DRAFT NO. 4 LMF Bylaws October 19, 2007 Marshall Roe
BYLAWS OF
THE LAKE MARGRETHE ENDOWMENT FUND
PART OF THE COMMUNITY FOUNDATION FOR NORTHEAST MICHIGAN ARTICLE I – NAME

THE NAME OF THIS ENDOWMENT FUND SHALL BE THE LAKE MARGRETHE FOUNDATION FUND, HEREAFTER REFERRED TO AS “LMF”.
ARTICLE II – PURPOSE
THE LMF WAS CREATED ON BEHALF OF THE LAKE MARGRETHE PROPERTY OWNERS’ ASSOCIATION (“LMPOA”) TO GAIN MORE VISIBILITY FOR THE LMPOA AND ITS ENDOWMENT, THUS ENCOURAGING THOSE INTERESTED IN ADVANCING THE OBJECTIVES OF THE ENDOWMENT TO ADD TO IT THROUGH THEIR PERSONAL OR CORPORATE PHILANTHROPY.
PLACING THE LMF ENDOWMENT WITH THE NORTHEAST MICHIGAN COMMUNITY FOUNDATION RELIEVES THE LMF OF INTERNAL ACCOUNTING AND EXTERNAL REPORTING, INCREASES OPPORTUNITIES FOR MAXIMIZING INVESTMENT RETURNS AND ENSURES LONG-TERM GROWTH OF THE LMF’S PRINCIPLE ENDOWMENT. ADMINISTRATION OF THE LMF SHALL BE GOVERNED BY THE TERMS AND CONDITIONS SET FOURTH BY THE NORTHEAST MICHIGAN COMMUNITY FOUNDATION. IF A CONFLICT SHOULD EXIST WITH LMPOA OR THE LMF, THE NORTHEAST MICHIGAN COMMUNITY FOUNDATION REGULATIONS SHALL PREVAIL.
THE LMF ALSO PROVIDES A METHOD TO REMEMBER AND PRESERVE THE MEMORY OF VALUED FRIENDS, COLLEAGUES, OR FAMILY MEMBER. SUCH MEMORIAL FUNDS MAY BE DEDICATED TO CARRY OUT THE NAMESAKE’S CHARITABLE INTERESTS WITH RESPECT TO THE LMF’S LONG-TERM OBJECTIVES.
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ARTICLE III – OBJECTIVES
THE OBJECTIVES OF THE LMF ARE:

1. TO ENHANCE LAKE MARGRETHE’S NATURAL RESOURCES AND RECREATIONAL OPPORTUNITIES.
2. TO PRESERVE AND IMPROVE THE ECOLOGICAL BALANCE AND LONG- TERM VITALITY OF LAKE MARGRETHE AS WELL AS THE FISH AND WILDLIFE THAT INHABIT THE AREA .
3. TO PROVIDE EDUCATIONAL AND TRAINING PROGRAMS TO PURSUE THE GOALS OF THE LMPOA AND THE GRAYLING COMMUNITY.
4. TO MONITOR, MAINTAIN AND IMPROVE LAKE MARGRETHE’S WATER QUALITY AND TO FOCUS BOTH PRIVATE AND PUBLIC ATTENTION ON THE NEEDS OF THE LAKE.

ARTICLE IV - CONTRIBUTIONS
CONTRIBUTIONS MUST BE ACCEPTABLE TO NORTHEST MICHIGAN COMMUNITY FOUNDATION AND MAY BE MADE IN THE FOLLOWING MANNER:

1. OUTRIGHT GIFTS OF CASH, SECURITIES, REAL EST A TE AND/OR PERSONAL PROPERTY.
2. BEQUESTS BY WILL OF CASH OR PROPERTY.
3. LIFE INSURANCE NAMING THE NORTHEAST MICHIGAN COMMUNITY FOUNDATION – LAKE MARGRETHE ENDOWMENT AS THE BENEFICIARY AND OWNER.
4. MEMORIAL TRIBUTES IN HONOR OF A FRIEND OR LOVED ONE.
5. PRIVATE FOUNDATION TRANSFERS.

