Bylaws of the Michigan Student Financial Aid Association
(A MICHIGAN NONPROFIT CORPORATION)
Name and Purposes
Name. The name of the corporation is Michigan Student Financial Aid Association (the “Corporation” MSFAA)
Purposes. The purposes of the Corporation are as follows:
exclusively for the purposes set forth in Section 501(c) (3) of the Internal
Revenue Code of 1986, as amended, (or corresponding section of any future
federal tax code) (the "Code") including, for such purposes, the
making of distributions to organizations that qualify as exempt organizations
under Section 501(c) (3) of the Code.
and administer funds, to acquire, to own, to invest, to dispose of, and to deal
with real and personal property and interests therein, and to apply gifts,
grants, contributions, bequests and devises, and the income and proceeds
thereof, in furtherance of the charitable and other purposes of the
To operate with all the powers
conferred upon the Corporation by the provisions of the Michigan Nonprofit
Corporation Act, as amended (the "Act") , by the Articles of
Incorporation of the Corporation and by these Bylaws.
Limitations. Notwithstanding any other
provision of these Bylaws, the Corporation shall not carry on any
activity not permitted to be carried on by an organization exempt from federal
income tax under Section 501(c) (3) of the Code, or by a corporation,
contributions to which are deductible under Section 170 (c) (2) of the Code.
Equal Opportunity and Non-Discrimination. No person shall be denied the opportunity to participate in the activities of or receive any of the benefits of the Corporation’s programs, nor be subjected to discrimination or harassment, on the basis of race, religion, creed, color, age, sex, sexual orientation, national origin, ancestry, marital status, weight, height, medical condition, or disability. MSFAA reserves the right to refuse membership to individuals or organizations that, as determined by the board of directors, do not uphold its published Statement of Ethical Principles.
STATEMENT OF ETHICAL PRINCIPLES
The primary goal of the Financial Aid Professional is to help students achieve their educational potential by providing appropriate financial resources. To this end, this Statement provides the Financial Aid Professional with a set of principles that serves as a common foundation for accepted standards of conduct.
The Financial Aid Professional shall:
Dissolution. In the event of dissolution of the Corporation, the Board of Directors shall cause the assets of the Corporation to be distributed as follows:
liabilities of the Corporation shall be paid or adequate provision shall be
made for their payment.
All of the
Corporation’s remaining assets, real or personal, shall be distributed to an
exempt organization under Section 501(c) (3) of the Code. This organization
shall be determined by the Board of Directors. Any such assets not so disposed
of, for whatever reason, shall be disposed of by order of the Circuit Court for
the County of Oakland, Michigan to such organization or organizations as said
Court shall determine, which are organized and operated exclusively for
Distributions. No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to, its directors, officers, or other private persons, except that the Corporation shall be authorized to pay reasonable compensation for services rendered and to make payments in furtherance of the purposes set forth in this Article. No substantial part of the activities of the Corporation shall be the use of propaganda, and the Corporation shall not participate in, or intervene in (including the publication or distribution of statements) any political campaign on behalf of any candidate for public office.
Registered Office. The principal office and registered office of the Corporation shall be in Oakland County, State of Michigan, or at such other place as the Board of Directors shall from time to time determine.
Other Offices. The Corporation may have offices at such other places as the Board of Directors may from time to time determine.
Types. Membership shall be of four types: regular, associate, affiliate, and retired membership; and shall be for a period of January 1 to December 31.
membership shall be limited to persons actively engaged in the administration
of student financial aid in postsecondary institutions located in the state of
Michigan. Each regular member shall be entitled to vote as a member of the
corporation, to hold office in the corporation, and shall be urged to attend
annual meetings, work conferences, and all other meetings of the corporation.
