FUNDS
FUNDS TRANSPARENCY
Regarding the financial practices of AMCC It must be encouraged for every individual who has a GENUINE interest in seeing the financial records and practices of AMCC at any time to do so. Furthermore, it should be the goal of AMCC to have its financial records audited by an outside auditor twice annually. It must also be the practice of every partner of AMCC to have their books independently audited annually.
FUNDS ALLOCATION
It would be unconscionable to enrich any Board Member or employee while serving every Orphaned and At-Risk Child of the world. Therefore, it is the desire of AMCC that every Board Member receive their reward through their passion and motivation regarding their service to the children of AMCC It will be the goal and aim of AMCC to have the highest “giving rate” of its supporter’s money in the industry. Therefore, AMCC’s minimum giving rate goal should never be less than 90% of every sponsor’s dollar.
By having such lofty goals, Board Members should ideally be as financially independent as possible while allowing their service and passion be their reward. However, the above goal may prove to be impossible and should by no means be a factor when deciding upon an AMCC Board Member candidate. Therefore, if AMCC shall have a paid Board Member, then the salary shall not exceed the average median salary of the State that particular Board member is living. In addition, no AMCC leader shall circumvent this rule by declining to be a Board Member while being an AMCC employee with decision powers of any kind.
APPLICATION OF FUNDS AND ASSETS
The funds and assets of the Organization shall be applied solely towards the promotion of the objectives of the Organization as set forth in this constitution; and no portion thereof shall be paid or transferred directly, or indirectly by way of dividend , bonus or otherwise by way of profit to any member of the Organization, provided that nothing herein shall prevent the payment, in good faith, of reasonable and proper remuneration to any officer or servant of the Organization or any member of the Organization, in return for any services actually rendered to the Organization, or prevent the payment of interest at a rate not exceeding the current bank rate on money lent or reasonable and proper rent for premises demised or let by any member to the Organization.
Provided also that no non–executive member of the Board of the Organization shall be appointed to any salaried office of the Organization or any office of the Organization paid by fees, and that no remuneration or other benefit in money or money’s worth shall be given by the Organization to any such Board member except repayment of out-of-pocket expenses and interest at the rate aforesaid on money lent, or reasonable and proper rent for premises demised or let to the Organization.
ASSETS AT TIME OF DISSOLVEMENT
If upon the winding up or dissolution of the organization there remains after the satisfaction of all its debts and liabilities, any property whatever, the same shall not be paid to or distributed amongst the members of the organization, but shall be given or transferred to some other institution or institutions having objectives similar to the objectives of the Organization, and which shall prohibit the distribution of its or their income and property amongst its or their members to an extent at least as great as its imposed on the organization.