Association for Financial Counseling And

“On october 28, 2024, during the organization's annual business meeting, members voted to amend the bylaws to revise the quorum requirement for membership meetings from a majority (more than 50%) of voting members to a fixed number of 100 voting members. The proposed amendment was presented to members and approved through a proxy voting process to ensure broad participation and achieve the required majority threshold for passage. This change was recommended by the governance committee and approved by the board of directors following due diligence, consultation with legal counsel, and benchmarking against comparable nonprofit organizations and industry standards. The quorum adjustment was made to better reflect the organization's typical meeting attendance, align with common nonprofit governance practices, and ensure the organization can conduct official business effectively as its membership (now exceeding 2,000 individuals) continues to grow.”

“The association has two classes of membership; individual and student. Each member is entitled to one vote on each proposal brought by the association for a vote of the members.”

“Afcpe members elect the board of directors through direct ballot. One-third of the board of directors is elected annually.”

“The organization's board of directors makes the majority of governing decisions. However, certain decisions, such as changes to the member voting quorum, are reserved for approval by the general membership.”

“The form 990 is shared with and is reviewed by the board members.”

“All officers and directors of the organization review and sign the conflict of interest policy annually. Possible conflicts of interest are discussed by the board of directors and any necessary actions to mitigate possible conflicts of interests are taken by the board. Directors may bring possible conflicts of interest to the board at any time during the year and/or their tenure as directors.”

“The president conducted research comparing salaries from other non-profit organizations with similar makeup and financials. Based upon this research, a range of salary and benefits were presented to the board of directors for establishing a base salary and incentive plan for the executive director. The compensation package was approved unanimously by the board of directors. Staff salaries were originally set by the previous board of directors and executive directors. However, the board of directors determined that the executive director should have some flexibility in determining raises and incentives for their staff so they approved a small line item budget for the executive director to use for annual raises and incentives.”

“At this time, governing documents are only available to the membership.”

“The process has not changed from prior year.”