SIGMA BETA DELTA, INC.
BOARD OF DIRECTORS POLICY MANUAL
ARTICLE IMEMBERSHIP
Section 1. CLASSES OF MEMBERSHIP
There shall be the following classes of membership: undergraduate students (juniors and seniors); graduate students; members of the instructional, research or administrative staffs; and honorary members. Additionally, there shall be members of Sigma Chapter as further defined in this Policy Manual.
Subsection 1. Bachelor's and Master's Students
Candidates for bachelor's and master's degrees who rank in the upper 20 percent of their class at the time of invitation to membership may be inducted into membership following completion of at least one-half of the degree program in which they are enrolled. Transfer students who meet the qualifications for membership may be inducted after they have completed a minimum of one term of work in the program in business, management, or administration in which the chapter is located, provided their overall record, in the judgment of the collegiate chapter, is of Sigma Beta Delta caliber.
All members inducted as juniors, who rank in the upper 20 percent of their senior class, must be included in the 20 percent limitation referred to above. Those master's students who have been previously inducted into Sigma Beta Delta membership as undergraduates and who rank in the upper 20 percent of those receiving the master's degree must be included in the 20 percent limitation referred above.
Subsection 2. Doctoral Students
Doctoral students who have completed all requirements for that degree may be inducted without restriction as to number.
Subsection 3. Instructional, Research, and Administrative Staffs
A member of the instructional, research, or administrative staff of the program in business, management, or administration may be inducted into active membership. Faculty may be initiated without restriction as to number. The president of an institution or department chair or dean of the business unit may be inducted to active membership without regard to field of degree or teaching responsibilities.
Subsection 4. Honorary Members
A chapter may induct up to two (2) individuals annually who have distinguished themselves in the practice of business, management, or administration.
Section 2. ELIGIBILITY
Notice of induction to membership by a chapter shall be sent to the Executive Director no later than ten (10) days after the induction; it shall be certified by the department chairman or dean of the school or college as to (a) whether the students inducted are in the required percentage of their class, and (b) the total number of students in the junior class, in the senior class, and in the class receiving master's degrees.
Section 3. INDUCTION PROCEDURES
Induction of new members can be handled in either of the following ways: (a) The preferred way is to have the students present at the induction ceremony of the chapter which elected that student to membership or (b) Where it is not possible for the student to attend the induction ceremony, the student can be inducted in absentia through the mail or by electronic media by reading the ritual of Sigma Beta Delta and pledging to maintain and uphold the principles of the society.
Section 4. PERSONAL DATA
Each invited member choosing to accept membership shall be required to register personal data with the Sigma Beta Delta Central Office containing their name, phone number, permanent address and permanent email addresses.
Section 5. INDUCTION OF FACULTY MEMBERS OF ECONOMICS DEPARTMENTS
Faculty members of economics departments, when such departments provide the principal instruction in economics for students in a program in business, management, or administration, may be regarded as eligible for membership into Sigma Beta Delta. When departments of economics do not provide the principal instruction in economics for students in a program in business, management, or administration, the faculty members of such a department shall not be regarded as eligible.
Section 6. INDUCTION FEES AND OTHER CHARGES
The induction fee payable to the Central Office of the Society for each member shall be $50 (U.S.) plus the cost of shipping and handling. Individual members or the treasurer of each collegiate chapter shall transmit to the Central Office the induction fee payable to the Society and other charges no later than ten (10) days after each induction.
Section 7. SIGMA CHAPTER
There shall exist a Sigma Chapter to which the Board of Directors may elect members of Sigma Beta Delta. In addition to the classes of membership defined in Article I, Section 1, membership may be extended by Sigma chapter to honorary members who have distinguished themselves in high achievement in business, nonprofit, or philanthropic organizations and endeavors or who have made significant intellectual contributions to business, management, or administration.
ARTICLE IIADMISSION OF COLLEGIATE CHAPTERS
A program in business, management, or administration located in an institution which is accredited by a regional accrediting body or other recognized national accrediting body or the equivalent and which offers bachelor's and/or master's degrees in business, management, or administration may make written application to the Executive Director for a collegiate chapter of Sigma Beta Delta. Upon a favorable vote of a majority of the members of the Executive Committee, a charter shall be granted which will be signed by the president and the secretary. A charter fee of $250 shall be assessed to each chapter. Upon admission, each new chapter shall be designated by the name of its institution or locale, and this name shall appear in the charter granted to the chapter.
Each petitioning institution must submit as part of its petition for a collegiate chapter of Sigma Beta Delta one copy of its proposed constitution to the Executive Director. These shall not be in violation of or contradictory to the terms of the Bylaws or Policy Manual of Sigma Beta Delta. Each collegiate chapter shall be under obligation to keep a current copy of its constitution on file with the Executive Director.
The president, vice president, and secretary-treasurer of each collegiate chapter shall be a member of the instructional, research, or administrative staff who is a member of the society. The secretary-treasurer shall also serve as the chapter faculty advisor.
