Standing Resolution #1:Trust Fund Procedures

1. Trustees can be removed from office at any time in accordance with the Bylaws under Article II, Section 3.e.

2. The Trustees shall elect a treasurer from among their group to serve as a financial officer as long as he/she remains a Trustee or until his/her five year term expires. The responsibilities of the ALTF Treasurer are:
   1. To invest most of the ALTF principal in low risk securities to produce a maximum of income but retaining a sufficient amount in a savings account to meet anticipated annual disbursements.
      
   2. Make all disbursements countersigned by another of the Trustees in accordance with item 5.
      
   3. Prepare an annual report of income, disbursements and holdings of the ALTF to the League Treasurer in accordance with item 7.
      
   4. Submit a written description of the use of ALTF funds to the REFLECTOR according to item 5.

3. The Astronomical League Executive Committee may request all or part of the annual interest accrued from the principal of the ALTF for the furtherance of League projects. Since this is the original purpose of the Trust Fund, it should be allocated in a most responsible manner for highly visible uses such as:
   1. Improved program materials to member societies.
   2. Materials to promote new and existing member societies.
   3. Promotional materials to increase the effectiveness of member societies and the ALTF.

   These funds are not for the routine operating expenses of the League. Any unused interest shall automatically become part of the ALTF principal at the close of the League's next fiscal year on June 30.

4. It is the responsibility of the Executive Committee to determine the use of these interest funds and to make such uses known to the ALTF Trustees for their comments and suggestions. A simple majority of both the Executive Committee and the Trustees will determine if the proposed use of the ALTF interest funds is proper. In case of a tie vote, a simple majority of Council members polled by the Executive Committee will approve or disapprove the proposed use of such funds.

   The ALTF Treasurer shall disperse the funds as approved to the League Treasurer unless otherwise directed. The ALTF Treasurer will make sure this allocation of the ALTF interest receives proper publicity in the REFLECTOR in cooperation with the League President and Publications Chair.

5. The duties of the Trustees are:
   1. To promote the acquisition of funds from both inside and outside the League to increase the principal of the ALTF.
   2. To assist the Executive Committee in insuring that the very best use of the interest income be made on behalf of League goals.
   3. To administer the handling or sale of any real property and/or items donated to the ALTF. Items to be sold will be deposited in the ALTF as a part of the principal.

6. The ALTF Treasurer will submit an annual financial report to the League Treasurer 30 days prior to the annual convention. The League Treasurer will in turn incorporate this information in the League's financial report to Council. Should no national convention be held, the ALTF financial report shall be filed with the League Treasurer by August 1.

7. The principal will be inviolate except under conditions specified in Article XI, Section 1, of the Bylaws.