Section 1. Banking. All monetary assets of the organization shall be maintained in a banking institution designated by the Board of Directors. Withdrawals may be made only to meet the financial obligations of the organization. All checks, drafts, or orders for payment of money, notes, or other evidences of indebtedness issued in the name of the Corporation and in the amount of $500 or over shall be signed by any two members of the board as designated by the Board of Directors.
It shall be the duty of the Board of Directors to exercise prudent financial judgment in investment of reserve funds of the Corporation so as to protect the purchasing power of such funds from the effects of inflation and general economic changes. To this end, such funds may be invested in savings accounts, certificates of deposits, saving bonds, and other interest bearing instruments, but not mortgages, common stocks, or corporate bonds.
Section 2. Finances. The Board of Directors shall be responsible for the management of the monetary assets of the organization. It shall approve the budget for each play and social event and for the operation of the Board of Directors and the various Committees. From time to time, it shall review the status of the Corporation's assets. An independent audit of the Corporation's financial records shall be performed every three years.
Section 3. Donations and Gifts. All donations and gifts received by the Corporation for purposes of real property purchases or improvements, or such other specific intent as may be noted with such donations or gifts, shall be transferred to the appropriate purpose. Donations and gifts not otherwise designated by the donor shall be added to the General Fund.
Section 4. Real Property. The Board of Directors shall represent the Corporation in the ownership of all real property. They shall exercise prudence in the management of said real property. When acquisition or disposal of property is approved by the general membership, the Board of Directors or its designees shall negotiate such matters.
Authorization for the acquisition or disposal of real property of the Corporation shall be effected in the following manner:
Notice of or request for maintenance, repair, replacement, or modifications of the theatre building including roof, walls and structural members, heating and cooling units, plumbing, and building electrical service may be initiated by the Facilities Manager or any other member of the Corporation, but shall require the approval of the Board of Directors.
The Facilities Manager will notify the Board of Directors of any plans for repairs or alterations of any structure before undertaking such action. The Board of Directors shall review such plans and supply additional monies for repair and maintenance as may be required, to the extent funds are available.
The Board of Directors shall review any use of real property owned by the Corporation for other than stated purposes of the organization (see ARTICLE II).
Section 5. Public Admission. Admission tickets may be sold to the general public for all Corporation productions unless otherwise determined by the Board of Directors. The Board of Directors shall establish prices for admission tickets.
Section 6. Social Events. Charges for attendance at social events shall be established by a majority of the members of the ACT Committee (See ARTICLE VI, Section 4) in charge of the event, subject to approval by the Board of Directors.
Section 7. Casting. The selection of performers to fill the roles of a play shall be based solely on the candidates' abilities to portray and project the roles in question and must be based on public auditions. Performers may be either members or non-members. The casting of a play shall be under the control of the artistic director. Advance public notice of auditions must be made. Auditions shall be held over a sufficient period of time to provide all interested persons an opportunity to appear. It is company policy not to employ professional actors.
Section 8. Fairness. It is recognized that no set of Bylaws can cover all circumstances. In the event of an issue arising that is not covered by these Bylaws or Roberts Rules of Order, the issue will be decided upon on the basis of fairness, the good of the Corporation, and common sense.
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