- Associate Membership. Associate membership shall be open to persons representing public and private agencies and organizations concerned with or engaged in the support and/or administration of student financial aid. Associate membership shall also be open to persons actively engaged in the administration of student financial aid in post-secondary institutions in states other than Michigan. Each associated member shall be entitled to one vote, to be a committee member or committee co-chair(s) (with a regular member serving as a second co-chair(s)) unless otherwise specified, to hold only the elected office of associate member sector representative, and shall be encouraged to attend annual meetings, work conferences, and all other meetings of the corporation.
- Affiliate Membership. Affiliate membership shall be open to persons representing state government agencies awarding and administering financial aid programs, to employees of colleges and universities that serve students but do not directly administer aid, and to organizations whose main mission involves college access and student success. Examples might include staff in the offices of Registrars, Admissions, Bursars, Enrollment Management, Trio programs, College Access Network and other units/agencies/organizations primarily concerned with student success initiatives. Affiliates may not be persons who meet the definition of associate sector member. Affiliates are not voting members and may not hold elected office, but they may serve on a committee or be a committee co-chair(s) (with a regular member serving as a second co-chair(s)) unless otherwise specified, and shall be encouraged to attend annual meetings, work conferences, and all other meetings of the corporation.
membership shall be open to persons who have retired from and have served
during the most recent ten years in a position eligible for regular or
associate membership in MSFAA. Each retired member shall be entitled to vote,
to be a committee member or chair(s)person unless otherwise specified, and
shall be encouraged to attend annual meetings, training conferences, and all
other meetings of the corporation.
annual business meeting of all members shall be held at such time as shall be
set by the Board of Directors, for the purpose of electing officers and for
transacting such other business as may properly be brought before the meeting.
Special membership meetings may be called at any time by the majority of the Board of Directors or the President, and shall be called by the Secretary upon the written request of the President or the majority of the Board Members.
The Board of Directors
may adjourn any meeting to another time and place. The full-time membership should be notified
by email of the adjournment and the new time and place, even if they were not
present at the original meeting. Any action required or permitted
to be taken pursuant to an authorized vote at any membership meeting may be
taken without a meeting if, before or after the action, the membership consents
thereto in writing. Written consent shall be filed with the corporation and
shall have the same effect as the vote of the member for all purposes.
Notice of Meetings. Notice
(written, email) shall be given to the membership at least ten (10) but not
more than ninety (90) days prior to the annual business meeting. Special
membership meetings shall be held pursuant to notice of the time, place and
purpose thereof either delivered personally or sent by email or listserv
announcement to the membership not less than five (5) days prior to the
meeting, and if by telephone, confirmed in writing before or after the meeting.
Notwithstanding the foregoing, no notice need be given if
the member submits a signed waiver of notice before or after a meeting, or
attends a meeting without protesting any lack of notice.
Proxies. A member may authorize other persons to act for it by proxy. A proxy shall be signed by the membership’s authorized agent or representative and is not valid after the expiration of three years from its date unless otherwise provided in the proxy. A proxy is revocable at the pleasure of the member, except as otherwise provided by law.
Each member is entitled to one vote on
each matter submitted to a vote, unless otherwise provided in the
Articles of Incorporation.
Quorum. One tenth of the membership shall constitute a quorum for the purposes of conducting business at any membership meeting.
Dues. Regular, associate and affiliate member dues shall be determined by the Board and collected once each membership year. Retired members shall be exempt from dues.
as specifically provided in the Corporation’s Articles of Incorporation
or these bylaws, all rights, powers, duties and responsibilities related
to the management and control of the Corporation’s property, activities
and affairs are vested in the Board of Directors. In addition to the power and
authority expressly conferred upon it by these bylaws and the Articles of
Incorporation, the Board of Directors may take any lawful action on behalf of
the Corporation which is not by law or by the Articles of Incorporation or by
these bylaws required to be taken by some other party.
Board of Directors. The Board of Directors shall be composed of the twelve officers of the corporation.
