Every so often as an organization we need to address housekeeping issues. The Society has recently worked with local Chapters to make sure that all are incorporated and in good standing with both the IRS and the state. Gratefully, our chapter has been incorporated for over 60 years and has been diligent making the appropriate filings with the IRS.
The next phase of this national compliance project is to accept the standard Agreement with the Society (which outlines the duties of both the Society and the Chapter) and to amend the Bylaws. For those of you who are curious, we are currently operating under Bylaws from 2003. One of the benefits of updating the Bylaws is to have them reflect current practices. Another benefit is that the Society can more easily monitor federal and state compliance issues going forward. As a chapter we will vote on the acceptance of the standard Agreement with the Society and the amended Bylaws. Both of these documents are attached. (Please follow these links for Amended Bylaws and Chapter Affiliation Agreement). There are a number of changes in these documents, so please read them thoroughly.
A summary of the major changes in the Bylaws follow. The Bylaws reflect the change to a calendar year and the current distribution of new designees to chapters by zip code. They establish voting and quorum requirements.
The Bylaws outline the responsibilities of the Chapter, including providing minutes to the Society to allow them to assist with compliance issues. There is a clarification that on dissolution of any Chapter the assets revert to The Society after debts of a Chapter are paid. The Bylaws also give the Society the authority to amend the Bylaws in the future.
Two of the larger changes to the Bylaws are that they standardize the legal name of the Chapter and establish a registered agent. The “Buffalo Chapter of the Society of Chartered Property and Casualty Underwriters” was initially incorporated in New York State in 1951. It was at that time that our original Constitution and Bylaws were adopted. The name would be updated to the “Buffalo CPCU Society Chapter” and changed with the state and IRS. Additionally we would engage CT Corporation, as our registered agent for a fee of $127.80 a year. This will ensure that all official communications make their way to the Chapter through the Society and there is no need to update our registered agent every year, as officers change.
Thank you for taking the time to review this important issue. The vote amongst the membership will be completed by email. Please make sure your email is current with the Society so that you receive this important proposed amendment. Please feel free to contact me directly if you have any questions or concerns.
Joanna Rourke,
Buffalo CPCU Society Chapter President
Phone - 716 -276-4786 | Email - jrourke@geico.com