Educational Foundation

Awarded to a full-time accounting student who has completed a minimum of 60 college credits, including 15 credits in accounting.

Awarded to outstanding accounting students residing in or attending a university located in northwestern Oklahoma.

Awarded to a full-time accounting student who is attending Oklahoma State University and also meets general fund scholarship requirements.

Awarded to a student majoring in accounting at an Oklahoma community college. 

Preference is given to applicants who have been admitted to a Master of Accountancy program and who intend to pursue a career in accounting.

Awarded to a female student(s) enrolled in a four or five-year accounting program.

Awarded to outstanding accounting students attending East Central University or the University of Oklahoma.

The Foundation awards a $500 High School Scholarship to one Oklahoma high school senior planning to major in accounting at an Oklahoma college or university.

Awarded at the discretion of the Board of Trustees to an accounting student who satisfies the eligibility requirements noted above.

Awarded to an accounting student working part-time while attending school full-time.

Awarded to a UCO student pursuing a degree in accounting, expressing a primary interest in tax.

Awarded to a full-time accounting student attending either UCO or Cameron University.

Awarded to a student attending Oklahoma City Community College. 

OKLAHOMA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS EDUCATIONAL FOUNDATION BYLAWS

(Revised June 7, 1996) 

ARTICLE I
NAME AND PRINCIPAL OFFICE 

1.1 NAME: The name of this corporation shall be the OKLAHOMA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS EDUCATIONAL FOUNDATION referred to in these By-Laws as Foundation.

1.2 PRINCIPAL OFFICE: The principal office of the Foundation shall be located at the office of the Oklahoma Society of Certified Public Accountants, Oklahoma City, Oklahoma.

The name of this corporation shall be the OKLAHOMA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS EDUCATIONAL FOUNDATION referred to in these By-Laws as Foundation. The principal office of the Foundation shall be located at the office of the Oklahoma Society of Certified Public Accountants, Oklahoma City, Oklahoma.

ARTICLE II
PURPOSE

2.1 PURPOSE: The Foundation shall be a nonprofit corporation organized for the purposes of aiding, developing, and advancing education and research relating to the study, teaching, and practice of accountancy and related fields through promoting high standards of educational achievement.

ARTICLE III
RESTRICTIONS

3.1 USE OF FUNDS: The use of the funds received and accumulated by the Foundation shall be restricted to use in the State of Oklahoma.

3.2 LEGISLATION: No part of the activities of the Foundation shall consist of attempting to influence legislation in any manner either directly or indirectly.

3.3 COMPENSATION: No compensation shall be paid to any member, officer, or trustee except for reimbursement of monies actually expended on behalf of the Foundation in furtherance of its purposes.

3.4 DUES AND ASSESSMENTS: No dues or assessments of any kind shall ever be presented to or paid by any member, trustee, or officer.

ARTICLE IV
MEMBERSHIP

4.1 VOTING: The voting membership of the Foundation shall be the members of the Oklahoma Society of Certified Public Accountants, hereinafter referred to as the Society.

4.2 NON-VOTING: Other persons may be granted non-voting membership by a majority vote of the voting members of the Foundation present at any annual or special meeting called for that purpose. The term of such non-voting membership will be for a specified time which shall be stated in the motion for such membership.

ARTICLE V
BOARD OF TRUSTEES

5.1 NUMBER AND SELECTION OF TRUSTEES: The governing body of the Foundation shall be a Board of Trustees consisting of nine members. The immediate past president of the Society and the chairperson of the Liaison with Educational Institutions Committee of the Society shall be voting ex officio members. The remaining seven members shall be selected according to the nomination and election procedures of the Society.

5.2 TERM: Each trustee shall be elected to serve a term of five years with the exception of the date in time when the composition of the Board of Trustees changes from seven to nine members; at that one time, the two new additional trustees shall be elected to a three-year term and a four-year term respectively. Thereafter, each trustee shall be elected to serve a term of five years.

5.3 REMOVAL: A trustee may be removed by:

• a unanimous vote of the other trustees, or
• a two-thirds vote of the Board of Directors of the Society.

5.4 ABSENTEEISM: A trustee who is absent for three consecutive Board meetings shall be subject to removal under the provisions of Article V, Section 5.3.

5.5 VACANCIES: In the event of a vacancy on the Board of Trustees, the Board of Directors of the Society shall appoint an interim trustee to serve until the next regular trustee election. At the next regular trustee election, candidates to fill the unexpired term shall be placed on the same ballot as the candidates for the regular trustee term.

5.6 POWERS AND DUTIES: The Board of Trustees shall have the following powers and duties:

1. To establish and maintain a scholarship program whereby worthy accounting students are recognized with cash and non-cash awards. The procedures for nominating, selecting, and announcing scholarship recipients shall be established by the Board of Trustees.
    
2. To raise funds to provide scholarship awards and to provide a principal fund from which the income may be used for scholarship awards or other general purposes of the Foundation.
    
3. To promote and encourage the study of accounting as a profession.
    
4. To encourage participation in the activities of the Foundation on the part of Certified Public Accountants and other persons interested in the Foundation's purposes.
    
5. To accept, in the name of the Foundation, money and any other property by gift, grant, bequest, or otherwise and to acquire real or personal property to be used in the furtherance of the purposes of the Foundation.
    
6. Such other powers and duties as may be assigned by a majority of the voting membership at any annual or special meeting called in accordance with Article VII, Section 7.1.  

