ARTICLE I
Name
The name of this Corporation shall be Burn Survivor Foundation.
ARTICLE II
Offices
The headquarters shall be located in Richmond, Virginia, and/or in such other
localities as may be determined by the Board of Directors.
ARTICLE Ill
Principles of the Foundation
The mission of the Burn Survivor Foundation has been and will continue to be to
improve the lives of all Burn Survivors, their families, and caregivers. The Burn
Survivors Foundation provides affordable, educational, and outdoor recreational
activities that foster a feeling of love and fellowship. The Burn Survivors Foundation will
continue to provide a future for all through hope.
ARTICLE IV
Objectives
The primary objective of the Foundation is to support Burn Survivors in the
Commonwealth of Virginia.
1) Support the Central Virginia Children’s Burn Camp.
2) Support the Old Dominion Professional Firefighters Burn Foundation and
the VCU Evan Haynes Burn Center.
3) Seek other Burn Survivor charity opportunities in the Commonwealth of
Virginia.
4) Promote aid and assistance to Burn Survivors as approved by the
Board of Directors.
ARTICLEV
Board Members
The Board of Directors shall be set as follows.
A. Types of Board Membership shall be as follows:
1) AFSA BOARD MEMBER
All elected AFSA Virginia Chapter Board members shall also serve on the
Burn Survivor’s Foundation Board for the duration of their AFSA Virginia
Chapter Board term.
2) OTHER BOARD MEMBERS
Others may be appointed to the Burn Survivors Foundation Board by the
current Burn Survivors Board of Directors. Their term will be three years, and
they can be re-appointed to this Board.
3) The Burn Survivor Foundation Board shall always be an odd number of
Directors to avoid a tie vote on any issue.
B. Expulsion and Removal from Board
1) Any Board member who fails to perform his duties or fails to attend
meetings may be removed from the Board by a majority vote of the
Board of Director members in good standing.
ARTICLE VI
Organization
The organization and its affiliate support shall be as follows.
A) Board of Directors
1) Purpose
a) To govern the Burn Survivor’s Foundation, subject to the
Articles of Incorporation, Bylaws and regulations set up by the
Board of Directors.
b) Formulate policy for the Burn Survivors Foundation.
c) Shall rule on major Foundation decisions and disputes.
2) Meetings
a) The Board of Directors of the Foundation will meet yearly as
scheduled by the Chairman. A minimum of one annual meeting
is required for the record to meet Virginia Corporation
requirements.
b) Agenda of all meetings is to be prepared under the direction of
the Chairman. Minutes of each meeting shall be kept for the
official records.
c) Attendance in person or proxy by a majority of the total membership
of the Board of Directors shall constitute a quorum. A proxy may be
voted only by an attending Director on specifically instructed
Agenda items.
3) Attendance of Directors
a) To attend Board of Directors Meetings regularly. Failure to
attend in person, a majority of the scheduled meetings annually
without adequate reason shall be cause for removal by a vote of
the majority of the Burn Survivor Foundation Board.
4) Terms of Directors
a) The terms of the Burn Survivor Foundation Directors who are
AFSA Virginia Chapter Directors will be the same as their
terms on the AFSA Virginia Chapter Board.
b) The term of other appointed Directors will be three years.
c) There are no term limits on how long a director may serve
8) Officers and Their Duties
1. Chairman
a) The Chairman will be a director, and the Chairman is the President of
the AFSA Virginia Chapter. The Chairmans term is the same period
as the term with the AFSA Virginia Chapter.
b) The Chairman will serve as Chief Executive Officer of the Foundation
serving under the directions of the Board of Directors.
c) The Chairman will preside over all Board of Directors Meetings or
special Board Meetings.
d) The Chairman will preside over all regular Board of Directors Meetings.
e) The Chairman shall provide directions to the Board of Directors.
f) The Chairman will appoint the Committee Chairman of Standing and
ad hoccommittees.
g) The Chairman may appoint at his discretion any additional
committees necessary for the activities of the Foundation.
h) The Chairman will advise and assist all Board members of the
organization in theirduties.
i) The Chairman will represent the Foundation as
directed by the Board of Directors.
