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10. ROTARY DISTRICT 6820 FOUNDATION, INC.
 

10.01     The purpose of the Rotary District 6820 Foundation (to be known as the “6820 Foundation”) shall be to develop and support programs that move District 6820 forward with an emphasis on assisting small clubs. Special consideration should be given to projects that enhance educational and economic progress.
 
10.02     A 6820 Foundation board of trustees shall direct the operations of this foundation.  The composition of the board of trustees shall be a chairman, a secretary, a treasurer and six other trustees with the district governor serving as an ex-officio member for a total of ten members.  The nine elected trustees shall serve staggered three-year terms with the terms of three trustees expiring each year.  A nominating committee, composed of trustees appointed by the chairman, will present to the district conference a slate of nominees to fill vacancies.  Trustees with expiring terms may be re-nominated at the discretion of the nominating committees.  The chairman, the secretary, and the treasurer shall be elected by and from the board of trustees.  For support of long-range projects and for continuity, the chairman, the secretary, and the treasurer shall serve consecutive one-year terms not to exceed five years.
 
10.03     The chairman (or secretary or treasurer) of the 6820 Foundation shall present financial statements annually to the district conference.  Minimum requirements for such financial statements shall include a beginning and ending balance and an itemization of all income and expenses.  The fiscal year of the 6820 Foundation shall be July 1 through June 30.  A projection of income and expenses shall be included on said financial statements for the period from the statement date (date of district conference) to the end of the current fiscal year.  Year-end statements through June 30 shall be presented to the secretary of District 6820 at the close of each fiscal year.
 
10.03     The District 6820 Foundation shall operate as an endowment preserving the principle to perpetuate the funding of all future projects.  Projects shall be funded only with income earned during the Rotary year preceding the current Rotary year.  Earnings not used for projects shall be added to the principal.  Efforts should be made to grow and maintain the principal at a level sufficient to produce earnings adequate to meet the needs of the foundation.