ARTICLE VI
OFFICERS

6.1 OFFICERS: The officers of the Foundation shall be the officers of the Board of Trustees: a Chairperson, a Vice-chairperson, and a Secretary-Treasurer. They shall be elected annually at the first meeting of the incoming Board of Trustees.

6.2 CHAIRPERSON: The Chairperson shall be the chief executive officer and shall preside at all membership meetings and Board meetings. The Chairperson shall appoint all committee chairpersons and committees and perform such other duties delegated by the Board of Trustees.

6.3 VICE-CHAIRPERSON: The Vice-chairperson shall perform the duties of the Chairperson in that person's absence and such other duties delegated by the Chairperson or the Board of Trustees.

6.4 SECRETARY-TREASURER: The Secretary-Treasurer shall:

1. approve and sign the minutes of all membership, Board, or committee meetings;
    
2. have charge of all the funds, accounts, and fiscal affairs of the Foundation, subject to direction or review by the Board of Trustees; and
    
3. perform such other duties as may be prescribed in these By-laws or which may be delegated by the Board of Trustees.

6.5 TERM: Upon election, the officers shall immediately assume their respective offices and shall serve until their successors are elected.

6.6 REMOVAL: An officer may be removed by a majority vote of the members of the Board of Trustees.

6.7 VACANCIES: A vacancy in an office of the Board of Trustees shall be filled for the remainder of the term by election by the Board of Directors of the Society.

6.8 NON-VOTING EXECUTIVE DIRECTOR: In addition to the officers elected from the Board of Trustees, the Executive Director of the Society shall be the Executive Director of the Foundation serving as a nonvoting member of the Board of Trustees and having the duty of recording the proceedings of all meetings and performing such other duties prescribed in these By-laws or which may be delegated by the Board of Trustees.

ARTICLE VII
MEETINGS AND QUORUM

7.1 MEETINGS OF MEMBERS: The members shall meet at least once a year at a place to be determined by the Board of Trustees. Special meetings of the membership may be called upon direction of a majority of the Board of Trustees.

7.2 BOARD OF TRUSTEE MEETINGS: The Board of Trustees shall meet at least once a year. Special meetings of the Board of Trustees may be held upon call of the chairperson or a majority of the trustees.

7.3 MEETING NOTICES: At least five days written notice shall be given for any meeting of the membership or the Board of Trustees. Notice of meetings shall contain the date, time, place and purpose of the meeting. Notice of meetings shall be provided to the last known address of the member or trustee to be notified as reflected in the official records of the Society or Foundation.

7.4 MEMBERSHIP MEETING QUORUM: The members of the Foundation present at a membership meeting shall constitute a quorum for the transaction of any business presented at any meeting of the Foundation held in accordance with Article VII, Section 7.1 of these By-laws.

7.5 BOARD OF TRUSTEES QUORUM: Five members of the Board of Trustees shall constitute a quorum for the transaction of any business presented at any meeting of the Board of Trustees. When less than the full board is present, any action shall require the same vote by five of the trustees in attendance.

ARTICLE VIII
FISCAL MATTERS

8.1 FISCAL YEAR: The fiscal year of the Foundation shall be from May 1 to April 30.

8.2 SEGREGATED FUNDS: All funds of the Foundation shall be maintained as a separate segregated fund and shall be deposited in such banks or other depositories as the Board of Trustees may select.

8.3 SPECIAL TRANSACTION APPROVAL: Except as otherwise provided in these By-Laws, the chairperson shall be empowered to act on behalf of the Board of Trustees with respect to financial transactions, prior to or in lieu of the approval of the Board of Trustees, for up to Five Thousand Dollars ($5,000.00). Any actions taken which have not first been authorized by the Board shall be reported to and approved by the Board at the next meeting following such action.

8.4 CHECK SIGNATURES: Two signatures shall be required on all checks of the Foundation bank account. The signature of either the Foundation Secretary-Treasurer or the Executive Director shall be one of the required signatures. Any member of the Board of Trustees shall be authorized to sign as the other required signature on the checks of the Foundation bank account.

8.5 ANNUAL REPORT: The Board of Trustees shall present an annual report specifying the amount of funds received, disbursed and managed during the preceding fiscal year to the Board of Directors of the Society. The report shall contain such other information as the Board of Directors of the Society may request in writing. Such request shall be submitted at least fourteen days prior to the date scheduled for the presentation of the annual report.

8.6 PUBLIC INSPECTION: The financial records of the Foundation shall be open for public inspection during regular business hours. At least five days notice of a request to inspect such records shall be given to the Board of Trustees.

8.7 AUDIT: The trustees shall cause the financial records of the Foundation to be audited annually.

8.8 INDEMNIFICATION: The Foundation shall indemnify any person not exempt by law for official acts performed in good faith and in the furtherance of their official duties, according to the rules set forth in Article IX of the Society By-laws.

ARTICLE IX
AMENDMENTS

9.1 METHOD: These By-laws may be amended by a majority vote of the voting members of the Foundation present at any annual or special meeting called for that purpose, provided that written notice setting forth the proposed amendment in detail has been submitted to all the members not less than 20 days prior to the meeting date.

ARTICLE X
DISSOLUTION

10.1 DISSOLUTION: Upon dissolution, all assets of the Foundation remaining after all debts and any other obligations have been met shall be distributed to organizations qualified as tax-exempt charitable organizations pursuant to the provisions of Section 501 (c) (3) of the Internal Revenue Code of 1986 and subsequent amendments thereto. The selection of the appropriate 501 (c) (3) organizations shall be made by the Board of Directors of the Society. No part of the assets shall inure to the benefit of any member or trustee.