Officers. The officers of the corporation are the President, President-Elect, Vice President, Secretary, Treasurer, Assistant Treasurer, Immediate Past President, and a Sector Representative from each of the following sector groups: (1) ) four-year public universities, (2) two-year public colleges, (3) two and four-year independent colleges and universities, (4) proprietary and other postsecondary schools, and (5) associate members. A member may not hold more than one office simultaneously.
Selection and Term. The President-Elect, Vice-President, Secretary, and sector representatives shall be elected annually and in a manner approved by the Board and shall serve a term of one year commencing immediately following the annual business meeting or until such officer’s successor is elected.
Terms for some specific officers: At the end of one year, the President-Elect shall succeed the President, and the President will become the Immediate Past-President. The Assistant Treasurer and Treasurer shall be appointed by President with the approval of the Board of Directors. The Assistant Treasurer is appointed each year and becomes the Treasurer in the second year. The Assistant Treasurer serves for one year commencing with the adjournment of the annual meeting of the association following his/her appointment, and assumes the position of Treasurer for the following year. The Treasurer serves one year commencing with the adjournment of the annual meeting of the association at the end of the term of office as Assistant Treasurer and concluding with the calendar year end of his/her appointed term to enable full transition of the Assistant Treasurer into the Treasurer position. The Assistant Treasurer shall be appointed in an alternate year. If the Assistant Treasurer is unable to assume the duties of the Treasurer, the President shall appoint a Treasurer with approval of the Board of Directors. If the Treasurer resigns, the President shall appoint a Treasurer with the approval of the Board of Directors.
Removal. At any meeting, by vote of a majority of directors present, the Board may remove any director whenever this removal is believed to be in the best interest of the Corporation or the Board.
Vacancies. A vacancy created by the
death, resignation, or removal of the President shall be filled by the
immediate Past President. A Past President succeeding to the office of
President through such vacancy shall complete the term or serve for a duration
of time as determined by the Board of Directors. The Past President position
shall remain vacant until the next annual meeting or shall be filled by appointment
by the Board of Directors. If the immediate Past President is unable to succeed
as President, the term shall be completed by a regular member appointed by the
Board of Directors in accordance with stated directives in the MSFAA Policy and
A vacancy created by the death, resignation, or
removal of the President-Elect shall be filled by a vote of the membership to
be conducted within forty-five days of the vacancy occurring or shall remain
vacant until the next business meeting. If the President-Elect position is not
filled by a vote of the membership, the current President shall succeed
as President for a second term.
A vacancy created by the death, resignation, or
removal of the Vice President, Secretary, or Sector Representative shall be
filled by appointment by the President with approval of the Board of Directors.
The person appointed to fill the vacancy shall serve for the unexpired portion
of the term.
A vacancy in the President’s position created by the death, resignation, or removal of both the President and Past President shall be filled by appointment by the Board of Directors in accordance with stated directives in the MSFAA Policy and Procedures Manual. The persons appointed to fill the vacancies shall serve for the unexpired portions of the term.
Meetings. An annual meeting of the Board of Directors shall be held within three (3) months of the close of the fiscal year of the Corporation, on a date and at a place and time as the Board of Directors shall determine.
In addition to the annual meeting,
there shall be held regular meetings in accordance with a schedule at such
times and places as the Board of Directors shall determine.
Special meetings of the Board of Directors may be called by the Secretary of the Corporation upon the request of the President or not less than three of the directors.
Meetings of the Board of Directors may be held at any place within the State of Michigan.
Five of the officers shall constitute a quorum for
the purposes of conducting business at any meeting of the Board of Directors.
Any action required or permitted to be taken pursuant to authorized vote at any meeting of the Board of Directors or a committee thereof, may be taken without a meeting if, before or after the action, all members of the Board of Directors or the committee consent thereto in writing. Written consent shall be filed with the minutes of the proceeds of the Board of Directors or committee. Such consent shall have the same effect as the vote of the Board of Directors or committee for all purposes.
