The following Operating Policies of the Corporation have been enacted by Resolution of the Board of Directors.   Original dates of enactment of the Resolutions and any amendments are noted following each Policy.

#1. LMSRF Grants-in-Aid Program

The Lake Michigan Sail Racing Federation, in accordance with its stated goal of fostering national and international sail racing competition, has established comprehensive programs of Grants-in-Aid, Scholarships and Training. The program is aimed at reducing financial burden incurred by qualified and dedicated competitive sailors attending championship level events. Funding for Instructor Scholarships is also part of this effort to improve the overall quality of sail instruction and race management throughout the Lake Michigan area. Providing small sailboats to member not-for-profit sailing organizations for sail training is another objective.

Sources of Funding:

• Endowment Fund annual distribution: 5% of the 12 quarter rolling average value of the Endowment Fund at year end.
• Directed donations to the Grants-in-Aid Program. 5% of such donations shall be transferred to the General Operating Fund.
• Surplus from General Operating Fund as granted by action of the Board.

The funds from these sources will be deposited in the LMSRF Grants-in-Aid Account and will be disbursed only after approval by the Grants-in-Aid Committee as directed by the Chair. Signatories for this account shall be the Grants-in-Aid Committee Chair, Treasurer, Commodore and/or Executive Secretary with only one signature required per check if the drawn amount is under $2,000; otherwise two signatures will be required.

Grants from this Fund cannot be made in excess of the available Fund balance.

Grants will only be made to members of Lake Michigan Sail Racing Federation.

GRANTS-IN-AID:

Applications must be submitted in writing to the LMSRF Grants-in-Aid Committee prior to the event; however, the Committee may waive this requirement, if in its opinion there is good reason to do so, and accept a written application subsequent to the event.

A fresh download of the appropriate form shall be made for each grant application.

Grants to Sailors ranging from $200 and up to defray the expenses of sailors competing at national and international events.  Grant applicants must be members of LMSRF.

The applicant should include the following information:

• Name, address, age, phone number, and e-mail address for the applicant,
• Brief personal background (education, profession, etc.),
• Name of the event which applicant is working toward,
• Projected budget for the event, along with a summary of other sources of funding (if any) available to applicant from sources such as donations, grants and/or sponsors.
• Resume of past racing activities and achievements,
• Summary of present activities in preparation for competition,
• Optional: letters of recommendation from sailing instructors, coaches, club officers, etc.

Grants under our provisions will not cover damage deposits.

Grants under our provisions will not cover equipment charters.

Grants to LMSRF member not for profit sailing organizations hosting national and international events, racing rules seminars, race management clinic, safety at sea seminars, and other competitive sailing seminars and clinics.

The applicant should include the following information:

• Name, address, phone number, and e-mail address for the applicant organization,
• Name, phone number and email address for event chair who shall complete the form,
• Name of the event,
• Dates of the event,
• Projected budget for the event, along with a summary of other sources of funding (if any) available to applicant from sources such as donations, grants and/or sponsors.
• Resume of past championship hosting activities and achievements,
• Summary of present activities in preparation for competition,
• Optional: letters of recommendation from club officers, etc.

Grants for Instructor Training:

Reimbursement shall be provided for registration fees for Instructor Training or Clinic programs.  Reimbursement may include travel, housing, and meals. Applications must be submitted in writing prior to attending any recognized program. The following information should be provided:

• Name, address, email address and phone number of applicant,
• Name of training program, date(s) and location,
• Summary of prior instructional experience and training,
• Current Red Cross First Aid and CPR status,
• Summary of present activities in preparation for becoming an instructor or upgrading training,
• Optional: letters of recommendation from club officers, etc.
• Projected budget for the event, complete with a summary of other sources of funding (if any) available to applicant from sources such as donations, grants and/or sponsors. List cost of registration(s) first.

Preference will be given to those persons who have no other source of financial assistance (funding from their club, etc.). If approved, payment will made upon applicant’s completion of the program.

