ARTICLE VIII - Treasury

Categories: NBYFL ByLaws

Treasury

1. The Board of Officers shall direct expenditures in such a manner as will give no individual or team, level or division an advantage over another.

2. All registration and fund-raising is to replenish the League treasury. The League treasury will be used for all League expenses including but not limited to purchasing concessions, advertising, marketing materials, uniforms, equipment, hydration, field time, facility maintenance, first aid, improvements, media, special events, training, instruction clinics, special guest speakers, awards, team celebrations, spirit gear and memberships to relevant organizations and affiliations which benefit the whole of the league.

3. The League shall not permit or accept the contribution of funds to or for individuals, levels or specific divisions, as a rule.  Teams/levels may take up level specific collections for team/level specific activities, with prior-approval from the Board of Officers.

4. Settlement of all charges/expenses and budgets must be submitted to the Board of Officers no later than one week after the last regular season game. Exceptions must be approved by the Board of Officers. Excess funds will revert to the League improvement fund.

5. The Board of Officers shall institute a policy relative to the preparation of financial reports, and an annual audit of the books of the League. 

6. All major purchases, excluding normal operating expenses, exceeding $1,000 for capital expenditures or $1,500 for operational expenditures must be approved by a majority vote by and duly constituted at a meeting of the Board of Officers. 

1. Normal operating expenses include concession expense, utilities, field upkeep, inventory replenishment, event costs and advances, etc.
2. In an Emergency, the president of the Board of Officers will make the necessary decision(s) regarding expenditures and report to the Board as soon as possible.

7. No private inurement. No part of the net income or net assets of the corporation shall inure to the benefit of, or be distributable to, its trustees, directors, officers, members or other private persons. However, the Corporation shall be authorized to make reimbursements for expenses incurred in conducting its affairs and carrying out its purposes and to make payments and distributions in furtherance of the purposes set forth in Article II hereof.

8. All the assets and earnings of NBYFL shall be used exclusively for its exempt purposes, including the payment of expenses incidental thereto.

9. Notwithstanding any other provision of these Articles of Incorporation and Bylaws, NBYFL will not carry on any activities not permitted by an organization exempt under Section 501(c)(3), Internal Revenue Code, 1986 (as amended), or the corresponding provision of any future federal law.  

10. NBYFL shall have no capital stock, pay no dividends, distribute no part of its net income or assets to any trustee, officer, member, volunteer and/or private property of the subscribers. Trustees or Officers shall not be liable for the debts of NBYFL.

11. Checks, Drafts and Orders of Payment. All checks, drafts, notes, or orders of payment or other evidence of indebtedness issued in the name of NBYFL shall be, in the very least, approved by the President and signed by the Treasurer.

12. Deposits. All funds of NBYFL shall be deposited from time to time to the credit of NBYFL in such banks, trust companies, or other depositories as the Board of Trustees may designate.

13. Gifts. Trustees, collectively or individually, any Officer or designated agent may accept real property or other, with the exception of intellectual, by way of gifts, contributions, bequests, or devise on behalf of NBYFL, from any person, firm, trust, or corporation, to be held, administered and disposed of in accordance with the charitable purpose of NBYFL and in accordance with NBYFL gift acceptance policies.

14. Loans. No Trustee, Officer, staff, volunteer, or agent shall have the authority, on behalf of NBYFL, to enter into a loan or any other contract of indebtedness except by unanimous vote in a specific resolution of the Board of Trustees. The authority designated by this provision shall be limited to a single and specific instance.

15. Taxes. It is intended that the Corporation shall have status of an organization which is exempt from (a) NJ State Sales Tax maintaining a valid ST-5 Certificate, and (b) federal income tax under Code Section 501(c)3. 

16. Excise Tax. As a private foundation, the Corporation shall meet the provisions of 508(e) as enacted by NJ State Law. The Corporation will refrain from acting in any manner causing it, its Trustees, Directors, Officers, members, or other persons to be liable for taxes imposed by Sections 4941, 4942, 4943, 4944, and 4955.