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					FMA Bylaws                                                                                                                       Page 1 of 4


                                                             Bylaws of the
                Financial Management Association
                                 Northern Illinois University—September 29, 2005
ARTICLE I.                    NAME
            Section 1.01        The name of this Society shall be the Financial Management Association.

ARTICLE II.                   M I S SI O N
            Section 2.01 The mission of the Society is to assist finance students with making the transition from students to
             professionals. The objectives of the organization are to ensure that its members:
   (1)   Obtain valuable career information;
   (2)   Develop professional insights and attitudes;
   (3)   Gain experience in problem solving and decision making;
   (4)   Increase professional and faculty contacts;
   (5)   Improve social and interpersonal skills;
   (6)   Demonstrate competence in skill areas beyond those needed to obtain a college degree.

ARTICLE III.                  MEMBERS
            Section 3.01 Any person shall be eligible for membership provided that such person shall present in writing an
             application to the Society. A person shall be declared a member of the Society after presentation of application and
             upon payment of the required semesterly dues.
            Section 3.02 The membership of this Society includes active and/or honorary members.
            Section 3.03 An active member shall be entitled to the privileges of membership in the Society if:
   (1)   He or she is a currently enrolled student at Northern Illinois University, and
   (2)   His or her semesterly dues have been paid.
            Section 3.04 Active members are obligated to:
   (1)   Earn 150 points of which 30 has to be from community service and/or fundraising activities.
   (2)   Attend the semester election meeting.
            Section 3.05 Those members (active or otherwise) who do not meet these requirements are subject to dismissal
             from the Society.
            Section 3.06 Members shall be considered active until they fail one of the aforementioned requirements at the
             end of their first semester.
            Section 3.07 Upon the recommendation of one member, seconded by another member(s), and majority approval
             of the Executive Board, honorary life membership may be conferred upon an individual who shall have rendered
             notable service to the Society.
   (1)   An honorary member shall have none of the obligations of membership in the Society, but shall be entitled to all privileges except
         those of making motions, voting, and holding office.
            Section 3.08 The chapter dues shall be twenty-five dollars per semester, due before the fourth meeting of the
             semester. If prospective members have not paid their dues by the fourth meeting, there will be a fee at the door
             which will go towards the payment of their dues.
            Section 3.09 Any member that wishes to resign may do so by not paying dues and/or by not fulfilling point
             requirements.

ARTICLE IV.                   O F F IC E R S
            Section 4.01 There shall be 8 officers of the Society who will serve terms for one semester.
   (1)   Their term of office shall begin at the end of the semester prior to the semester for which they were elected.
            Section 4.02 The officers shall be active members of good academic standing and shall be College of Business
             majors attending Northern Illinois University. For the positions of President, Vice President, and Vice President of


Last Modified: September 29, 2005
FMA Bylaws                                                                                                                            Page 2 of 4


             Finance, students must be Finance majors and also be of either junior or senior status (per his or hers accumulated
             credit hours). For any other position, officers may be freshmen, sophomore, junior, or senior standing.
            Section 4.03 Vacancies occurring during the semester shall be filled by the Executive Board’s nomination of
             qualifying candidates who may accept the nomination. Current Executive Board members may hold more than one
             Executive Board position for purposes of this circumstance.
            Section 4.04 Officers are subject to recall for malfeasance in office.
    (1)   The Executive Board shall vote on the recall procedures.
    (2)   If the officer in question is the President, the Vice President shall conduct the recall.
The officers of the Society include a:
            Section 4.05 President
    (1)   The President shall have sole authority regarding all matters of the Society except in situations where voting is required.
    (2)   The President is responsible for organizing the general events (i.e. speakers, firm tours, Meet the Firm Night, etc.) of the Society.
    (3)   The President shall decide on matters not specifically addressed in these bylaws.
    (4)   The prerequisite for President shall be a one-semester term as Vice President.
            Section 4.06 Vice President
    (1)   The Vice President is to observe and assist with the duties of the President.
    (2)   The Vice President shall be the President upon completion of his or her term.
            Section 4.07 Vice President of Finance
    (1)   The Vice President of Finance shall be responsible for the bookkeeping of the Society’s finances.
    (2)   The Vice President of Finance shall be responsible for producing a budget prior to the first meeting of the term.
            Section 4.08 Vice President of Community Service
    (1)   The Vice President of Community Service shall be responsible for organizing more than one community service event.
    (2)   The dates and times for these events should be determined prior to the first meeting of the term.
            Section 4.09 Vice President of Fundraising
    (1)   The Vice President of Fundraising shall be responsible for organizing more than one fundraising event.
    (2)   The dates and times for these events should be determined prior to the first meeting of the term.
            Section 4.10 Vice President of Membership
    (1)   The Vice President of Membership shall be responsible for maintaining all records pertaining to the Society, including (but not limited
          to) current members and alumni.
    (2)   The Vice President of Membership shall record the attendance at all of the Society’s events.
            Section 4.11          Vice President of Chapter Relations
    (1)   The Vice President of Chapter Relations shall be responsible for all matters regarding the awareness and visibility of the Society and
          for communication between the national organization and the Society.
            Section 4.12          Webmaster
    (1)   The Webmaster shall maintain the Society’s Web page. He or she shall chair the Web Page Committee.

