Preamble
We, residents of Minnesota and other states, hereby establish and adopt an organization known as the Friends Social & Financial Club. The Club is founded to foster a strong sense of community, and peace, harmony, and mutual understanding among all members and within the broader community where applicable; encourage shared interests and lasting fellowship; advance economic empowerment and financial stability for members through monthly pooling of financial resources; Cultivate unity, camaraderie, and mutual support to socially enrich the membership and create a welcoming space for meaningful social connection.
Section 1. The Name and Motto
- This organization shall be known and styled the “Friends Social and Financial Club”
- The Motto shall be “We are One” or “There for each other.”
Section 2. The Aims and Objectives
The Aims and Objectives of The Friends Social & Financial Club shall be to:
- Foster peace, harmony, and mutual understanding among all members and within the broader community where applicable.
- Advance economic empowerment and financial stability for members through monthly pooling of financial resources.
- Cultivate unity, camaraderie, and mutual support to socially enrich the membership.
- Unite Liberians and other Minnesota residents to drive local socioeconomic development and community growth.
Section 3 Membership
- Membership of this association shall be opened to adult Liberians and other residents of the state of Minnesota and other states who so desire regardless of age, race, ethnicity, religious belief and disability
- Such membership shall be officially declared by filling in a membership form with a payment of an annual nonrefundable registration fee of ten dollars ($20.00)
- Membership and registration shall commence the first meeting in January of every year and shall remain opened up to the end of March. However, a late registration period shall be opened up to the end of April of each year; such persons shall be required to pay a nonrefundable late registration fee of five dollars ($5.00) plus or $25.00 for late fees.
- All members shall be required to read and understand the guidelines of this association
Section 4 Officers & Duties
- THE OFFICERS.
This organization shall be led and or governed by the following officers: President, Vice President, Secretary, Treasurer, Financial Secretary, Social Secretary, Chaplain with the consent and support of the Board when and where necessary
- PRESIDENT
The president shall A. Preside over all meetings according to the accepted rules of parliamentary procedures. B. Shall appoint committees and serve on them as ex-officio (nonvoting) members. C. Shall coordinate the activities of the association and evaluate its progress and development. D. Be signatory to the account of the association. E. Shall maintain order during all meetings F. shall be chief executive officer and shall ensure that all provisions of the constitution and by-laws, rules and regulations and all decisions of the meetings are enforced and respected.
- VICE PRESIDENT
The vice President shall A. assume the duties and responsibilities of the president whenever the president is absent, temporary or permanent. B: Shall assist the president in maintaining order at all meetings and enforcing the law. C: Shall work closely with the president for the assessment and implementation of all standing projects and programs and carry out other appropriate duties as may be assigned by the president.
- GENERAL SECRETARY
The General Secretary shall: A. In consultation with the president, prepare and post the agenda for each meeting B. Prepare and present or read the minutes of each and all meetings of the association. C. Be responsible for the association’s correspondence. D. Maintain member’s attendance’s record E. Have on hand for each meeting: a. Attendance records. b. A copy of the by-laws and constitution c. Minutes of the association d. Committees or any other report.
- TREASURER
The Treasurer shall: A. Receive funds from the Financial Secretary and issue receipts. B. Present a monthly report and be in readiness at all times to brief the association on its financial standing. C. Serve as the business manager of the association.
- FINANCIAL SECRETARY
The Financial Secretary shall: a. Record and maintain all financial records of the association deposit. b. Receive all funds of the association and forward the same to the Treasurer for deposit c. Issue appropriate receipts of funds received. d. Be in readiness at all times to make a financial report and account for all funds of the association at any time when called upon. e. Make an annual report the Sunday before the last Sunday in December
- SOCIAL SECRETARY
The Social Secretary shall have the responsibility of organizing, planning and coordinating all the social activities of the organization; S/he shall be Chair of the Social Committee; Shall be required to submit a written report of all programs and activities conducted by the committee to include a financial report of any financial transactions.
- CHAPLAIN
The Chaplain shall conduct all spiritual activities of the association on meeting days.
Section 5: BOARD OF DIRECTORS
- Board of Directors.
- There shall be a five (5) member Board of Directors that shall function under the non-for-profit laws of the state of Minnesota and the constitution of the Organization.
- It shall serve as a check and balance for transparency, accountability and fair play in the administrative operation of the organization.
- The Board of Directors may act when a quorum, consisting of simple majority of its members is present. Terms of the Board of Directors shall be two (2) years and may be re-elected for as many times as the body deems necessary.
- The Board of Directors shall, by majority vote, approve an annual operating budget for the Organization. The operating budget so approved shall, in accordance with generally accepted accounting principles, allocate expenses and disbursements as are usual and customary in the operation of similar businesses for the succeeding calendar year. The board shall review proposed or future amendments to the constitution and advise the body on the need for action on said proposal.
- The budget shall be presented by the President (or the President’s designees) and prepared by, or at the direction of, the Treasurer. The parameters of the budget shall be presented to the membership at a regular meeting. The budget may be adopted appropriate to the section at any time and shall be adopted prior to the close of business on the last business day in such a calendar year.
- The Board of Directors shall meet at least four times a year.
- Special Board of Directors meetings may be called by the President or by a majority vote of the Board of Directors.
- Rules governing notice of special meetings shall be established in the Board Operating Procedures.
Section 6: MEETING
- The regular meeting of this club shall be held on a monthly basis to conduct official business and shall commence at a time scheduled.
- The venue for holding meetings shall be rotational and is on a volunteer basis.
- In the event where there is no volunteer host, the president in consultation with the officers present shall determine a venue.