Any chapter not functioning properly may be suspended. A suspended chapter may be granted a probationary period by the Board of Directors to conform to established policy procedure. The Board of Directors, by a majority vote, may at any time lift the suspension or reactivate the chapter.
The Board of Directors may, by majority vote, declare ineligible any chapter located in a college or university which has had its regional accreditation suspended or which otherwise no longer offers degree programs in business, management, or administration. When an institution that hosts a Sigma Beta Delta chapter obtains accreditation from ACBSP or AACSB, the Sigma Beta Delta chapter shall discontinue operations upon the establishment of a Delta Mu Delta or Beta Gamma Sigma chapter, or if such a chapter is not established, no later than the end of the academic year following the year of accreditation. The Board of Directors shall be authorized to reinstate any such chapter when the school or college at which it was located shall again comply with the standards for establishment of a chapter of Sigma Beta Delta.
ARTICLE IIIALUMNI CHAPTERS
Each alumni group petitioning for an alumni chapter of Sigma Beta Delta must submit three (3) copies of a constitution and bylaws appropriate for its own regulation to the Executive Director. These shall not be in violation of or contradictory to the terms of the Bylaws or Board of Directors Policy Manual. Each alumni chapter for which a charter has been granted shall be under obligation to file a current copy of its constitution and bylaws with the Executive Director. Upon a favorable vote of three-quarters (3/4) of the members of the Board of Directors, a charter shall be granted which will be signed by the president and the secretary. A charter fee of $250 shall be assessed to each chapter. Upon admission, each new alumni chapter shall be designated by the name of its locale, and this name shall appear in the charter granted to the chapter.
ARTICLE IV QUADRENNIAL MEETING
After the date and place of the quadrennial convention have been fixed, the Executive Director shall send a notice to the secretary of each active collegiate chapter. Each of these chapters may select its faculty advisor or duly appointed representative as a delegate and provide credentials authorizing said delegate to vote and to represent the chapter on matters brought before the convention, which shall include the presentation of a report of national finances covering the period since the immediately preceding financial report.
ARTICLE VDUTIES OF THE OFFICERS
Section 1. PRESIDENT
The president shall preside at all meetings or conferences that may be held by delegates of the collegiate chapters. The president shall have authority to call for an assembly of delegates from each chapter whenever it is the president's judgment that the best interests of the society demand such a conference. The president shall also serve as chairman of the Board of Directors and the executive committee and supervise the Executive Director of the society.
Section 2. VICE PRESIDENT
The vice president shall exercise the powers of the president when the latter for any reason is unable to execute them, and shall assume such responsibilities as may be delegated by the president.
Section 3. SECRETARY
The secretary shall keep official minutes of the society.
Section 4. TREASURER
The treasurer may sign all vouchers which are initiated for the withdrawal of current funds and sign all checks drawn on the current fund account; normally, however, these responsibilities may be executed by those members of the central office staff as designated by the Board of Directors (hereafter referred to as designated staff). The secretary-treasurer shall, with the advice of the executive committee, supervise the investment of the non-operating funds of the society. In the absence of the secretary-treasurer or in the event of this officer's failure or inability to act, the vice president shall, with the advice of the executive committee, supervise the investment of non-operating funds until a functioning secretary-treasurer shall be available. The treasurer shall supervise the preparation of the financial reports for the society, supervise the preparation of the budget, and with the advice of the executive committee, supervise the investment of the non-operating funds of the society. For checks over $2,500.00 (US), an additional signature by the treasurer or a member of the Executive Committee is reguired. In the absence of the treasurer or in the event of this officer’s failure or inability to act, the vice president shall, with the advice of the Executive Committee, supervise the investment of non-operating funds until a functioning treasurer shall be available.
ARTICLE VIDUTIES OF THE EXECUTIVE DIRECTOR
The Executive Director, reporting to the president, shall be responsible for the implementation of policies of the Board of Directors, the supervision of staff and operations of the central office of the society, and the general operation of the society.
ARTICLE VIIDEPOSIT AND DISBURSEMENT OF FUND
Section 1. OPERATING FUNDS
All current funds of Sigma Beta Delta shall be deposited promptly by the designated staff in checking accounts in banks which have been approved by the Board of Directors. All withdrawals of current funds shall be signed by the designated staff, the secretary or other members of the Executive Committee. Copies of all vouchers drawn authorizing a disbursement from current funds shall be maintained in the records of the central office.
