Sugarbush Racing Club, Inc. (SRC) is a Not for Profit corporation incorporated in the State of Vermont.
In the event of dissolution of the SRC, all assets remaining after payment of creditors shall be transferred to its successor Not for Profit corporation or to a charity as determined by a vote of the Board of Directors.
The SRC exists to serve the athletic and social interests of club members.
Board of Directors
The Board of Directors (BOD) shall consist of no fewer than 5 and no more than 10 members. The SRC officers shall be BOD members and shall appoint additional BOD members as required.
The BOD shall include the President, Vice President/Secretary and Treasurer, plus additional appointed BOD members as may be necessary or appropriate.
A BOD member may be dismissed if the majority of the board considers their behavior or the conduct of their office to be detrimental to the SRC.
Officers, Elections and Terms
The officers of the SRC shall be President, Vice President/Secretary and Treasurer.
The officers shall be elected annually by a majority of the SRC membership present at the time and location announced by the BOD. If necessary, the BOD may conduct the annual election by mail or email.
Officers shall be elected to serve terms as follows:
- President – limited to two one year terms
- Vice President/Secretary – one year
- Treasurer – one year
If an elected officer is unable to complete his/her term, the board will appoint a replacement to serve the remainder of the elected officer’s term. If the appointed officer later decides to stand for election they will be subject to the terms defined above. In the case of the President, the appointed term does not limit the number of allowed elected terms.
The SRC fiscal year is from July 1 to June 30.
Board of Directors Meetings
The BOD shall meet no fewer than two times per year.
Financial Reporting and Management
The Treasurer shall issue a report of financial position no fewer than two times per year. In addition, the Treasurer is responsible for managing the club’s bank accounts. The Treasurer, the President and one other member of the BOD shall be authorized to sign checks on behalf of the club. An expense budget and revenue projection will be developed for each fiscal year. Any expenditure of unbudgeted club funds in excess of $100 must have the approval of at least three BOD members.
Meeting Minutes and Biennial Reporting
The SRC Secretary shall maintain minutes of BOD meetings and file a required Biennial Report with the Corporation Division of the Vermont Secretary of State office.
The BOD shall incur no debts on behalf of the SRC which cannot reasonably be paid in full within the fiscal year. If an unforeseen debt is incurred or equipment is required which cannot be paid within the year, the BOD shall call a special membership meeting to vote on an assessment.
An Agent shall be appointed by the BOD and must be a resident of the State of Vermont.
Membership in the SRC is open to all persons 18 years of age or older regardless of race, gender, religion or national origin. The club will not tolerate discrimination in any form.
Termination of Membership
Membership in the SRC may be terminated by a member at any time or by the BOD for the following reasons
Member behavior is deemed detrimental to the reputation or good order of the SRC.
Dues and fees more than 30 days in arrears.
From time to time, the BOD may designate honorary members who will be exempt from dues and fees.
Operating Rules and Requirements
From time to time, the BOD may institute rules and requirements governing the day to day operation and management of the SRC.