- Emergency and other called meetings may be convened at any appropriate time due to its necessity by the president in consultation with at least two other officers and the leader of the Board.
- Members are duty-bond to attend and participate in all meetings and deliberations as decisions reached at said meetings shall be bonding on all members.
Section 7: MEMBERSHIP DUES AND SAVING PAYMENT
- The membership due for this Association shall be ($5.00) dollars per month or $60.00 per year. Said amount shall be used for the administrative and social functions of the association.
- Anyone who fails to pay such dues shall be deducted from his/her annual savings before the final meeting of the body.
- Saving Payment shall be a minimum of $50.00 to any higher amount and said payment will not be disbursed until the close of the fiscal year which shall be in December of each year or at a time to be decided by the leadership association.
Section 8 Loan/Credit Policies
- Loan to all members shall be disbursed at an interest rate of 15% and 20% to all non-members; and the minimum loan amount shall be set at $100.00
- Payment duration shall be as follows:
- Thirty days for any amount from $100 to $500;
- Sixty days for any amount from $501 to $1000;
- Three months $1,001 to $3,000;
- Four months 3,001 to $5,000 and above
- Any loan approved after September 1st shall be subjected or default to a thirty day payback period
- Any loan beyond $2,500 must be served with a co-signer who is a member in good standing
- All Loans shall be served on a first comes, first served basis
Section 9 Loan Eligibility
- A member’s eligibility for loan shall be based on the member’s investment at the time of the loan application;
- The members has made payment and previous loans up-to-date and not a co-signer to a loan of a borrower that is overdue of loan equal to or greater than his total investment at the time of the loan application
- Any member applying for loan greater than the amount he or she has invested shall be required to have another member(s) in good standing to co-sign the application
- Any non-member applying for a loan shall have a member(s) in good standing to co-sign the loan application; and it shall be the responsibility of the member who co-sign to ensure that said non-member make full payment of said amount in keep with the policies and guidelines of the organization;
- In the event the borrower fails to pay, the amount plus interest shall be deducted from the co-signer at the end of the payment period
Section 10 Closing of Loan
- There shall be no approval of any loan application submitted after October 31 of each fiscal year.
- All final Loan payment shall be made not later than November 15th of the fiscal year, however all outstanding not paid before the final date shall be deducted from the member’s total investment and or that of the co-signers accordingly.
Section 11 RETURNED/BAD CHECKS
Any check that is not honored by the member’s bank or not paid will be assessed a $25.00 returned check penalty plus any charges from the banks and said payment will be made in cash or money order
Section 11 Termination of Membership
- A member may terminate his/her membership with the club at any time; however the member MUST notify said termination in writing at least fifteen (15) days in advance of the next meeting
- A $25.00 service fees shall be charged to his total investment at the time of time premature withdrawal
Section 12: ENTERTAINMENT AND REFRESHMENT
- Entertainment and or refreshment at or after every meeting or at a certain time is for the purpose of enhancing fellowship amongst ourselves; help to manage stress of our busy work week and at the same time promote and stimulate harmony, unity and understanding.
- Refreshment shall be conducted on “pot luck” or “bring your own” (BYO) basis. It shall not be mandatory; however all who can afford are encouraged to bring.
- To ensure that refreshment and entertainment are appropriately coordinated, a social committee headed by the Social Secretary will take responsibility.
- It shall be the duties and responsibilities of this body to plan, coordinate and implement all social activities of this association. It shall make assessment and report on the outcome of all social activities from time to time
Section 13: QUORUM
- In order for any business to be conducted, there must be a quorum of any two (2) officers and at least two-third (2/3) of registered members and decisions coming out of such a meeting shall be binding on the entire membership.
- In the event where there is not a quorum, members who appear with their savings and dues will be allowed to make their necessary payments; and nonbinding discussions on any issue(s) affecting the organization.
Section 14: Individual Decorum
Any individual who displays and/or advocates improper decorum during meetings shall be given a warning for the first offense. If repeated, he/she may be suspended from the meeting and if he/she refuses to leave, a police officer will be called to take the member off the premises. A third offense may lead to one year's suspension from the Association.
Section 15: Record Keeping and Debt Settlement
- The General Secretary and Secretary of the Board shall keep all records
of the Association. - The Archives Committee shall be the depository of all Friends Social & Financial Club records.
- The Chairman of the Board and Treasurer shall settle all debts.
Section 16: LEGAL ACTION
In case of any legal action brought against the Association or any action the Association may take against any party, the President, General Secretary, and Chairman of the Board shall obtain an Attorney to represent the Association.
In the event that an action is taken against the President, General Secretary, Chairman of the Board (current or former), the Board of Directors shall obtain an Attorney to represent the Association. If an action is taken against the Chairman of the Board, then the Co-Chairman of the Board will convene the meetings of the Board.
Section 17: AMENDMENTS
- An amendment to the Association’s Constitution and By-Laws may be recommended by any member of the Association. In all such cases, the proposed amendment must be filed with the General Secretary at least three (3) months prior to one of the monthly meetings of the General Assembly. The General Secretary circulates the proposed amendment to all members of the Association, at least two (2) months prior to the regular meeting of the General Assembly.
- All amendments must be approved by two-thirds of the members in attendance at the General Assembly and in good financial standing.
Members of the Constitution & Review Committee
- Austine Fallah
- Precious Morris
- Jugbe Cooper
- Maria Jackson-Gittens
- Abraham Ajavon
- Patrick Morris
- Leslie Dumbar
- Momo Helb
- Benoni Grimes