Section 2. NON-OPERATING FUNDS
Non-operating funds of the society may be invested in bonds, stocks, or interest-bearing savings accounts or expended in accordance with policies established by the Board of Directors. Checks received for dividends, interest, redemption, or sale of these investments shall be deposited by the designated staff in the current fund account. Non-operating funds deposited in savings banks which have been approved by the Board of Directors may be withdrawn by the designated staff or Executive Committee member for deposit in the operating funds. The designated Executive Committee member or staff shall have full authority to execute documents designed to purchase, sell, transfer, or collect upon stocks, bonds, or other investments; and, under rules for the handling of non-operating funds, to initiate the deposit to and withdrawal from interest-bearing savings accounts of the investment fund of the society. The designated staff shall have authority to cast the vote of the society on all matters usually referred to the owners of securities. The designated Executive Committee member and staff shall be bonded for a lesser of the amount of the society's current funds, investments, and savings accounts as of July 1 each year, or $3,000,000.
ARTICLE VIIICOMMITTEES
The society shall include the executive committee and such other committees which the Board of Directors has authorized to carry out the mission and purposes of Sigma Beta Delta.
Section 1. EXECUTIVE COMMITTEE
Subsection 1. Appointment of Members
The executive committee of the Board of Directors shall consist of the president, vice president, secretary, treasurer, immediate past president. and founding president.
Subsection 2. Duties
The executive committee shall facilitate the policy-making role of the Board of Directors (1) by receiving and reviewing recommendations submitted by the committees; and (2) by developing and proposing to the Board of Directors (a) long-range objectives and plans, (b) appropriate organizational modifications (including necessary Bylaws and Board of Directors Policy Manual changes), (c) preparation of annual budget, and (d)other strategies that would improve the financial control mechanisms of the society. The executive committee acts on behalf of the Board of Directors between Director meetings and reports actions to the Board of Directors.
Section 2. FELLOWSHIP COMMITTEE
Subsection 1. Appointment of Members
The fellowship committee of the Board of Directors will be chaired by a director appointed by the President of the Board of Directors. The Fellowship Committee will be composed of a chair and three other directors to serve on the committee so that the committee will total four.
Subsection 2. Duties
The fellowship committee will have as its objective, to recognize and honor the academic achievement of its undergraduate and graduate members by awarding fellowship awards. These awards provide a tangible example of the society’s commitment to academic excellence. To be eligible, a member must be enrolled as a full-time student for the year to which the award applies. These awards will be monetary, given annually, and will be known as The Sigma Beta Delta Fellowship Award. These awards must be used for the recipient’s future academic studies. The board will determine the monetary value and the number of awards to be given each year. Funding will be derived from credit card revenue, contributions from the general fund of the organization and/or external donors.
Subsection 3. The Process
The Executive Director will distribute fellowship applications, faculty nomination forms, and instructions on the fellowship process to faculty advisors in the month of February. The Executive Director will compile the applicants’ information and transmit it to each member of the committee. Within one month after the mailing, the Executive Director will convene a conference call with the committee to ascertain selection results. The chair of the committee will report results to the Board of Directors at the summer board meeting and make recommendations for awarding the fellowships for board approval.
Upon board approval, the Executive Director will contact all applicants to communicate results via a letter, will obtain photos and photo release approval of all awardees and will submit the awards in the form of checks to the faculty advisor nominating the awardee during the month of August. The awardee must accept the fellowship by submitting a photo and signed release form by the date indicated in the instructions or the fellowship offer may be withdrawn and directed to another applicant.
Section 3. INVESTMENT COMMITTEE
Subsection 1. Appointment of Members
The investment committee of the Board of Directors shall consist of the secretary, treasurer, and two other members who will be appointed by the president.
Subsection 2. Duties
The investment committee will have as its objective, the fiduciary responsibility to monitor the society’s investments and to make recommendations for the Executive Committee’s approval and action regarding those investments held by the society.
ARTICLE IXPUBLICATIONS
Section 1. RITUAL
The ritual adopted by the society in 1994 and subject to amendment by the Board of Directors shall be the official ritual. The Sigma Beta Delta Ritual will be published and supplied to chapters for inductions.
Section 2. COMMUNICATION
The Board of Directors may authorize for distribution in print or otherwise publications relevant to the mission and objectives of the Society.
ARTICLE XEMBLEM
The official emblem shall be a gold key of such design as adopted by the Board of Directors.
ARTICLE XICONFLICT OF INTEREST
Whenever a director or officer has a financial or personal interest in any matter coming before the board of directors, the affected person shall a) fully disclose the nature of the interest and b) withdraw from discussion, lobbying, and voting on the matter. Any transaction or vote involving a potential conflict of interest shall be approved only when a majority of disinterested directors determine that it is in the best interest of the corporation to do so. The minutes of meetings at which such votes are taken shall record such disclosure, abstention and rationale for approval.
ARTICLE XIIREVISION OF BOARD OF DIRECTORS POLICY MANUAL
The Board of Directors shall have the authority to amend the Board of Director’s Policy Manual of Sigma Beta Delta in any manner consistent with the Bylaws by a majority vote of the Board of Directors.
Rev. July 2013
Rev. July 2014
Rev. January 2016
Board Policy Manual Page 1 of 5