Finances

Home
Name
Mission
Meetings
Membership
Fees, etc.
Directors
Finances
Procedure
Duties
Miscellaneous
Amendments

The Club shall operate and maintain two (2) separate and distinct budgets, hereinafter known as the Administrative, or Operations, Budget and the Projects Budget, the latter of which contains subheadings for the budgeting of special programs, approved by the Board of Directors.

1.   ADMINISTRATIVE BUDGET

a.      The Administrative Budget, a/k/a the Operations Budget, shall be prepared by the Treasurer and the Finance Committee, for approval by the Board of Directors.

b.      Upon approval by the Board of Directors, this budget shall be presented to the Members at two consecutive Regular meetings, and shall be adopted if a majority of votes are cast in the affirmative.

c.      The Administrative Budget shall be presented to the Board of Directors, and to the Membership, in August.

d.      A year-end reconciliation of this budget shall be completed and presented to the Board of Directors, and to the Membership, in June.

e.      This Administrative Budget shall be funded through the payment of Member’s dues, fines, as outlined and described hereunder, and other internal fundraisers created specifically for the use and benefit of the Membership.

 

2.   PROJECTS BUDGET

a.      The Project Budget, f/k/a the Activities Budget, shall be prepared by the President, with the assistance of the Treasurer, and approved by the Board of Directors.

b.      Upon approval by the Board of Directors, this budget shall be presented to the Members at two consecutive Regular meetings, and shall be adopted if a majority of votes are cast in the affirmative.

c.      The Projects Budget shall be presented to the Board of Directors, and to the Membership, in August.

d.      A year-end reconciliation of this budget shall be completed and presented to the Board of Directors, and to the Membership, in June.

e.      This Projects Budget shall be funded through fundraisers created and approved by the Board of Directors.

 

3.   EXPENDITURES

a.      Unless specifically provided for in the annual budgets, each proposed expenditure of less than One Thousand Dollars and Zero Cents ($1000.00), shall be approved by the Board of Directors.

b.      Unless specifically provided for in the annual budgets, each proposed expenditure in excess of One Thousand Dollars and Zero Cents ($1000.00), shall be first approved by the Board of Directors, and then favorably voted upon by the Club at two consecutive regular meetings.

c.      Other proposed expenditures and fund raising activities not provided for in the budgets shall be first approved by the Board of Directors, and then favorably voted upon by the Club at a regular meeting.

 

4.   SPECIAL FUNDS

All funds in special accounts, or funds set aside for special purposes, as approved by the Board of Directors and the Membership shall not be used for purposes, other than intended, without first being approved by the Board of Directors, and being favorably voted upon by the Membership at a Regular meeting. These accounts are, but shall not be limited to:

A.   Education Loan Fund – This program, originally funded by a bequest of Ten Thousand Dollars ($10,000.00) from Mrs. Bessie Bishop, shall provide loans to deserving and needy students residing in Cranbury, to further their education above that provided by high school. Specific requirements for this Program, which may change from time to time, shall be developed by the Student Affairs Committee and the Club Treasurer, and shall be approved by the Board of Directors. This program shall not be made available to graduate students.

i.            All applications for loans shall be submitted to the Student Affairs Committee, and if approved, shall be submitted, by the Committee, to the Board of Directors, at the next regular Board meeting, and shall be granted pursuant to a majority of votes cast in the affirmative.

ii.            This fund may, after an affirmative majority vote by the Board of Directors, be used, in part, to fund other educational Programs that may, from time to time, be adopted by the Board of Directors.

iii.            The original amount bequeathed to this Fund, however, shall be used exclusively for the Cranbury Lions Education Loan Program. In no event shall the base amount of this fund be allowed to fall to less than Ten Thousand Dollars ($10,000.00).

iv.            The amounts of said loans from the Education Loan Fund, may, from time to time, change upward or downward, as directed and approved by the Board.

v.            In accordance with the stipulation of the original bequest, all loans shall bear no interest during the course of an applicant student’s undergraduate studies, the actual amount to be as stipulated by a promissory note between the student and the Club.

vi.            For purposes of this Loan Program, herein defined, such aforementioned undergraduate studies shall not exceed a term of five years for said student’s undergraduate degree. In no event shall said student be eligible for any loan through this Loan Program for more than four (4) years.

