department of athletics policies & procedures - UNC Wilmington ...

1. All donations and contributions of funds and other receipts of monies by the corporation
shall be deposited in a timely manner in accordance with procedures specified by the
Chancellor of the University of North Carolina at Wilmington.
2. The management of the assets and funds of the corporation shall be carried out pursuant
to the administrative policies of UNCW, pursuant to the authority of the Chancellor in the
exercise of his or her authority to control intercollegiate athletics in accordance with the
Rules and Regulations of the NCAA and CAA.
3. The corporation is organized exclusively for charitable and educational purposes,
including, for such purposes, the making of contributions to organizations that qualify as
exempt organizations under section 501 (c)(3) of the Internal Revenue Code of 1954. No
part of the net earnings of the corporation shall inure to the benefit of its contributors,
directors, officers, or other persons except that the organization shall be authorized and
empowered to pay reasonable compensation for services rendered and to make payments
and distributions in furtherance of the exempt purposes of the organizations. Upon
dissolution, all of the net assets of the corporation shall be distributed to the University of
North Carolina at Wilmington or, if that cannot be accomplished, then to one or more
organizations organized and operated exclusively for educational or scientific purposes
that is (or are) exempt from taxation under Section 501 (c)(3) of the Internal Revenue
Code.
4. The Board of Directors and only this board, by majority vote, has the authority to secure
loans in the name of the Student Aid Association, also referred to as the Seahawk Club.
SECTION VI - FISCAL YEAR
The fiscal year of the corporation shall begin July 1 st and extend through the 30 th day of June
of the following year.
SECTION VII - SEAL
The Board of Directors shall provide a corporate seal which shall be in the form of a circle
and shall have inscribed thereon the name of the corporation and the word “Corporate Seal.”
SECTION VIII - AMENDMENTS TO BYLAWS
The bylaws may be altered, amended or repealed and new bylaws may be adopted by a
majority vote of the Directors then authorized to vote at any regular meeting or special
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