AMHS 2014 TREASURER’S REPORT

The Abruzzo and Molise Heritage Society financial structure consists of two classes of funds - Operating Funds and the Scholarship Endowment Fund. The Operating Funds are further broken down into the Annual Scholarship Fund, the Operations Fund, and Other Restricted Funds. AMHS started out 2014 with $17,275 in its various Operating Funds and $29,323 in the Scholarship Endowment Fund. During 2014 the Operating Funds increased by $5,495 to end with a balance of $22,770, and the Scholarship Endowment Fund increased by $8,887 to end with a balance of $38,210. Total net assets of the Society as of December 31, 2014 are $60,980. See page 15 for the 2014 report.

PROPOSED BY-LAW AMENDMENTS

At its October 2014 meeting, the Executive Committee voted to propose to the membership that three amendments be made to the Society’s by-laws. The amendments, if approved by the membership at our general Society meeting on Sunday, May 31, 2015, would achieve two purposes: 1) to bring the official title of the current by-laws of the Society into conformance with the Society’s title on our District of Columbia incorporation papers; and 2) to establish the Budget and Finance Committee as a Standing Committee. Heretofore, the committee has been established annually by the Society president on an ad hoc basis. Following is the full language of the three proposed amendments:

First amendment: That the title on the first page of the currentg by-laws of the Society be changed to:

BY-LAWS OF THE

GRANT AND SCHOLARSHIP FUND INC. OF THE

ABRUZZO AND MOLISE HERITAGE SOCIETY OF

THE WASHINGTON, D.C. AREA doing business as THE

ABRUZZO AND MOLISE HERITAGE SOCIETY OF

THE WASHINGTON, D.C. AREA.

Second amendment: That Article VIII, Section 2: Standing Committees, of the by-laws be revised to include Budget and Finance Committee in the list of standing committees. Third amendment: That a Section 11: Budget and Finance Committee be added to Article IX of the by-laws, with the following language contained therein:

It shall be the responsibility of the Budget and Finance Committee to serve as the overseer of all matters pertaining to the finances of the Society. The committee will draft the annual budget at the beginning of each operating year and submit it to the Executive Committee for review and approval.

The committee will conduct periodic reviews of the Society’s financial status during each operating year when deemed necessary, but at mid-year as a minimum, and report its findings to the Executive Committee. The committee will draft policies for the management of the Scholarship Endowment Fund and submit them to the Executive Committee for its review and approval.