2) Treasurer
a) The Treasurer will be a director, and is Treasurer of the AFSA
Virginia Chapter, and the term is the same period as the term with
the AFSA Virginia Chapter.
a) The Treasurer shall keep detailed financial records of
the Burn Survivor Foundation.
b) The Treasurer shall manage the Bank accounts of the
Burn Survivor Foundation.
c) The Treasurer shall manage the Investment Trust Fund
of the Burn Survivor Foundation.
d) The Treasurer shall manage all funds raised at any
fund-raising events.
e) The Treasurer shall manage the annual tax and
reporting requirements annually with the Attorney and
Auditor.
C) Legal Counsel (if retained by the Bum Survivors Board of Directors)
1. Duties of General Counsel
a) The Attorney will be selected and retained by the Board of Directors.
b) The conditions and scope of the Attorney’s services are to be
determined and approved by the Board of Directors.
c) The Attorney shall maintain the Corporation in good standing with the
Commonwealth of Virginia and the IRS.
d) The Attorney shall be licensed and in the Commonwealth of Virginia.
D) Auditor
The Auditor shall be selected and retained by the Board of Directors and
shall be a Certified Public Accountant in the Commonwealth of Virginia.
1. Duties of Auditor
a) The Auditor shall prepare annual statements for presentation as
soon after the end of the year as circumstances permit, or more
frequently if required by the Board of Directors of the Chapter.
b) The Auditor shall prepare tax returns for the Chapter.
c) The Auditor shall be available to the Secretary-Treasurer for
consultation on financial matters.
E) Committees
1. The following would be the Standing Committees of the Chapter.
a) Golf Tournament Committee
b) Fundraising Committee
c) Promotion of BSF Committee
d) Codicil Committee
e) BSF oversight Committee
ARTICLE VII
Depositories, Signature, Contracts
A. Depositories; Signature
1. All funds of the corporation shall be deposited by the Treasurer in the
name of the corporation in such depository as the Board may designate
and shall be drawn out on checks, drafts or other orders signed by the
Chairman, Treasurer, agent or agents as the Board may from time to time
authorize. Any such withdrawals against such funds of the corporation shall
be made only in payment of accounts authorized under the budget of the
corporation or by a general or special resolution of the Board.
2. The Chairman of the Board and the Treasurer will have authority to sign
checks or to move funds to authorized accounts on behalf of the
Foundation.
B. Contracts
1. All contracts and other instruments shall be signed on behalf of the
corporation by the Chairman, Treasurer or agents as the Board may
authorize from time to time by a majority vote.
ARTICLE VIII
Tax status.
A. Tax Exempt Status
1. The IRS 501 (c) (3) tax-exempt status shall be maintained.
2. No member may acquire an interest of any kind in the property of the
Chapter, real, personal or mixed, except the right to take part in the use and
disposition of such property under the tax-exempt laws, the Articles of
Incorporation and in the Bylaws.
ARTICLE IX
Revisions to the Bylaws.
A. Amendments
1. These Bylaws may be amended, in whole or in part, by a majority vote of
the Board of Directors of the Burn Survivors Foundation provided,
however, that:
a) The President shall appoint a duly constituted Oversight
Committee to study and prepare such amendment.
b) Such an amendment has been presented to the Chapter Board of
Directors in the form of a resolution.
c) The members of the Board of Directors have been notified at least two
weeks in advance of the proposed amendment. The notification of such
a vote shall include the proposed amendment and the reasons therefor.
d) Prior to the adoption of Bylaws or amendments thereto, suggested
changes shall be forwarded to the President of the Burn Survivors
Foundation for study. Pertinent changes will be made and the revised
Bylaws presented to the Board of Directors at the next scheduled or
called meeting.
ARTICLE X
Investment Policy Statement
April 2025
Investment Policies and Objectives
The objective of the investment program is to provide growth and income on the Burn
Survivors Foundation investments with moderate volatility of returns. Investment
decisions should consider the possibility that the Burn Survivors Foundation may need
to access a portion of the principal in the next 1-3 years to meet various funding needs.
Nature of Investments
The portfolio will consist of both short-term (maturity of less than one year) and longterm
(maturity greater than one year) investments.
Generally, there are three partitioned portfolios:
• Cash & equivalents for short-term needs.
• Fixed income investments (Bonds) for income & capital
preservation.
• Growth investments for long term capital appreciation.