After application submission, if all requirements are not met within two weeks, the application shall be deemed expired.

After the last day of training, instructor candidates are to write a report, in a stand alone document, describing what they learned, how their use of the training will help grow sail racing in the Lake Michigan region, and include a photo of themselves at the training. This is due in two weeks after the last day of training.

If the post-training report is not received by the LMSRF Office by six weeks after the last day of training, the instructor applicant shall be no longer eligible for reimbursement.

Grants for School Teams

Applications must be submitted by the squad leader/sailor. 

Grants are a benefit of membership.  To be eligible:

Your sailing club/team needs to be an LMSRF organizational member. Visit http://www.lmsrf.org > Join (“yacht club membership”).

Each sailor on the squad needs to be an LMSRF individual member. Visit http://www.lmsrf.org > Join (“individual membership”).

Download and save the CURRENT version of the School Team grant application.  Always start with a fresh download.

Provide:

• Name, address, phone number, and e-mail address for the applicant team,
• Name, phone number and email address for Team Contact Person who shall complete the form and be the only representative for the grant,
• Name of the event,
• Dates of the event,
• Resume of past racing activities and achievements,
• Optional: letters of recommendation from sailing instructors, coaches, club officers, etc.
• Projected budget for the event, complete with a summary of other sources of funding (if any) available to applicant from sources such as donations, grants and/or sponsors.

Training:

When the Board of Directors of LMSRF determine that the Endowment Fund is producing sufficient income to establish a program of supplying small sailboats for training of the LMSRF member not-for-profit sailing organization’s youth, it will be done.

Administration of the Program:

The Grants-in-Aid Committee will review all applications for grants, scholarships and training. The amount of funding granted will be based upon the Committee’s analysis of the qualifications of the applicant and upon monies available in any given year for distribution through the program. A written response will be made to each competitor or organization request upon completion of the Committee’s consideration.

When considering such applications, the Committee shall be mindful that sufficient funds should remain available to help defray the expenses of those sailors competing in national and international events, and those persons attending US Sailing Instructor Training or Clinic Programs.

Grant recipients shall write an article for the LMSRF Newsletter, preferably with a photo or two and submit it to the LMSRF Office within two weeks of event completion. Do not use Google docs; provide an actual document attachment to your email submission, either as a Word attachment or a .pdf file attachment. Email the article to the LMSRF Office.

Grant recipients are encouraged for the future to continue membership in Lake Michigan Sail Racing Federation and to donate to the Annual Appeal as they are able to help perpetuate the Grants-in-Aid Program.

An annual report of all grants (grantee, amount requested, amount granted) shall be made to the Board of Directors at the first board meeting of the calendar year. 

Applications:

Navigate the side menu to find the appropriate application.

Enacted November 10, 2007, amended October 1, 2012, amended January 13, 2025.

#2. LMSRF Endowment Fund

Purpose - To assure that funding will be available, now and in future years, to carry on the LMSRF’S GRANTS-IN-AID PROGRAM.
 
Sources of Funding:

• Directed Donations of Cash, Stocks, Bonds, Securities, etc.
• Annual Income Surplus from Endowment Fund unused By Grants-In-Aid Committee
• 80% of cash conversions from the Donation Account.
• Surplus awarded by action of the Board from the General Operating Fund.
• At the end of each fiscal year of the corporation all directed donations to the Grants-In-Aid which have not been dedicated to the Grants-In-Aid Committee, shall be reinvested as principal in the Endowment Fund.

Investment Method:
The Finance Committee of LMSRF shall determine the best method of investment to assure: 1) safety of funds and 2) maximum return on investment. In carrying out this responsibility, the Finance Committee may seek the advice of such investment counselors as they deem warranted incurring such charges as may be necessary. Commissions, if any, shall be drawn from the principal available for investment in the Endowment Fund. The Finance Committee shall review the method of investment on a regular basis (at least quarterly) and authorize any changes in investment instruments deemed necessary.
 
