GONA FUNDS

Posted on October 28, 2020

Section 1. General Operations Fund. The GONA Treasurer shall maintain a General Operations Fund.

a) Sources of Funds. The following shall be paid over to and deposited to the General Operations Fund:

i) Ten percent (10%) of all GONA Conference registration fees, plus
ii) Twenty percent (20%) of the net profits of the GONA Conference, plus
iii) Any donations not otherwise designated for a specific fund or purpose, plus
iv) All advertising and sponsor revenues, plus
v) All of the income generated by the Century Fund and the Life Membership Fund established in accordance with Sections 2 and 4 of this Article.

b) Use of Funds. Unless the Board of Directors otherwise directs, the General Operations Fund may be expended for administrative purposes to cover all of the day-to-day operating expenses of the corporation under the direction and control of the GONA Executive Committee.

Section 2. GONA Life Membership Fund.

a) Establishment of Fund. There shall be a Life Membership Fund to foster and promote permanent membership and a sense of belonging in GONA, and to create a perpetual fund for administration of the corporation.

b) Source of Funds. All dues received from applicants applying to become Life Members and GONA donor members shall be deposited into the GONA Life Membership Fund. Any other donations received which are designated specifically for the Life Membership Fund shall also be added to the principal of the Life Membership Fund. The Life Membership Fund shall be maintained as a perpetual fund.

c) Disposition of Income from Fund. All of the income generated from the principal amount of the Life Membership Fund shall be deposited into the General Fund pursuant to Section 1(a)(vi) of this Article.

d) Preservation of Principal. The principal of the Life Membership Fund may not be invaded except upon the affirmative vote of two-thirds of the Board of Directors at a Special Meeting called for that purpose with a quorum present and voting.

Section 3. Building Fund.

a) Establishment of Fund. There shall be a Building Fund.
b) Source of Funds. All donations specifically marked for the Building Fund shall be paid over to and deposited in the Building Fund.
c) Use of Funds. Unless otherwise directed by the Board of Directors, the income and principal from the Building Fund shall be used to build, maintain or pay for any GONA buildings or any space leased by GONA.

Section 4. Century Fund.

a) Establishment of Fund. There shall be a Century Fund.

b) Source of Funds. The following shall be paid over to and deposited in the Century Fund:
i) All donations specifically marked or designated for deposit into the Century Fund, plus
ii) A portion of the net profits of the GONA National Conference as described in Article XIII, Section 2.c.

c) Disposition of Income from Fund. All of the income generated from the principal1 amount of the Century Fund shall be deposited into the General Fund pursuant to Section 1(a)(vi) of this Article.

d) Use of Funds. The Board of Directors may authorize the use of the principal of the Century Fund as necessary to cover overruns if such overruns cannot be
covered in their entirety by the General Operations Fund.

Section 5. Funds.

The funds managed by the shall be maintained in separate accounts. The Foundation shall, under the guidance and direction of the General Counsel of GONA designated by the Board of Directors from time to time, take all lawful steps necessary or desirable to ensure that any such funds are devoted solely to the charitable purposes of GONA and protected to the maximum extent practicable under the law from attachment or seizure upon execution for the general debts and obligations of GONA. The Foundation Treasurer shall provide upto-date financial statements for all accounts managed by the Foundation quarterly to the EC Treasurer and the Board of Directors. The Foundation Chairperson shall provide a copy of any and all documents pertaining to the establishment and maintenance of each such account to the Secretary of GONA