Changing the Club's Fiscal Year

Proposed 5BBC Bylaw Update

The 5BBC board would like to change the club’s fiscal year to a calendar year basis. When you receive your ballot, please vote to support this measure!

The board has already voted in favor of this, so now, to be enacted, the membership must vote to update the club's bylaws as described below. This measure will be included in the upcoming ballot, and will pass with a "yes" vote from ≥ 60% of the members that vote. 

Background

The club presently has a December to November fiscal year. This was historically important when club memberships all expired at the end of December: It allowed the new board to be in place to manage this transition. However, now that memberships are renewed on a rolling renewal basis, this advantage is moot.

Why are we recommending this change now? A calendar year fiscal year is much more common practice. It is easier to understand and manage. And, it would ensure that the income and costs associated with the club’s holiday party reside in a single fiscal year rather than being split between two years. This allows for more responsible financial tracking of the club’s largest social program.

Bylaw Update Vote:

Yes / No: The club will adopt a calendar-year fiscal year, updating the Bylaws in four places as follows:

• Article VIII Misc, Section 1: Fiscal Year

Existing language: The fiscal year of the Club shall be from December 1 through November 30.

Updated language: The fiscal year of the Club shall be from January 1 through December 31.

• Article IV Executive Board, Section 3: Term of Office

Existing: The term of office of each Director shall be for a period of one (1) year, running concurrently with the Club’s fiscal year of December 1 through November 30.

Updated: The term of office of each Director shall be for a period of one (1) year, running concurrently with the Club’s fiscal year.

• Article V Officers and Coordinators, Section 4: Term of Office

Existing: The term of office for Officers and Coordinators shall be for a period of one (1) year, running concurrently with the Club’s fiscal year of December 1 through November 30. Each Officer or Coordinator shall continue in office until his or her successor shall have been elected or appointed or until his or her death, resignation or removal.

Updated: The term of office for Officers and Coordinators shall be for a period of one (1) year, running concurrently with the Club’s fiscal year. Each Officer or Coordinator shall continue in office until his or her successor shall have been elected or appointed or until his or her death, resignation or removal.

• Article VIII Elections and Election Process, Section 2: Process

Existing: The voting for elected positions shall be done by ballot. All Members are eligible to vote and there shall be no proxies permitted. The result of the election is to be finalized at the November Membership meeting and Members shall be afforded a period of time of at least two weeks prior to that meeting to review the candidates and to vote in the election. The process and methodology for voting shall be set by the Executive Board who shall appoint a person to chair a committee to receive the ballots, validate and count them. Results will be announced before the end of the November meeting and the newly elected Directors, Officers and Coordinators shall take office as of December 1. An Executive Board or Executive Council member may not serve in more than one position.

Updated: The voting for elected positions shall be done by ballot. All Members are eligible to vote and there shall be no proxies permitted. The result of the election is to be finalized in November on a date set by the Executive Board and Members shall be afforded a period of time of at least two weeks prior to that date to review the candidates and to vote in the election. The process and methodology for voting shall be set by the Executive Board who shall appoint a person to chair a committee to receive the ballots, validate and count them. Results will be announced to the membership following the ballot count and the newly elected Directors shall take office as of January 1. An Executive Board or Executive Council member may not serve in more than one position.

 

Logistics for the Transition to a New Fiscal Year

Bylaws: The bylaws will be updated to reflect the new fiscal year following a “yes” vote by ≥ 60% of club members who cast a vote in the annual Board election.

Board: The board currently being elected will hold office for 13 months, December 1, 2016 to December 31, 2017. Future boards will hold office for 12 months concurrent with the fiscal year (the calendar year).

Board Transition: Both outgoing and incoming board members will attend the December board meeting, allowing for a formal transfer of responsibilities. Incoming board members will participate in a non-voting capacity.

Taxes: The club will file for a “short tax period” of December 1–31, 2016. The new fiscal year will begin January 1, 2017 and run through December 31, 2017.

Leadership Award Program: Rides led December 1, 2015 through December 31, 2016 will be counted toward leadership incentives for this year. Thereafter, the incentive program will align with the calendar year.