A member of the Board of Directors or of a
committee may participate in a meeting by means of conference call or other
communications medium by which all persons participating in the meeting can
send and receive information. Participation in a meeting pursuant to this
Section constitutes presence in person at the meeting.
Notice of Meetings. Written notice shall be given to the directors at least ten (10) but not more than sixty (60) days prior to all regular meetings of the Board of Directors. Special meetings of the Board of Directors shall be held pursuant to notice of the time, place and purpose thereof either delivered personally, communicated by telephone, or sent to each director by email not less than five (5) days prior to the meeting, and if by telephone, confirmed in writing before or after the meeting.
the foregoing, no notice need be given to any person who submits a signed
waiver of notice before or after a meeting, or who attends a meeting without
protesting any lack of notice.
Resignation. A member of the Board of Directors may resign by giving written notice to the President of the Corporation. Unless otherwise specified in the resignation, the resignation shall take effect upon receipt, and the acceptance of the resignation shall not be necessary to make it effective.
Voting. The vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors unless a greater vote is required by law, by the Articles of Incorporation or by these bylaws. Each officer present shall have one vote. No officer shall be entitled to vote by proxy.
of Officers. The officers, as such, shall not be
compensated for the performance of services for the Corporation, but
may, by resolution or policy of the Board of Directors, be reimbursed for
expenses incurred on behalf of the Corporation.
Duties of Officers. The duties of all officers shall be as set forth in these bylaws and as specifically established by the MSFAA Policies and Procedures, as approved by the Board of Directors.
Additional Duties. Any officer of the Corporation, in addition to the powers conferred upon him or her by these bylaws, will have such additional powers and perform such additional duties as may be prescribed from time to time by the Board of Directors.
Appointment of Committees. The President will designate one or more committees of the Corporation, with the approval of the Board of Directors. Committees will be established to ensure the effectiveness of the operations of the Corporation. The membership of each committee will consist of at least one chair(s)person and one or more committee members. Committee members may be members of the Board of Directors or members of the Corporation. The chair(s)person of the committee will be appointed by the President of the Corporation and will report to the Board of Directors. Current Committee Chair(s) position descriptions including the purpose, duties, and membership of the committees will be defined in Appendix e of the Policy & Procedures. A current list of committees may include the following: Finance, Nominations and Elections, Membership, Donor Support, Legislative Issues, Training, Conference Program, Conference Site, Site Selection, Association Governance and Planning, Early Awareness and Multicultural Outreach, Communications, Web Services and Research. If additional committees are determined to be necessary to conduct the business of the Corporation they will be defined in Appendix e.
Report of Committees. The studies, finds, and recommendations of all committees will be reported to the Board of Directors for consideration and action, except as otherwise ordered by the Board of Directors. Committees may adopt such rules for the conduct of business as are appropriate and as are not inconsistent with these bylaws, the articles of incorporation, or state law.
of Directors, Officers and Employees
Right to Indemnify Directors, Officers, and Employees. The Corporation shall indemnify any person and shall pay in advance the defense expenses of any person, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, business corporation, partnership, joint venture, trust or other enterprise, whether for profit or not for profit, to the fullest extent permitted by the Act, as the same exists or hereafter may be amended, against all expenses, including attorneys’ fees, liability (including without limitation liability for money damages for breach of fiduciary duty) and loss reasonably incurred or suffered by such person in connection therewith. No repeal or modification of this Article shall adversely affect any right or protection of any person existing at the time of or with respect to any acts or omissions occurring before such appeal or modification.
Insurance. The Corporation shall have power to purchase and maintain insurance on behalf of board members in accordance with the Act.
Statement of Policy. It is the policy of the Corporation that all officers and committee members of the Corporation shall scrupulously avoid any conflict between their own respective individual interests and the interests of the Corporation, in any and all actions taken by them on behalf of the Corporation in their respective capacities.
