Financing
Activities supported by voluntary donations from Illinois ASBO members, special fund-raising events, funds appropriated by Illinois ASBO Board of Directors and interest earned from a permanent endowment fund. All donations are tax deductible.
All donations and funds used according to the following:
- No less than 60 percent for scholarships, research and policy development or charitable contributions
- No more than 20 percent deposited in a permanent endowment fund
- Approximately 10 percent for certificates, plaques and other recognition tokens for recipients
- Approximately 10 percent for marketing and administering the recognition programs
- Illinois ASBO sponsorship of events at other organization conferences
Governance
The Foundation is governed by a Board of Governance consisting of the following members:
- Executive Director/CEO (Administrator of the Foundation) – 1
- Deputy Executive Director/COO – 1
- Immediate Past President for a two-year term – 2
- Illinois ASBO Directors for 3-year staggered terms each appointed by the Illinois ASBO President. (This will be reserved for former directors who are not going forward as Treasurer/President Elect/President/Past President. Should there be a vacancy, the IASBO President will appoint a current or past Director or Officer) – 6
- Service Associate Advisory Committee Members for 3-year staggered terms each appointed by the IASBO President. (This will be reserved for the third year SAAC member not going forward as Vice Chair. Should there be a vacancy, the IASBO President will appoint a current or past SAAC member) – 3
- Service Associate Members for a three-year term staggered term, each appointed by the Illinois ASBO President – 2
- Active School District Members for a three-year term each appointed by the Illinois ASBO President (Number to be variable to balance the addition of Foundation Partners based on item 8 below) – Variable
- Foundation Partners for a 3-year term beginning September 1 following their second consecutive partnership event (Foundation Partners may appoint a different individual to a successive 3-year term for ongoing participation as long as the entity remains a Partner) – Variable
MEET THE CURRENT GOVERNance BOARD
The full Board of Governance shall meet at least once annually and more often as required by Foundation activities. The Board of Governance shall oversee all approved Foundation activities, fundraising efforts, donor categories, partnership programs, and distribution of awards. Minutes of all full Board of Governance meetings shall be submitted to the Illinois ASBO Board of Directors.
Changes to Foundation activities, fundraising, donor categories, partnership programs and award categories may be recommended by the Foundation Board of Governance, but must be approved by the Illinois ASBO Board of Directors.
Sub-Committees may be established to meet as often as necessary to support various Foundation activities. Members of sub-committees shall be selected from the Board of Governance based on interest and potential impact.