Disbursal of Income: 
Income on the principal invested in the Endowment Fund shall be withdrawn on an annual basis, as soon after the end of each fiscal year as practical.

1. The LMSRF General Operating Fund shall receive an amount equal to the current year’s LMSRF basic dues times the number of living Life Members enrolled as of January 1st of that year,
2. 5% of the prior 12 quarter rolling average value of the Endowment Fund is transferred to the Grants-In-Aid Account at the beginning of each year.
3. At the end of each fiscal year all Endowment Fund Income not distributed by the Grants-In-Aid Committee shall be re-invested as principal in the Endowment Fund.

The LMSRF Finance Chair shall be responsible for:
Withdrawal of the annual income from the Endowment Fund and its subsequent deposit in other LMSRF accounts or funds and maintenance of records of all income and disbursements related to the Endowment Fund and provision of this information in a timely manner to the person charged with the responsibility of preparing LMSRF tax reports.

Signatories to this Fund shall be Treasurer, Finance Chairperson and Commodore and each check drawn upon this Fund shall require two signatures.

The Finance Committee shall at its discretion cause the principal of the Endowment Fund to be invested in securities in the following proportions: Bonds or fixed income securities – 55%, stocks – 35%, cash in interest bearing accounts – 10%. The percentages may vary from the target by +/- 10%. The Finance Committee may at its discretion determine the distribution of any Capital Gains resulting from these investments between earnings and reinvestment in principal.

Principal in the Endowment Fund shall not be withdrawn, except under extraordinary circumstances, and then only by authorization of a three-fourths vote of all LMSRF Board of Directors.

Enacted November 14, 1987, effective January 1, 1988, amended April 17, 1999, amended March 17, 2001, amended November 9, 2024.

#3. General Operating Fund

The General Operating Fund is for the purpose of paying LMSRF debts, obligations and purchases, these to be known as the operating expenses, authorized by the Board of Directors.

Source of Funds:

• 5% of Directed Donations from the Grants-In-Aid Fund.
• Dues from Members
• Annual Dues for Life Members from Endowment Fund Income
• 5% of the cash conversion from the donation account.
• Miscellaneous Income (Appeal Fees, etc.)

The Treasurer of LMSRF shall be responsible for an annual report to the Board of Directors of the activity and balance of this Fund. Additionally, the Board of Directors shall appoint an audit committee of one, who shall be a board member, who is not a signatory to any Lake Michigan Sail Racing Federation accounts. This committee will audit the General Operating Fund annually and issue its report directly to the Board of Directors. Any individual Area of LMSRF which has an annual income in excess of $25,000 shall also be audited by this committee and a report of this Area’s audit will be given directly to the Board of Directors..

Signatories to this account shall be the Commodore, Treasurer and Executive Secretary with only one signature required per check if the transaction is under $2,500; otherwise two signatures will be required.

Enacted March 17, 2001.

#4. Donation Account and Donation Fund

This Donation Account is created to receive and identify donations of boats, sails, equipment and property (condo slips, airplanes, etc.). The Chairperson of the Donations Committee shall maintain these records and shall report, at the minimum, annually to the Treasurer the assets contained in the Donation Account and Donation Fund. The Treasurer shall confirm this report and report to the Board of Directors.

Source of Donation Account

• Donation of Boats
• Donation of Equipment
• Donation of Sails
• Donation of Property

Source of Donation Fund

• 15% of Donation Account items, when converted into cash.
• Annual interest earned on the Donation Fund.

Other distribution of Donation Account upon conversion to cash.

• 80% will be transferred to the Endowment Fund.
• 5% will be transferred to the General Operating Fund.

The Commodore, Treasurer, Judge Advocate and Executive Secretary shall be signatories to the Donation Fund with only one signature required.

Enacted March 17, 2001.

