ARTICLE XI

FINANCES AND INVESTMENTS

Section 1.

a. An Investment Fund may be established by the National Board of Directors for the purpose of investing specifically designated funds of the Association.

b. The National Board of Directors shall set the amount of funds to be invested, and they shall also ensure that sufficient reserves are kept; the reserve amount shall not be less than the current year's budget (other than direct-mail expenses).

Section 2.

a. The Investment Fund shall be administered and managed by a Board of Trustees, consisting of six (6) individuals appointed by the National President with the advice and consent of the National Board of Directors.

b. One such individual - the BVA Controller - shall be a permanent member of the Investment Fund Board of Trustees. Not less than three (3) of the trustees shall be Members or Associate Members of the Blinded Veterans Association with at least one (1) of the three trustees being on the National Board of Directors.

c. The terms of office for the trustees shall be three (3) years, with two (2) trustees being appointed to three (3) year terms each year.

Section 3.

 

The National President shall designate one (1) member as Chairperson of the Investment Fund Board of Trustees, and its members shall elect such other officers as they may deem necessary and shall adopt rules of procedure governing the investment of funds, such rules of procedure to be subject to approval by the National Board of Directors.

Section 4.

 

The Investment Fund Board of Trustees shall have the power to buy and sell securities.  In so doing, the Investment Fund Board of Trustees shall have the power to engage a Corporate Investment Manager and to give such Manager discretionary authority, within the guidelines established by them and approved by the National Board of Directors, to buy and sell securities for the enhancement of the Association's Investment Account.

Section 5.

The National Board of Directors is authorized to establish endowment funds to benefit the Scholarship Fund, the Field Service Program, Eye Medical Research and such other charitable programs and activities as may be consistent with the purposes and mission of this organization.

Endowment funds may be administered as subgroups of the Investment Fund of this organization or may be administered separately at the discretion of the National Board of Directors.