Figure 1 Board of Directors (Officers)

                                                                    President


                                                                 Executive Vice
                                                                   President


                           Vice President                  Vice President                                                         Vice President
 Webmaster                       of                              of                           Vice President of                         of
                                                                                                 Community                           Chapter
                                Finance                      Fundraising                           Service                           Relations




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FMA Bylaws                                                                                                                 Page 3 of 4


            Section 4.13 The duties of these positions may be expanded beyond the aforementioned requirements. These
             requirements indicate only minimum responsibilities.

ARTICLE V.                    E L E C T IO NS
            Section 5.01        The officers shall be elected by ballot to serve for one semester or until their successors are elected.
            Section 5.02 Victory is declared to the candidate receiving a majority vote.
            Section 5.03 If more than two candidates run for an elected position, a run-off election will be conducted for the
             two candidates with the most votes, unless any one candidate achieves a simple majority.
            Section 5.04 Officers may not hold more than one position per semester, except in situations of mid-semester
             vacancies.
            Section 5.05 Members may place their own name into nomination as candidates for open officer positions,
             provided they meet the requirements to participate as Executive Board officers.
            Section 5.06 The officers shall be active members of good academic standing and shall be Finance majors
             attending Northern Illinois University. For the positions of President, Vice President, and Vice President of Finance,
             students must also be of either junior or senior status (per his or hers accumulated credit hours). For any other
             position, officers may be freshmen, sophomore, junior, or senior standing.

ARTICLE VI.                   M E E T IN G S      A ND     E V E N TS
            Section 6.01 The regular meetings of the Society shall be held no less frequently than bi-weekly during any given
             semester, except for the summer session, unless otherwise ordered by the Executive Board.
            Section 6.02 A schedule of events shall be made and presented to the members at the first meeting for each
             term.
            Section 6.03 Except in situations where the President decides otherwise, the last regular meeting shall be known
             as the election meeting and shall exist for the purpose of electing the officers of the Society and for any other
             business that may arise.
            Section 6.04 Special meetings may be called by the President and/or the Executive Board and/or upon the
             request of ten members of the Society.
   (1)   The purpose of the meeting shall be stated in the call.
   (2)   Except in cases of emergency, and least three days notice shall be given.
            Section 6.05 There shall be:
   (1)   More than one community service event per semester.
   (2)   More than one fundraising event per semester.
   (3)   At least one social event per semester.
   (4)   At least four guest speakers per semester.
            Section 6.06 Social events shall not be required for points
   (1)   Points may be awarded on an “extra-credit” basis.

ARTICLE VII.                  T H E E X E C U T I VE B O A R D
            Section 7.01        The officers of the Society shall constitute the Executive Board and the Financial Student Advisory
             Board.
            Section 7.02 The Executive Board shall:
   (1)   Maintain general supervision of the affairs of the Society between its business meetings;
   (2)   Fix the date, hour, and place of meetings;
   (3)   Make recommendations to the Society;
   (4)   Shall perform such duties specified in these bylaws.
   (5)   Have the responsibility of completing duties assigned to the Financial Student Advisory Board.
   (6)   Make changes to the bylaws when necessary.
            Section 7.03 Special meetings of the Executive Board may be called by the request of the President or may be
             called upon the request of at least three officers.



Last Modified: September 29, 2005
FMA Bylaws                                                                                                            Page 4 of 4


ARTICLE VIII.                COMMITTEES
            Section 8.01 Committees may be formed by any member of the Society, provided those committees are intended
             to benefit the Society and that the actions of any one committee do not conflict with those of another.
   (1)   Committees shall report their activities to the Executive Board on a periodic basis.
   (2)   Members may volunteer for vacant committee positions.
   (3)   The Executive Board may appoint members for vacant committee positions.
   (4)   The Executive Board shall designate committee chairpersons.
   (5)   Standing committees shall be permanent committees and shall exist for compliance with these bylaws.
            Section 8.02 The Executive Board may appoint committees when necessary to carry on the work of the Society.
   (1)   The President shall be ex officio a member of all committees.


ARTICLE IX.                  A M E ND M E NT         OF    B Y LA W S
            Section 9.01 These bylaws may be amended at any regular meeting of the Society by a two-thirds vote, provided
             that the amendment has been submitted in writing at the previous regular meeting.
            Section 9.02 A quorum of 35% of the membership is needed to conduct a vote to amend bylaws.

ARTICLE X.                   S T A T E M E NT S
            Section 10.01 The Society shall comply with the policies and regulations of Northern Illinois University and with
             local, state, and federal laws.
            Section 10.02 The Society shall not discriminate on the basis of major, race, color, national origin, veteran status,
             gender, religion, age, physical or mental disability.
            Section 10.03 The Society is a not-for-profit organization and shall conduct business as such.




Last Modified: September 29, 2005

				
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