In business terms, Coyote Capital, Inc. is a non-profit (not tax exempt) corporation organized under laws of New York State. Beyond that description, however, lies an organization of dedicated alumni of the Iota Zeta Chapter of Sigma Chi that are striving to support the current fraternity housing needs of the undergraduate chapter while building equity and planning for future improvements, expansion, or replacement.
The operations of Coyote Capital, Inc. are broken into two distinct, yet equally important functions. The first is management of proper [removed][removed] ty that provides housing for three undergraduate brothers and is utilized as an activity space for all undergraduate brothers. The second function is to maintain communication with all alumni through the Alumni Association. This is further defined in the Alumni Association mission statement:
“The purpose of the Iota Zeta Alumni Association is to develop and maintain a positive relationship between Clarkson University, the Sigma Chi International Fraternity, the active Undergraduate Chapter, and Iota Zeta Alumni.”
Membership: Each living alumnus of Iota Zeta who has paid all undergraduate and General Fraternity dues is a member of Sigma Chi Iota, Inc. Please note that membership is not contingent upon payment of Alumni Association dues. Any alumnus in good standing is welcomed as a valuable resource of the corporation.
Trustees: During the 2005 Annual Meeting, the bylaws were amended to increase the number of Trustees serving on the board. These changes were enacted to increase representation across the growing number of alumni, as well as to add resources to assist with the growing responsibility of property management, long-range planning efforts, and risk management. A Board of Trustees consisting of nine members plus two ex-officio members (Chapter Advisor & Undergraduate Consul) is elected annually at the general meeting. Nominations and platforms are accepted via email prior to and at the meeting before a secret ballot vote is conducted to elect the board of trustees. Trustees hold monthly meetings via conference call and attempt to meet at least once per year in person.
More about the structure and membership of Coyote Capital can be found here.
Meetings: The Board of Trustees conducts monthly meetings via telephone conference call. The Minutes from the August 10, 2006 meeting are included at the end of this section to demonstrate the structure of the monthly meetings. All meetings are presided over by the President and conducted in accordance with Roberts’ Rules of Order.
Finances: The financial affairs of the corporation are managed by the Treasurer as described below. A report of current account status is included at the end of this section.
Accounts
Receipts and Reimbursements
All funds received on behalf of the Corporation shall be promptly forwarded to the Treasurer for prompt deposit.
All requests for disbursement of Corporation funds must be submitted to the Treasurer with adequate supporting documentation.
All amounts disbursed for non-operating purposes (e.g., other than mortgage payments, insurance, utilities, accounting fees) require the approval of the Board. Board approval can come in the form of a “spending limit” whereas a Trustee can be given authority to spend up to a given amount without prior Board approval (e.g. property manager and treasurer should have such authority). However upon disbursement of those funds, that Trustee must give a full description of the disbursement for a vote of approval at the next Board meeting. If the Board subsequently votes down that expenditure, there are several courses of action available. First, a designated Trustee should try to halt payment of that debt. Whether payment of the debt in question can be halted or not, the Board should decide if the Trustee making the original transaction acted in good faith, and whether additional actions against said Trustee are warranted. Actions can range from instruction to not repeat the offense, to full personal accountability for the debt. Refer to Article VII of the By-Laws for rules governing the latter.
Financial Reporting
The Treasurer shall submit monthly financial statements to the Board of Trustees. The financial statements shall be prepared using the format described in the Account section and as attached to these Policies.
Every year the Treasurer shall review the compiled financial statements of the Corporation and consult with Corporations outside accountant regarding any irregularities or discrepancies. Additionally, the tax status of the Corporation shall be reviewed at this time. This accountant is currently Chris Herrick of Whalen, Davey & Looney, Inc., 31 Glenn Street, Massena, NY 13662. Phone is (315) 769-2200 x13.
Insurance
The current insurance holder for the Corporation and Chapter is the Risk Management Foundation (RMF) administered through Sigma Chi International. The Treasurer shall receive and review the insurance policy and annual RMF property worksheet to ensure there is enough coverage for property. Minimum liability coverage is already mandated by RMF. Since the majority of the insurance premium is for liability, the Chapter shall pay the majority of this premium. Since two properties are covered by this insurance the Housing Corporation shall cover the additional insurance costs related to the operation of 91 Maple St.
Dues
You can find out more about dues payments here.
Property Management
Management of property issues is generally left to the discretion of the Property Manager, with the exception of large capital expenditures and setting of rent. The Property Manager is authorized discretionary spending up to $1000 without prior approval from the Board of Trustees. He must, however, submit all expenses for approval at the next scheduled board meeting.
Alumni Association
The Alumni Association Chairman operates with relative autonomy in development of communications, events, and other brotherhood building activities. Any expenses incurred for printing, mailing, or event execution must be approved by the Board of Trustees. This is routinely granted in authority to spend up to certain limits, to provide maximum flexibility.
By-Laws
By-laws govern membership, meetings, trustees, officer roles, funds management, and indemnification of trustees.
Pay your annual or lifetime dues and make a donation online! Your financial committment is what helps the association reach its goals and function as an organization. Support is always appreciated.
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March 10th, 2012
Undergraduate Initiation - @Potsdam, NY (contact undergraduate chapter for more information)
April 21st, 2012
Undergraduate Pig Roast - @Potsdam, NY
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