source of Donation Fund

· 15% of Donation Account items, when converted into cash.

· Annual interest earned on the Donation Fund.

· 80% will be transferred to the Endowment Fund.

· 5% will be transferred to the General Operating Fund.

Enacted March 17, 2001.

#5. Audit of Funds and Accounts

The funds created under resolutions # 1, 2 and 4 shall be audited by a CPA selected by the Board of Directors, done on an annual basis. The cost for the audit will be paid out the General Operating Fund.

#6. Appeals Committee

The Appeals Committee shall consist of a chairperson and six additional members, all members of LMSRF. The LMSRF Board shall appoint the chairperson for a term of one year, renewable on a yearly basis. It is desirable, but not mandatory, that the committee may include individual members for each of the Areas with no more than three members from any one yacht club. All members shall have excellent knowledge of the racing rules and appeals process.

Members of the committee shall be appointed annually by the chairperson subject to approval by the LMSRF Board.

Vacancies on the committee shall be filled by appointment by the chairperson for the balance of the vacated term, subject to approval by the LMSRF Board.

A chairperson can act as his or her secretary or appoint it from within the committee.

The fee for filing an appeal shall be established by action of the Board of Directors. Any changes of fees shall be effective as of the start of the next calendar year following their approval.

#7. Measurement Committee

Membership: The Measurement Committee shall consist of a chairman and at least six additional members, all members of LMSRF. The LMSRF Board shall appoint the chairman and committee members for a term of one year, renewable on a yearly basis.

Measurement - Rating - Handicap Rules: The Measurement Committee shall have exclusive power to approve all measurement-rating-handicap rules for use in interclub regattas on Lake Michigan.

Enforcement, Interpretation and Administration: The Measurement Committee shall have the exclusive power to hear and accept or reject any appeal, amde by a Regular Member, concerning the enforcement, interpretation or administration of a measurement-rating-handicap rule. Appeals concerning racing rules shall be taken to the Appeals Committee.

Implementation of Measurement Committee Decisions: All decisions made by the Measurement Committee shall be filed with the Secretary of the Lake Michigan Sail Racing Federation, who shall mail copies to the Commodores of all regular members of LMSRF. A waiting period of four weeks, after mailing, shall be allowed for Regular Members to make objections to the Measurement Committee decisions. Such objections shall be made to the Secretary of the LMSRF.

If an objection is filed to the Measurement Committee decision, the objection will delay implementation of the decision until the LMSRF Board reviews the objection and either accepts or rejects the objection. Acceptance of the objection will nullify the Measurement Committee decision. Rejection of the objection will place the decision in effect on the date of such action.

If no objections are filed with the Secretary of the LMSRF by the end of the four-week waiting period, the decision of the Measurement Committee is considered to be in effect.

Enacted April 5, 1981, amended November 11, 1989 and January 23, 1999.