Acceptable Investments by Portfolio:
Cash & Equivalents Portion:
1. Portfolio investments shall be made to provide liquidity and for preservation of
the portfolio’s principal value.
Fixed Income Portion:
1 . Investment Grade Corporate bonds
Growth Portion:
1. Mutual Funds (incorporated under the Investment Company Act of 1940)
2. Exchange Traded Funds (1940 Act) & Exchange Traded Notes (1933 Act)
3. Individual Common Stocks traded limited partnerships and real estate investment
trusts.
Quality and Marketability
Issues with limited marketability will normally be avoided. It is expected that all portfolio
holdings maintain a high degree of daily liquidity.
Asset Allocation Strategy (excludes Cash & Equivalents Portion)
Based on the investment objectives of the Burn Survivors Foundation, the investments
shall be managed within the following asset allocation ranges:
Asset Class
Equity:
Fixed Income/Cash:
Minimum Target
40% 75%
20% 25%
Maximum
80%
60%
These allocations may be changed at any time by a majority vote by the Burn Survivor
Foundation Board of Directors.
Record keeping of Investment Policy Statement
The Investment Policy Statement shall be signed by the Chairman of the Board, Vice
President and Treasurer for the Burn Survivors Foundation after approval by the Board.
Copies shall be filed:
1) The original executed copy shall be on file with the Investment
Manager.
2) A copy of the executed document shall be held and on file with the
Burn Survivor Foundation Treasurer.
ARTICLE XI
Codicil
The Burn Survivors Foundation has established a Codicil program whereas Donors can
leave the Burn Survivors Foundation funds from their estate at the time of their death.
A) Codicil process
3) A codicil document developed by the Burn Survivors Foundation
or approved by the Burn Survivors Foundation must be used.
4) This document must be signed by the Donor.
5) This document must be signed by two witnesses.
6) This document must be notarized by an active Notary.
8) Record keeping of the Codicil.
1) The original signed Codicil shall be held by the Treasurer of the Burn
Survivor Foundation.
2) A copy of the Codicil shall be held by the Investment Trust Advisor.
3) A copy of the Codicil shall be kept on file by the Foundation Attorney.
ARTICLE XI
Management of the Charities supported.
The Burn Survivors Foundation Board of Directors shall meet annually to review the
findings of the Charity Oversight Committee and to approve the continued funding of
the existing Charities and to review any new proposed Charities to support.
The duties of the Charity Overview Committee are:
1) Meet annually with each Charity supported by the Burn Survivors Foundation:
a) Review the relationship between the Charity and the Burn Survivor
Foundation.
b) Review the proposed uses of funds from the Burn Survivors Foundation.
c) Review of the management of the Charity supported and the succession
plan for its Officers.
d) Review of the annual budget for the Charity supported.
e) Reviewing other means that the Charity raises funds.
f) Discuss the needs of the Charity for the upcoming year.
g) The Committee shall confirm that the Charity has filed the proper tax filings
for the prior year and that their 501 (c) (3) status and Virginia Corporation
status are up to date.
h) Review the promotion and public awareness of the Charity supported.
2) Review any new Charity proposed to support and make a recommendation to
the full Board regarding whether to support this new Charity.
The meetings with the Charities shall take place between January 1 to March 31 of
each year.
Minutes shall be taken of these meetings and shall be kept on file by the Treasurer of
the Burn Survivor Foundation.
The Board of the Burn Survivors Foundation shall review these reports and make a
decision for funding the Charites by no later than October 1 of each year.
At the close of each year the Burn Survivors Foundation shall develop an Annual
Statement to be posted by January 31 of each new year.
That statement should include the following:
1) The name of each Charity supported.
2) The value of funding for each Charity for the prior year.
3) The total donated to each Charity to date.
4) The Bank balance on December 31.
5) The Investment Fund balance on December 31 .
6) The return on the Investment Funds for the year.
7) A list of the Codicils on file.
8) A list of the current Board of Directors.
This statement should be made available to the Auditor, Attorney, IRS, State of
Virginia and any Donor who requests a statement.
ARTICLE XII
A. When new Bylaws are adopted by the Board of Directors, they supersede all
past Bylaws.
B. Nothing in these Bylaws shall conflict with the Articles of Incorporation of the
Burn Survivors Foundation.