Revised May 12, 2022

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Article I - NAME
The name of this corporation shall be the NEW JERSEY ASSOCIATION OF STUDENT FINANCIAL AID ADMINISTRATORS, INC., herein known as the Association.

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Section 1: The principal office of the Association, a non-profit corporation incorporated under the laws of the State of New Jersey, shall be in the State of New Jersey.

Section 2: The Association may have such other office or offices at such suitable place or places within the State of New Jersey as may be designated from time to time by the Association's Executive Council.

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The purposes for which this Corporation is formed are to promote, establish, maintain and operate educational programs; educate and train administrators and counselors of student financial aid programs on issues dealing with financial aid by a student and/or a student's family; to educate the community and public at large; and to work with and cooperate with other organizations having similar objectives and provisions as stated above, and to carry out all programs allowable by law for a corporation formulated and existing in accordance with applicable law. The corporation shall not conduct activities of any kind or nature that are not permitted under Section 501(c)(3) of the Internal Revenue Code.

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Section 1: There shall be three classifications of membership in this Association: active membership, associate membership and retiree membership. All memberships require an application and payment of dues for the current year.

Section 2: Active membership shall be limited to student financial aid administrators in post-secondary educational institutions in New Jersey. Active members are entitled to vote on all matters brought before the Association, and hold any office in the Association.

Section 3: Associate membership shall be open to out of state student financial aid administrators, representatives of government agencies, secondary educational institutions, foundations, private and community organizations interested in student financial aid matters. Other persons concerned with or interested in student financial aid are encouraged to become associate members. Associate members are entitled to vote on any matters brought before the Association. Associate members may hold one council person at large position.

Section 4: Retiree membership shall be open to individuals who previously qualified for either active or associate membership in the Association who have retired from service to the profession. [Individuals who otherwise qualify for Active or Associate membership under Section s 2 or 3 of this article are not eligible for Retiree membership.] Each retired member shall be entitled to be a committee member or chairperson unless otherwise specified, and shall be encouraged to attend annual meetings.

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Article V - OFFICERS
Section 1: The officers of this Association shall consist of President, President-Elect, Vice President, Treasurer, Treasurer-Elect and Secretary. The officers must be active members of the Association.

Section 2: The President-Elect shall succeed to the Presidency. The Treasurer-Elect will succeed to the Treasurer.

Section 3: The officers shall be elected every year, as specified in the Bylaws.

Section 4: The term of office of each officer shall be for one (1) year, from June 1 to May 31, inclusive.

Section 5: The duties of officers shall be as specified in the Bylaws and in the parliamentary authority adopted by the Association insofar as the latter does not conflict with the former.

Section 6: Vacancies shall be filled as specified in the Bylaws.

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Section 1: The Executive Council shall consist of:

  1. the elected officers of the Association;
  2. four council persons elected at large;
  3. immediate Past-President and
  4. Treasurer-Elect.

The four council persons shall serve for one year beginning June 1 to May 31 inclusive.

Section 2: The Executive Council shall act on behalf of the Association between meetings and report all actions to the membership.

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Section 1: An official business meetings of the Association shall be held at least once a year on the dates and at the places determined by the Executive Council. Notice of all meetings shall be communicated to all members eligible to attend at least fifteen (15) days before the meeting.

Section 2: One-fourth of the eligible voting members of the Association in attendance shall constitute a quorum at any meeting of the Association.

Section 3: The Executive Council shall be empowered to hold such meetings as it may determine. Meetings may be called by the President or by petition of three (3) members of the Executive Council.

Section 4: One-fourth of the eligible voting members may call an official business meeting by petition to the President who must call a meeting within thirty (30) days of the receipt of the petition.

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Dissolution or final liquidation of the Association shall take place and the distribution of assets shall proceed as provided in the Association's Articles of Incorporation.

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The Association shall not authorize or issue shares of stock, not obtain any dividends, nor make any loans to its member organizations, members of the Executive Council, officers, agents, or employees. The Executive Council shall have the authority to make investments for the Association in Certificates of Deposit, Money Market funds, Corporate Bonds and U.S. Treasury and Agency Securities to secure a fair return on retained earnings to be used for non-profit endeavors, such as for scholarships and Association related activities. The Executive Council, at any regular meeting, shall direct the Treasurer to manage these investments as needed.

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The Association shall not be operated for profit (except that the Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of its purposes as set forth in Article III, hereof). The Association shall not directly or indirectly participate in, or intervene in (including the publishing or distribution of statements), any political campaign on behalf of or in opposition to any candidate for public office.

Notwithstanding any provisions in these Bylaws or in the Association's Articles of Incorporation, the Association shall not carry on any activities not permitted to be carried on by an organization exempt from federal income taxation under Section 501(a) of the Internal Revenue Code of 1954 as an organization described in Code Section 501(c)(3), (or corresponding provisions of any future United States Internal Revenue laws). No substantial part of the activities of the corporation shall be the carrying on of propaganda or otherwise attempting to influence legislation, except that the corporation may elect to have provisions of Section 501(h) of the Internal revenue Code of 1954 (or corresponding provision of any future United States Internal Revenue law) apply with respect to such activities.

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This Constitution may be amended by a two-thirds majority of the current membership in attendance at a regularly called meeting, or by an electronic ballot of the entire membership, in which case two-thirds of the ballots cast within 20 days of the communication constitute a majority, provided that each amendment shall have been proposed in writing to the Secretary: (a) by the Executive Council, or (b) by a committee authorized by the Association, or (c) by a petition of one-fourth of the eligible voting members of the Association; and provided further, that a copy of the proposed amendment shall have been mailed to each voting member of the Association at least fifteen (15) days before the vote is called by the Executive Council.

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