ARTICLE V - MEMBERSHIP
MEMBERSHIP IS OPEN TO PERSONS AND ORGANIZATIONS WISHING TO SUPPORT THE OBJECTIVES OF THE LMF:

1. PERSONS OR ORGANIZATIONS INTERESTED IN SUPPORTING THE OBJECTIVES OF THE FOUNDATION SHALL BECOME MEMBERS THROUGH A SINGLE OR ACCUMULATED GIFT AS SHOWN BELOW:

a)  MEMBER - $750
b)  CHARTER MEMBER - $1,500
c)  SUSTAINING MEMBER - $3,000
d)  LIFETIME MEMBER - $6,000
e)  MEMORIAL TRIBUTE- $10,000 (MA Y BE DESIGNATED TO SPECIFIC PROJECT)


2. EACH PERSON, FAMILY OR ORGANIZATION WHICH BECOMES A MEMBER OF THE FOUNDATION SHALL HAVE ONE VOTE.
3. MOST MEMBERS WILL BE LAKE MARGRETHE AREA PROPERTY OWNERS, BUT THIS IS NOT A PREREQUISITE T0 MEMBERSHIP.

ARTICLE VI – HEADQUARTERS
THE PRINCIPAL OFFICE OF THE FOUNDATION SHALL BE LOCATED AT GRAYLING, MICHIGAN.

ARTICLE VII – LMF BOARD OF ADVISORS
THE BOARD OF ADVISORS SHALL BE ELECTED FROM THE MEMBERSHIPAND PERFORM THE DUTIES OUTLINED BELOW:

1. A BOARD OF ADVISORS ( “BOARD”) IS MADE UP OF LMF MEMBERS AND SHALL BE ELECTED BY A MAJORITY OF THE MEMBERS ATTENDING A MEMBERSHIP MEETING OR VOTING BY ANOTHER METHOD TO BE DETERMINED BY THE BOARDFUND RAISING AND REVIEWING GRANT REQUESTS ARE PRIMARY PURPOSES OF THE BOARD.
2. THE BOARD OF ADVISORS SHALL BE MADE UP OF NO LESS THAN FIVE OR MORE THAN NINE MEMBERS. AT LEAST ONE MEMBER OF THE BOARD SHALL ALSO BE A MEMBER OF THE LAKE MARGRETHE PROPERTY OWNERS ASSOCIATION BOARD OF DIRECTORS.
3. BOARD OF ADVISIORS SHALL SERVE FOR A TERM TO BE DETERMINED BY THE BOARD.
4. THE BOARD SHALL ELECT FROM ITS MEMBERSHIP A PRESIDENT, VICE PRESIDENT AND SECRETARY.
5. THE PRSIDENT SHALL CALL BOARD MEETINGS AND DETERMINE THE AGENDA. HE/SHE ALSO SHALL FROM TIME TO TIME CALL A MEETING OF THE LMF MEMBERS.

          a) THE VICE PRESIDENT SHALL PERFORM THE DUTIES OF PRESIDENT IF THE
              PRESIDENT SHOULD BECOME INCAPACITATED OR UNABLE TO SERVE.
          b)  THE SECRETARY SHALL PREPARE MINUTES OF MEETINGS AND MAINTAIN A FILE OF OFFICIAL CORRESPONDENCE.
          c)  BOARD MEMBERS SHALL BE ASSIGNED TO PERFORM CERTAIN OTHER DUTIES AS ASSIGNED BY THE PRESIDENT. 6. THERE SHALL BE AT    
               LEAST
   6.  ONE BOARD MEETING PER ANNUM. A QUORUM OF TWO-THIRDS OF THE BOARD MEMBERS IS REQUIRED TO CONDUCT THE BUSINESS OF    
         THE LMF.

