Beckman Endowment Fund

“The number of the Board of Directors changed from 9 to 10. The Pastoral Coordinator (formally known as Executive Coordinator) of Beckman Catholic High School shall be entitled to appointment as a member of the Board of Directors. This position was formally a non-voting ex-officio member of the board. Directors are not eligible for reelection without at least one year absence from the board, with the exception being the Pastoral Coordinator, who is not subject to the one year required absence. Parish vacancies shall be appointed from said parish. At-large positions may be filled by any eligible shareholder. Each year, a percentage of the unrestricted average investments will be distributed to Beckman Catholic High School operations in the subsequent fiscal year. The average will be determined by adding the current 12/31 balances and the two previous 12/31 balances and dividing by three. The percentage will be determined annually by the Endowment Board of Directors but in no cas will the percentage exceed 10%. The following was removed: Board members shall be filled by election at the first regular meeting. A drawing by lot shall then determine three (3) three-year terms, three (3) two-year terms and three (3) one-year terms. If for any reason Beck Catholic High School should discontinue its educational program, the assets owned by the Beckman Catholic Endowment Fund will be distributed to the five corporate parishes of the Beckman system in the same ratio as the average parish assessments by using the most recent five years to calculate this average. It is the intent that these funds continue to be used for Cahtolic education within the parishes.”

“Each contributor to the Beckman Catholic Endowment Fund shall be considered a voting shareholder regardless to the amount of the contribution; entitled to one vote per family. Family shall include husband and wife and children under the age of 18. Each shareholder is entitled to participate in the annual meeting of the corporation.”

“Each of the five parishes of the Beckman School system; St. Francis Xavier, Dyersville; St. Boniface, New Vienna; St. Joseph, Earlville; St. Paul, Worthington; Sts. Peter & Paul, Petersburg shall be entitled to at least one member on the Board of Directors. If a system parish is unable to provide a parishioner to fill such seat at the time of election, such seat shall be filled as an at-large seat for said term. The Pastoral Coordinator (formally known as Executive Coordinator) of Beckman Catholic High School shall be entitled to appointment as a member of the board of directors. The remaining directors shall be considered at-large positions.”

“The Organization does not have committees with authority to act on behalf of the governing body.”

“The Form 990 is reviewed by the Board of Directors at their board meeting.”

“The Organization is in the process of implementing a conflict of interest policy. The policy will be signed and reviewed annually by all board members.”

“The Organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“The Organization's Board of Director's assumes the responsibility for oversight of the compilation of its financial statements and selection of an independent accountant.”