Community Foundation for Oak Park

Article V: Governance And Administration

Section 1: Execution of Documents

The Board of Trustees may authorize any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Foundation, and such authority may be general or confined to specific instances; this authority shall be constrained by Section 2 of this Article. Unless so authorized by the Board of Trustees, no officer, agent or other person shall have any power or authority to bind the Foundation by any contract or engagement or to pledge its credit or to render it liable for any purpose or to any amount.

Section 2: Payments of Funds

No funds shall be paid or invested by the Foundation except (a) by formal authorization by the Board and (b) upon the signature of two officers. All bank (or equivalent) and investment accounts of the Foundation shall require the signatures of at least two officers for all transactions other than deposits. However, the Board may authorize the transfer of funds between Foundation accounts in the same financial institution upon a single signature of a person who need not be an officer. The Board may also authorize a person to transfer funds between Foundation accounts in the same financial institution via electronic funds transfers.

Section 3: Grants

Funds solicited from the Foundation by the public — including funds solicited by activity committees — shall be granted only in accord with formal policies adopted by the Board. Generally, these policies shall require a formal grant application and the review of that application by a Grants Committee. The Foundation shall not make grants for the purpose of advertising itself, but activity committees may make such grants from their own funds. Grants shall not be made to any individual by either the Foundation or any activity committee. However, a grant may be made to another tax-exempt entity (including a government agency) for the specific purpose of aiding a deserving individual. The criteria for selecting a deserving person shall be evaluated by the Foundation or activity committee making the grant, but the identities of actual recipients shall not be requested. Grants from the general funds of the Foundation shall be made only for purposes that benefit the community of Oak Park and its residents. However, the Foundation will accept donations from donors who wish to extend benefits beyond Oak Park; such donations will be segregated from the general funds of the Foundation.

Section 4: Compensation

Trustees, officers, and committee members shall receive no compensation or stipend for their services. They may receive reimbursement for substantiated direct expenses as approved by the Board. Officials of an activity committee may receive reimbursement from their committee’s own funds for substantiated direct expenses as approved by the committee’s governing body.

Section 5: Fiscal Year

The fiscal year of the Foundation shall be the calendar year. Semi-annual fiscal reports of the Foundation shall be available for inspection by the public.