vii.            Upon graduation, or the termination of said applicant’s tenure as a student, or the end of the fifth school year following the start of said student’s freshman commencement, whichever first occurs, said applicant student shall have five (5) years to repay the full loan amount, without accrued interest. Repayment of said loan shall begin no later than six (6) months after said applicant student ceases attendance at an Educational Institution. Full repayment of said loan shall be made and completed no later than sixty (60) months following said student’s graduation, or the termination of said applicant’s tenure as a student, or the end of the fifth school year following the start of said student’s freshman commencement, whichever first occurs. The student applicant, a/k/a the Borrower, shall be in default if the loan is not repaid, in full, within said sixty (60) month period, after which the Club shall have the option, but not the obligation to charge interest at a rate of one percent (1%) above the prime rate, as published in the New York Times, or such other reasonable rate of interest as may from time to time be approved by an affirmative vote of the Board of Directors.

B.   The Todd Beamer Memorial Scholarship – This program, originally funded through donations collected on or after September 11, 2001, in the amount of Fifteen Thousand Dollars ($15,000.00), shall provide a scholarship stipend to an outgoing High School student, residing in Cranbury, and entering an accredited course of higher learning, and that has, through recommendation, shown to exhibit uncommon Community Service, in an amount that will, from time to time, change, as recommended by the Student Affairs Committee and the Club Treasurer.

All applications for this Program shall be submitted to the Student Affairs Committee, and if approved, shall be submitted, by the Committee to the Board of Directors, at the next regular Board meeting, and shall be granted pursuant to a majority of votes cast in the affirmative.

C.     The Doctor David Tudor Science Scholarship - This program, originally funded by a bequest in 2002, in the amount of Ten Thousand Dollars ($10,000.00), shall provide a scholarship stipend to a Cranbury Student that is majoring in a science program at an accredited College or University, in an amount that will, from time to time, change, as recommended by the Student Affairs Committee and the Club Treasurer. This program shall not be made available to graduate students.

All applications for this Program shall be submitted to the Student Affairs Committee, and if approved, shall be submitted, by the Committee to the Board of Directors, at the next regular Board meeting, and shall be granted pursuant to a majority of votes cast in the affirmative.

D. The Stan Thomas Community Service Award – instituted in 2001, after the passing of Cranbury Lion, Stanley Thomas. All applications for this Program shall be submitted to the Student Affairs Committee, and if approved, shall be submitted, by the Committee to the Board of Directors no later than the May Board of Directors Meeting for final selection, and/or approval pursuant to a majority of votes cast in the affirmative. Applicants for said award shall be residents of Cranbury, between the ages of 13 and 18, but may not be more than a High School Senior. Candidates must have shown examples of Citizenship, Volunteerism, and/or Leadership (either quiet or overt, in nature). Exceptions to the aforementioned ages may be made if the youth exhibits an extreme sense of Community Service, as determined by the Cranbury Lions Board of Directors. The Club President will present the Stan Thomas Award for Community Service to the Recipient at the Regular meeting held the First Wednesday in June.

The recipient of said Stan Thomas Community Service Award shall receive a monetary stipend of $250, which may, from time to time, be changed by an affirmative vote of the Board of Directors, and the recipient’s name shall be inscribed on a plaque to be displayed in a location designated by the Cranbury Lions.

E.  Special Endowment Funds – These may be set up from time to time for special purposes, or to receive contributions or bequests from donors, to be administered, in accordance with the terms thereof, and as may be accepted and approved by the Board of Directors and the membership of the Club.

5.   FINANCIAL REPORTS

A.      The Treasurer, or Treasurers, shall be responsible with providing the Board of Directors with a monthly report, in either verbal or written form, of all income and expenses of all accounts for the current month, as well as all accumulated totals of all said accounts for the current year.

B.     The Treasurer, or Treasurers, shall be responsible with providing the Board of Directors with a quarterly report, in written form, of all income and expenses of all accounts, including all accumulated totals of all said accounts for the current year.

C.     The Treasurer, or Treasurers, shall provide to the Board of Directors, a summary of said annual income and expenses, in written form, at the first meeting after the annual expiration of his term of office.