Learn more about the Omega Life Membership Foundation. Some of the most Frequently Asked Questions (FAQs) are answered here.
In 1984 OLMF was established and chartered in the District of Columbia. The purposes for which the corporation is organized are to take, receive, acquire, own, have, and hold the life membership estate, assets, funds, principal, income monies, accounts, grants, donations, gifts and properties both real and personal, tangible and intangible, for such uses and purposes and with such powers, duties, and obligations as are set forth in the Charter and corporate bylaws.
The Articles of Incorporation were filed in the District of Columbia on September 8, 1984 and Amended Articles of Incorporation filed on March 14. 1985.
The bylaws of OLMF require that members of the Foundation must be fully financial life members of Omega Psi Phi Fraternity. Qualifying contributions received by OLMF are designated as Endowment Contributions. The contributions, less processing expenses and reserves, form the Endowment corpus which is a restricted perpetUal fund, and the earnings are used for permitted purposes in accordance with the Articles of Incorporation and Bylaws of the Foundation. Omega Psi Phi Fraternity, at the current time, is a compensated agent for the purposes of collecting the endowment contributions.
Since the establishment of OLMF more that $1,400,000 have been remitted to Omega Psi Phi Fraternity, Inc.}and other pro- grams designated by the Fraternity. The Fraternity receives funds from OLMF for (1) services rendered by the International Office; (2) the fee it charges for processing life member applications; and (3) grants and donations.
The Board of Directors of the Corporation consists of seventeen (17) members: one (I) elected from the sever- al Regions and six (6) elected at large. Staggered terms are in effect for the Directors, and each term is three (3) years. The election of two (2) At-Large directors, by life members, takes place annually at the Annual Meeting of the Corporation, The Board of Directors elects its officers which are Chairman, Vice Chairman, Secretary, Treasurer, Parliamentarian and other officers as it may determine.
No. These are two separate corporations. However, the purposes and programs that each pursue are not incompatible with each others operations and functions, within the allowable parameters of the charter, bylaws and governing regulations. In any event, neither corporation has any legal authority over the other one.
Yes. OLMF is a non-profit corporation granted tax-exempt status under the provisions of 501 (c)3 of the Internal Revenue Code. The IRS has determined that OLMF is a publicly supported foundation and in addition to it being exempt from federal taxes, contributions to the foundation are tax deductible to the donor.
The Foundation does not make personal loans to life members.
In accordance with its Bylaws, members of OLMF are limited to fully financial life members of the omega Psi Phi Fraternity, Inc.
The Bylaws provide that the business of the corporation shall be managed by its Board of Directors. Members present at the annual meeting of the corporation have specific voting authority granted by the Bylaws of the corporation. These are to (I) to elect two directors at-large; (2) to receive the reports of the officers of the corporation, and (3) to approve or disapprove proposed changes to the Bylaws.
The Board of Directors has adopted a vey comprehensive Investment Policy which it, through its Investment Committee, reviews periodically. The assets of the Foundation are invested in various types of instruments including fixed income securities, stocks, bonds, mutual funds and cash and cash equivalents. Depending upon the financial market climate, the percentage of funds in the investment categories will vary.
Regional Directors are members of the Board of Directors. They are elected by the life members within their Region. As a Director each has the fiduciary responsibility to keep, protect and preserve the Foundation. The business of the Foundation is managed by its Board of Directors. Regional Directors have the additional responsibility to keep the life members within their region informed as to the status of the Foundation.
Title to the Foundation's funds is not vested in the membership but, in the Foundation itself. The funds are held as a perpetual irrevocable endowment as long as the Foundation complies with its charter, rules, regulations and statues to which it is subjected.
In the Board of Directors experience, it developed a model wherein the Investment Committee considers all of the recommendations, investment opportunities, and needs of the Foundation and makes recommendations to the Board if Directors for action. The Board, in its wisdom, has employed a comptroller who tracks the day-to-day movement in the investments. executes purchase, sales and redemption orders on behalf of the Foundation, conducts research and makes recommendations regarding new and existing investments, and provides full financial status reports. The Comptroller also provides other services and administrative functions similar co the requirements of the position of a National Executive Secretary. The Board has found that its model most often exceeds the performance of numerous Fund Managers without the high expense usually charged by them.
Directors of OLMF (and other non-profit corporations with similar tax status) are bound by several levels of jurisdiction. These include the regulations and statues of the District of Columbia; the regulation and procedures of the Internal Revenue Service; the Bylaws and Resolutions of the Foundation; and the membership itself through its reports.
Directors are subject to removal prior to the expiration of determine of office only by a vote of two-thirds of the Board of Directors after a heating to determine the validity of charges of misfeasance, malfeasance, and nonfeasance.
The two offices provide and perform two different functions. The Treasurer is a corporate officer with primary jurisdiction to monitor and insure that the policies of the Board as it relates to finance are followed. The Comptroller is a compensated contract employee who provides day-to- day portfolio management along with other services and administrative responsibilities similar to that of a National Executive Secretary who is also compensated.
Yes. OLMF issues Official Meeting Announcements to notifY life members of the Annual Meetings of the Corporation and Board of Directors. Official notices are sent to each life member of record with valid addresses on file.
The Foundation receives applications for grants. Foundation also publishes Requests For Proposals (REP) for Grants. The Grants Committee of the Board of Directors review applications and requests and makes recommendations to the Board of Directors as to the prospective qualified grant recipients.
In addition to internal financial reports, the Board of Directors requires audits and/or review prepared by an independent certified public accountant or firm. In the fifteen year history of the Foundation there have been ten (10) certified audits and five (5) financial reviews prepared by CPA firms which have found the Foundation in conformance and compliance with the generally accepted account- ing principles as required by the American Institute of Certified Public Accountants, and that the financial records accurately reflect the financial condition of the foundation.
Throughout its history the Board of Directors of Omega Life Membership Foundation has included out- standing and well-qualified men who served with distinction during their term of office. Most of the Directors also have numerous years of service experience within the Fraternity and have served the Fraternity in significant leadership capacities. For example, Past Grand Basilei who have served on the Board of Directors include: Dr. Moses C. Norman, Sr., Judge Marion W. Garnett (deceased), Burnel E. Coulon, James S. Avery (deceased), Grant Reynolds (deceased), Dr. L. Benjamin Livingston (deceased)and Dr. Dorsey C. Miller, Jr. In addition, there have been several current and former Directors who have also served the Fraternity as District Representatives and/or Grand Officers.