Thank you to all the schools that voted. We are pleased to announce that the membership approved the Bylaws revisions, which go into effect immediately. Download the bylaws here.
The ACSA Board of Directors voted on April 16 to initiate a minor revision to our Bylaws that will enable ACSA to apply for funds that have been available under programs such as the U.S. Coronavirus Aid, Relief, and Economic Security Act. An email was sent to Faculty Councilors on the same day, asking that they consider the revision and vote by April 24.
Although ACSA is financially solvent and strong, like everyone else we are feeling the impact and financial insecurity of the pandemic due to the cancellation of the in-person Annual Meeting and the effects on our investments. The CARES Act funds are available as forgivable loans to fund staff salaries, benefits, and other expenses. Access to these funds would help the organization finish out the fiscal year.
The ACSA Bylaws previously prohibited the organization from borrowing money. Given the availability of relief funds, the board voted to initiate a limited bylaws revision (noted in red).
MOTION FROM THE ACSA BOARD OF DIRECTORS to adopt the following amendment to the Bylaws of the Association shown in text edits.
XI.4 Borrow Money. The Association shall not execute any promissory note or otherwise borrow money, except (a) in the event of a financial or other emergency to participate in government relief programs that are not anticipated to result in long-term debt or (b) in the event of a purchase of real estate for use as the Association’s headquarters approved by the Board of Directors.