Dealing with the Corporation. A contract or other transaction between the Corporation and one or more of its officers, or between the Corporation and a domestic or foreign corporation, firm or association of any type or kind in which one or more of the Corporation’s officers are directors or officers, or are otherwise interested, is not void or voidable solely because of such common directorship, officership or interest, or solely because such directors are present at the meeting of the Board of Directors or committee thereof at which such contract or transaction is acted upon or solely because their votes are counted for such purpose if any of the following conditions is satisfied:
- The contract or other transaction is fair and reasonable to the Corporation when it is authorized, approved or ratified; or
- The material facts as to such director’s relationship or interest and as to the contract or transaction are disclosed or known to the Board of Directors or committee thereof and the Board of Directors or committee thereof authorizes, approves or ratifies the contract or transaction by a vote sufficient for the purpose without counting the vote of any common or interested director; or
facts as to such officer’s relationship or interest and as to the contract or
transaction are disclosed or known to the membership, and the membership
authorizes, approves or ratifies the contract or transaction.
Procedure in Event of Potential Conflict of Interest. In the event that any officer or committee member of the Corporation shall have any direct or indirect interest in, or relationship with, any individual or organization which proposes to enter into any transaction with the Corporation, such officer or committee member shall give the Board of Directors written notice of such interest or relationship and shall thereafter refrain from voting or otherwise attempting to exert any influence on the Corporation, its Board of Directors, or its committees, to affect its decision to participate or not to participate in such transaction.
Special Voting Rules. Any member of the Board of Directors who has a conflict of interest on any matter involving the Corporation shall not be counted in determining the quorum for the meeting at which the matter is to be acted upon, even when permitted by law. The minutes of the meeting shall reflect that a disclosure was made, the abstention from voting, and the quorum situation.
Notice of Policy. Every officer or committee member shall be advised of the policy set forth in this Article by the President immediately upon election or appointment. Each officer or committee member shall be asked to submit a letter outlining any possible area of conflict of interest at the first meeting of the Board of Directors following his or her election or appointment, and the letter shall become a part of the permanent records of the Corporation.
Publication of Policy. The policy set forth in this Article shall be called to the attention of the Board of Directors and each Committee of the Corporation at a regular meeting thereof, not less than once each year, and such action shall be recorded in the minutes of such meeting. A copy of this policy shall be furnished to each officer and committee member who is presently serving the Corporation, or who may hereafter become associated with the Corporation.
Audits and Fiscal Year
Audits. There shall be an audit of the financial statements of the Corporation by an independent certified public accountant selected by the Board of Directors conducted prior to the conclusion of the duties of the Treasurer or at least every four years. In the interim, MSFAA will use an internal audit committee comprised of the following members of the Board of Directors:
Fiscal Year. The fiscal year of the Corporation shall be from the first day of January to the last day of December.
Expenditure Approval. The Board of Directors shall designate officers to approve expenses and sign checks, drafts, or other obligations for the payment of money.
Borrowing. No loans and no renewals of any loans shall be contracted on behalf of the Corporation except when specifically authorized by the Board of Directors. The authority contained in this Section shall be express and confined to specific instances.
Method of Giving Notices. Any notice required by statute or by these bylaws to be given to the officers of the Corporation, unless otherwise provided herein or in any statute, shall be given by emailing or paper mailing to such officer at such officer’s last email or mailing address as appears on the records of the Corporation and such notice shall be deemed to have been given at the time of such mailing.
Amendments. These bylaws may be altered or amended by the Board of Directors and submitted to the membership for approval.
Amendments to the Policy & Procedures Manual, not including bylaws, may be altered or amended by the Board of Directors at any board meeting by a simple majority of voting members.
Additional Rules. The Board of Directors may adopt additional rules and procedures for the conduct of their meetings, and additional rules and regulations for the conduct of the affairs of the Corporation, provided that no such additional rule shall be inconsistent with the Articles of Incorporation or these bylaws. These rules and regulations will be maintained in the Corporation’s Policy and Procedures Manual. This record shall be kept by the Corporation Secretary.