ARTICLE VIII – MEMBER COMMUNICATION
COMMUNICATION FROM THE BOARD TO THE MEMBERSHIP SHALL BE UNDERTAKEN AS SHOWN HEREAFTER:

1. THE BOARD SHALL FROM TIME TO TIME COMMUNICATE WITH CURRENT AND POTENTIAL LMF MEMBERS. COMMUNICATION BY MAIL, E-MAIL OR GENERAL MEMBERSHIP MEETING SHALL OCCUR AT LEAST ONCE EVERY CALENDAR YEAR.                                                                   a)  A FINANCIAL REPORT SHALL BE PART OF THE ANNUAL COMMUNICATION.                                                                                                       b)  GRANT FUNDS ALLOCATED AND THE PURPOSE SHALL ALSO BE OUTLINED.
2. MEMBERSHIP MEETINGS SHALL BE CALLED FROM TIME TO TIME AND AT A PLACE THE BOARD DEEMS APPROPRIATE.
   

ARTICLE IX – FUND RAISING

1. ENDOWMENT FUNDS SHALL BE RAISED FROM PERSONS OR ORGANIZATIONS WHO SUPPORT THE PURPOSE(S) OF THE LMF.
2. THE BOARD SHALL FROM TIME TO TIME CONDUCT MEETINGS, SOCIAL GATHERINGS OR ONE-ON-ONE VISITS WITH POTENTIAL DONORS.
3. THE BOARD A T ITS DISCRETION MA Y PRODUCE MA TERIALS TO SUPPORT ITS FUND RAISING EFFORTS AND DISTRIBUTE THOSE MATERIALS TO PERSONS AND ORGANIZATION LIKEY TO BECOME MEMBERS.

ARTICLE X– SOURCE AND USE OF FUNDS
1. ENDOWED FUNDS HELD AND INVESTED BY THE NORTHEAST MICHIGAN COMMUNITY FOUNDATION FOR LMF WILL GENERATE INTEREST INCOME THAT MAY BE USED FOR GRANTS TO SUPPORT PROJECTS DEEMED BY THE BOARD TO BE ALIGNED WITH THE OBJECTIVES OF THE LMF.
a.   GRANTS OF MONEY SHALL BE SUBMITTED IN WRITING TO THE BOARD BY THE LAKE MARGRETHE PROPERY OWNERS ASSOCIATION.
b.   GRANTS OF MONEY MAY ALSO BE SUBMITTED IN WRITING TO THE BOARD BY OTHER GROUPS OR INDIVIDUALS SEEKING TO ADVANCE THE  
      OBJECTIVES OF THE LMF.
c.   THE BOARD SHALL CONSIDER EACH GRANT REQUEST AND RESPOND TO THE GRANT’S ORIGINATOR WITHIN THIRTY DAYS.

2.   THE LMF MAY ALSO ACCEPT PASS-THROUGH DONATIONS FROM LAKEMARGRETHE PROPERTY OWNERS AND CERTAIN OTHERS TO BE DEPOSITED WITH NORTHEAST MICHIGAN COMMUNITY FOUNDATION FOR A SPECIFIC PURPOSE. THESE PASS-THROUGH DONATIONS SHALL NOT BECOME PART OF THE LMF ENDOWMENT. THESE PASS-THROUGH FUNDS MAY BE GRANTED FROM TIME TO TIME TO THE LAKE MARGRETHE PROPERTY OWNERS ASSOCIATION AS REQUESTED BY THE LMPOA BOARD OF DIRECTORS.
3.   THE BOARD AT ITS DISCRETION MAY FROM TIME TO TIME ASSESS MEMBERS OR REQUIRE NOMINAL ANNUAL MEMBERSHIP DUES FROM THE MEMBERSHIP FOR THE PURPOSE OF COMMUNICATION, ADMINISTRATION AND OTHER LMF BUSINESS.

ARTICLE XI - AMENDMENTS

1. CHANGES OR AMENDENTS TO THESE BYLAWS REQUIRE THE UNANIMOUS APPROV AL OF THE MEMBERS OF THE LMF BOARD OF ADVISORS.
2. IN ADDITION, MEMBERS SHALL BE NOTIFIED OF THE CHANGES OR AMENDMENTS IN THE NEXT ALL-MEMBER COMMUNICATION.