Constitution: 

Article I - Name of Organization

The name of this organization shall be "Academy of Finance" (AOF)

Article II - Purpose and Objectives

1. AOF is a nonprofit organization whose basic purpose is the development and recognition of individual efforts in the field of finance and insurance.
2. The major objectives are:

a.       to promote the association of finance and insurance professionals;

b.      to provide programs aimed at improvement of teaching, research and writing by allowing application and exchange of finance and insurance related ideas;

c.       to provide a forum for the publication of the results of research and other scholarly work;

d.      to recognize excellence in research and writing in the fields of finance and insurance; and

e.      to provide discussion and information exchange concerning ongoing research activity.

Article III - Governing Body

1. The governing body shall be the Board of Directors, which shall consist of all elected officers, the immediate Past-President, and six at-large Directors. The President shall be the Chairperson of the Board of Directors. The additional Director positions shall initially be for terms of 1, 2, and 3 years; thereafter, each position shall have a 3-year term so that each year 2 of the 6 positions shall come open.
2. The elected officers shall be President, Vice President and Secretary/Treasurer.
3. The Board of Directors shall be the principal administrative body and is subject to referendum by the total membership. The Board shall be responsible for financial and other operations, especially as these relate to the accomplishment of organizational objectives.
4. The nominating committee shall consist of the President and the two most immediate Past-Presidents who are willing to serve.

Article IV - Membership

1. The membership shall consist of those persons who support the objectives of the organization and pay the annual membership fee.
2. The right to vote, to initiate referenda, to initiate and sign petitions, and to hold office are reserved to members in good standing.

Article V - Meetings

1. Annual Business Meeting. There shall be a general business meeting of all members to be held annually during the Midwest Business Administration Association meetings. All members shall be notified in writing as to the time and place of the annual general meeting. Announcement of the general meeting made in the program of the Midwest Business Administration Association shall suffice to meet this requirement.
2. Board of Directors' Meeting. A planning meeting shall be held by the Board of Directors at least once a year at the call of the President. Each member of the Board shall be notified in writing of the meeting time and place at least fifteen (15) days prior to the meeting date.
3. Special Meetings. Special meetings of the membership may be called by the President with at least thirty (30) days' notice.
4. Quorum. At official meetings of the membership, the members present will constitute a quorum. At meetings of the Board, one-third of the Board members will constitute a quorum.
5. Procedure. All questions of parliamentary procedure shall be first settled by referring to the Constitution and Bylaws of this organization, then to Robert's Rules of Order (Revised).

Article VI - Changes in the Constitution

1. No article shall be added to this constitution and no part shall be amended or annulled except either by: (a) formal proposal, discussion, and written ballot approval by at least two-thirds of the members present at the annual meeting; or by (b) formal proposal, an opportunity to prepare briefs stating arguments pro and con, and a mail ballot sent to the membership by mail, fax, or electronic mail --approval is required by at least two-thirds of the members responding within thirty (30) days after posting.
2. Proposal of change may be made by the Board of Directors or by a petition to the President that is signed by at least five percent of the members in good standing.


3. A proposed change in the Constitution shall be submitted to the membership at least thirty (30) days before the meeting or at least thirty-five (35) days before the mailed ballots are due. Amendments to the proposed constitutional change may be made during the discussion of the proposed change at the annual business meeting provided that such amendments do not deviate substantially from the originally proposed constitutional change.
4. Copies of amendments shall be distributed to the membership as soon as possible after adoption.

Article VII - Referenda

Upon its own initiative or upon the request in writing of ten percent (10%) of the members in good standing, the Board of Directors shall submit a question to the membership for a mail referendum vote; the ballot for such a vote shall be accompanied by briefs stating both sides of the question.

Article VIII - Finances

Organizational financial records will be kept. Any revenues or expenses of this organization will be handled by the Secretary-Treasurer. Appropriate records of all financial transactions will be kept by the Secretary-Treasurer. The Secretary-Treasurer shall prepare an annual financial statement and budget which shall be available to membership and presented at the annual business meeting.

Approved: March 16, 1990. Amended March 16, 2006.

Modifications

1. The position of Journal Editor/Program Chair shall be split into two positions. (Approved: March 18, 1994).
2. The position of Secretary/Treasurer shall be split into two positions. The position of Treasurer shall be for a 3 year term. (Approved: March 18, 1994)