Madison Rotary Foundation

“According to the foundation's articles of organization, article six: all active and honorary members of the rotary club of madison shall be active members of the corporation. The trustees may elect any person, whether a member of the rotary club of madison or not, honorary member of the corporation, by a two-thirds vote of such trustees. The board of trustees may discharge any honorary member form said corporation by a two-thirds vote of said trustees. Active members shall be discharged when they cease to be members of the rotary club of madison.”

“During the annual meeting, members of the organization vote for new trustees. From bylaws section i. General powers: the management and control of the corporation shall reside in the board of fourteen trustees, two of whom shall be the most recently retired past presidents of the rotary club of madison who are still members of the club, each of whom shall serve a two-year term. The other twelve trustees are to be elected from the membership with a four-year, non-renewable term, on a staggered basis of three per year. Article iii general officers section i election: the trustees shall annually elect four officers, a president, a vice president, a secretary, and treasurer. The president and vice president shall be elected from among the trustees, but the secretary and a treasurer need not be a trustee. The president and vice president, together with one other trustee, to be selected by the board, shall constitute an executive committee, this committee shall be entitled to exercise all the powers of the board of trustees when not in session, but subject to the direction thereof. All officers and trustees shall hold office until their successors are duly elected.”

“If decisions relate to the governing documents or the matter changes the direction of the organization, the membership votes on the matter.”

“Form 990 is prepared by the accounting firm that handles the quarterly accounting reports which are distributed to all foundation trustees and officers. The form 990 is shared with the officers prior to being filed.”

“The evaluation process for determining the compensation for the secretary is conducted independently by the madison rotary club. A committee is comprised of volunteers that include professionals who have a knowledge of industry data, and they work with current madison rotary club officers to determine compensation for staff employees.”

“The form 990 is available on request. We advise members that anyone wishing to see our governing documents may request them from our office. The governing documents are also available to members via our website. We also prepare an annual report for members to provide detailed information on our grants, program funds, etc.”

“The process has not changed from the prior year.”