This is an exciting step for the Jackie Kallen Foundation. Given Jackie’s “First Lady of Boxing” legacy, these bylaws need to reflect both strength and strategic generosity.
Below is a foundational draft. Since bylaws are legal documents, you should have a nonprofit attorney in your state review these to ensure they comply with specific local statutes (especially regarding “renewable for life” terms, which can be tricky in some jurisdictions).
Bylaws of the Jackie Kallen Foundation
Article I: Purpose
The Jackie Kallen Foundation is organized to distribute funds annually to [Insert Specific Cause, e.g., underprivileged athletes, youth education, etc.]. Our mission is to manage and grow assets to provide impactful grants and charitable contributions.
Article II: Board of Directors
Section 1: Initial Composition. The Board shall initially consist of the founding officers: President, Secretary, and Treasurer.
Section 2: Founding Director Succession. * The Right to Appoint: Each founding director has the exclusive right to nominate and appoint their own Predecessor-Successor.
- Term Length: Once a successor takes office, they shall serve a term of five (5) years.
- Renewal: At the end of each 5-year term, the successor’s term is automatically renewable for life, subject to the removal clause in Section 3.
Section 3: Removal of Directors. Any director (founding or successor) may be removed from their position for cause or if their conduct is detrimental to the Foundation. Removal requires a majority vote of the remaining Board of Directors.
Article III: Officers
- President: Leads the Board, presides over meetings, and oversees the execution of the Foundation’s mission.
- Secretary: Responsible for keeping records of board actions, including overseeing the taking of minutes and sending meeting notices.
- Treasurer: Custodian of the Foundation’s funds; provides financial reports and oversees the annual distribution of funds.
Article IV: Advisory Board
Section 1: Purpose. The Board of Directors shall establish an Advisory Board to provide expertise and guidance.
Section 2: Duties. The Advisory Board shall:
- Assist in the management of fundraising efforts.
- Advise on the selection of grant recipients or “giveaway” targets.
- Review financial growth strategies for the Foundation’s assets. Section 3: Authority. The Advisory Board acts in a consultative capacity only. Final fiduciary and voting authority remains solely with the Board of Directors.
Article V: Annual Fund Distribution
Section 1: Timing. The Foundation shall distribute a portion of its raised funds annually, as determined by the Board of Directors.
Section 2: Selection Process. The Board of Directors, with input and recommendations from the Advisory Board, shall vote on the distribution of funds to ensure they align with the Foundation’s core mission.
Article VI: Amendments
These bylaws may be amended, altered, or repealed by a majority vote of the Board of Directors at any regular or special meeting.
Summary of Key Features Included:
- Successor Control: Founding directors maintain the power to hand-pick their “heirs” to the board.
- The 5-Year Cycle: Successors get stability through 5-year terms that can last a lifetime, but the “Majority Rule” provides a safety net to protect the foundation.
- The Advisory Layer: Keeps the heavy lifting of fundraising and grant-vetting organized without cluttering the voting board.