ASB Constitution 
65 
Section 3. 
Section 4. 
Section 5. 
Section 6. 
Section 7. 
of all Endowment Funds of the Association and for planning and 
directing the recruitment of funds from the membership and 
external sources. The Chair shall report the current status of the 
Enrichment Fund to the Association at the Annual Meeting. 
The Board shall receive and administer bequests and other 
property from any source and shall have the authority to buy, sell, 
exchange, lease, transfer, or otherwise dispose of any property, 
real or personal, with respect to the Enrichment Fund. 
Bequests and gifts without specific designation (General Fund) 
shall be designated by the Board for any established educational 
objective of the Association. Bequests and gifts received for 
specific purposes shall be either applied directly to the intended 
purpose (Restricted Funds) or placed in an Endowment with only 
the annual earnings applied to the intended purpose in accordance 
with the wishes of the donors. Endowments may be named in 
honor or memory of individuals or for the intended purpose and 
may be established for existing educational objectives or others 
approved by the Board. 
Income Allocation - The General Fund, Restricted Funds, and 
Endowments shall be allocated income at the end of the fiscal year 
based on the average balance of each fund in the total amount of 
Enrichment Funds invested for that year. 
Investment Policy - In order to protect the contributions to the 
Enrichment Fund for their intended objectives, the Board shall 
strive to invest funds only in conservative investment vehicles 
offering the highest interest rates or earnings at the time of 
purchase. Since changes in the economy and other factors greatly 
affect interest rates and earnings, funds shall be invested up to a 
period of 5 years unless otherwise approved by the Board. 
An audit of the Enrichment Fund shall be made at the close of 
each fiscal year by an external auditor and which audit will then be 
approved and signed by the president at the annual meeting in 
April. 
Article X - Amendements 
Section 1. These bylaws may be amended at any Annual Meeting of the 
Association by a two-thirds majority vote of those present. 
Section 2. Amendments to these bylaws shall take effect at the close of the 
meeting at which they were adopted. 
Revised September 18, 2013 