#5. Funds and Accounts
In addition to the operating policies funds and accounts, other funds may be established to fulfil the Lake Michigan Sail Racing Federation's (LMSRF) purpose of being.  These funds, all operating under the umbrella of LMSRF shall comply with the following requirements:

A. Their existence shall be reported to the Treasurer of LMSRF;
B. The name of the financial institution holding such funds shall be identified;
C. The balance of the fund on December 31 shall be stated;
D. The signatories of the fund shall be identified;
E. Signatories shall hold a title created by the board or the Area of LMSRF;
F. Two signatories at a minimum are required for each fund;
G. Only one signatory is required to issue checks or values up to $2,000;
H. Two Signatories is required of any check issued for values of $2,000 or more;
I.   Should a fund value exceed $20,000, a fidelity bond shall be obtained issued in favour of LMSRF and maintained until such fund value goes below $20,000;
J. The report showing compliance with the above requirements shall be made to the Treasurer of LMSRF by December 31 each year.

Additional accounts shall be approved by the Board prior to the creation of the account.

At the time of this resolution, known funds are: LMSRF Checking Account.  Other accounts may exist under the LMSRF umbrella and this resolution shall bring those to light.

Enacted March 22, 2008, amended November 9, 2024.

#6. Audit of Funds and Accounts

The funds created under resolutions # 1, 2 and 4 shall be audited by a CPA selected by the Board of Directors, done on an annual basis. The cost for the audit will be paid out the General Operating Fund.

Enacted March 17, 2001, effective December 31, 2002.

#7. Appeals Committee

The Appeals Committee shall consist of a chairperson and six additional members, all members of LMSRF. The LMSRF Board shall appoint the chairperson. It is desirable, but not mandatory, that the committee may include individual members for each of the Areas with no more than three members from any one yacht club. All members shall have excellent knowledge of the racing rules and appeals process.

Members of the committee shall be appointed by the chairperson, subject to approval by the LMSRF Board.

Vacancies on the committee shall be filled by appointment by the chairperson for the balance of the vacated term, subject to approval by the LMSRF Board.

A chairperson can act as his or her secretary or appoint it from within the committee.

The fee for filing an appeal shall be established by action of the Board of Directors. Any changes of fees shall be effective as of the start of the next calendar year following their approval.

Enacted November 8, 1986. Amended November 11, 1989 and January 23, 1999

#8 Appeals

The fee for a Racing Appeal to LMSRF is $75.  This fee is waived for members of LMSRF.

Enacted March 17, 2001.

#9 Privacy Policy

All personal data provided to LMSRF shall only be used to further LMSRF’s purposes. LMSRF shall not give or sell personal data to any person or organization. LMSRF may use personal data to assist any member club with distribution of club announcements.

Enacted November 11, 2006

#10 Representatives of LMSRF

All individuals or teams who represent LMSRF at any championship, or at any other organization shall be individual members of LMSRF.

Enacted October 1, 2012

#11 Digital & Communications
The committee deliberations of LMSRF will commonly have differing opinions, with sides taken, and a vote providing a majority and a minority. You represent others and sharing the deliberations with those who you represent is expected, however, we ask that all members keep the deliberations to themselves.

It provides no benefit to anyone to open these dialogues into the internet posted anywhere. Please keep these deliberations out of public forums.

Enacted November 5, 2016

#12 Meeting Preparation
Agendas are to be prepared by the Chair and sent to committee members at least seven days prior to the meeting date.

Members and attendees of the committee are to send their reports a least forty-eight hours prior to the meeting date.

Enacted November 5, 2016

#13 Meeting Attendance
It is an honor and privilege to volunteer to make sailing grow and make it better. Your position is crucial to the success of the organization. We recognize that at times an individual may have other responsibilities occur that were unplanned. Should you miss three meetings during a one-year period, the Chair reserves the right to find a replacement.

Enacted November 5, 2016

#14 Youth Championship Funding
$600 shall be designated annually to the host of the LMSRF Youth Championship to help with the costs of the event excluding food.  Youth membership dues received annually from participation in this championship shall be held in a segregated account to provide future funding of this event.

Enacted November 5, 2016