Fortune Academy Alumni Association
Fortune Academy Alumni Association
Fortune Academy Alumni Association
2.2 Contributions
2.2.1 Annual Contribution
i. The association operates on a subscription-based model and members are required to pay
an annual fee of Kshs 3,000; this will be termed as the member’s shares.
ii. The contributions to the fund can be made quarterly or monthly in advance based on the
member’s preference.
iii. Existing members must continually update their payments.
iv. New members will make contributions from their date of registration; contributions are
progressive and not retrospective.
v. Failure to pay the subscription fees for 6 months or two subsequent quarters will lead to
automatic suspension of a member; members who are suspended will cease to receive the
full membership benefits.
vi. Previously registered members must make payments of all their outstanding arrears before
their suspension is lifted.
vii. Suspended members will pay a fine of Kshs 500 alongside their arrears for their suspension
to be lifted.
viii. Annual contributions are non-refundable if someone chooses to withdraw their
membership.
i) Book Drive
ii) Student Sponsorship
iii) Annual Funds Drive
iv) Investment
v) Annual Dinner
Criteria of Selection
- Top performing students in terms of grades
- Sports Students
- Arts Students
✓ The student sponsorship program will be funded using part of the funds generated from the
annual funds drive.
✓ All actions by the education committee will be approved by the board.
3.4 Investment
i. The association will engage in investment activities geared toward strengthening its
financial position and generating income for its members.
ii. An investment committee chaired by the treasurer will deliberate on viable businesses with
the approval of the executive.
iii. Association members will be required to contribute a minimum of Kshs 100 monthly or
Kshs 300 quarterly toward the investment fund.
iv. Association members are allowed to contribute more than the set minimum periodical
contributions; these will be termed as member deposits.
v. Member earnings will be based on the member contributions.
vi. Members who withdraw from the association or are expelled will get only 50% of the total
value of their investment.
vii. Members who have arrears on their contributions will not receive dividends.
✓ Preside over all meetings of the Executive and at all General Meetings.
✓ In consultation with other officials appoint such committees as are necessary to carry out
the programs of the Alumni Association effectively.
✓ Ensure that the Alumni Association activities are run efficiently in conformity with the
principles set forth in the constitution of the Association.
✓ Report on the operations of the Association to the members at the annual general meeting.
✓ Be a signatory in all bank transactions on behalf of the Associations.
✓ Chair the benevolence committee.
✓ Be the custodian of the Association’s assets.
✓ Be expected to always act in the best interest of the Association.
✓ Attending Fortune Academy executive of management meetings on invitation.
✓ The chairperson should attend all committee meetings at the invitation of their respective
team leaders.
Vice Chairperson
The Vice-Chairperson shall perform any duties of the Chairperson in his absence and;
Secretary
✓ Deal with all the correspondence of the Association under the general supervision of the
Executive.
✓ Issue notices convening all meetings of the Executive and all General Meetings of the
Association and shall be responsible for keeping minutes of all such meetings and for the
preservation of all records of proceedings of the Association.
✓ Coordinate events and activities of the Alumni Association to enhance its awareness to the
prospective members and the society at large.
✓ Solicit input from members for meeting agendas and disseminating agendas prior to
meetings.
✓ Be a signatory to all bank transactions on behalf of the Association.
✓ Be the Alumni spokesperson and as such shall keep the Alumni Association in contact with
the community.
✓ Co-ordinate all the internal communication within the association
✓ Custodian of all association records inclusive of the financial reports.
✓ Chairperson of the student sponsorship committee.
✓ Attending Fortune Academy executive of management meetings on invitation.
✓ Undertake any other duties assigned by the Chairperson.
Treasurer
✓ Receive and disburse, under the direction of the board, all money belonging to the Alumni
Association and shall issue receipts for all money received by him and preserve vouchers
for all money paid by him.
✓ Ensure that proper books of account of all money received and paid by the Alumni
Association are written up, preserved and available for inspection.
✓ Draft the budget for approval by the General Meeting and strive to ensure that the budget
plan is complied with.
✓ Be a signatory to all bank transactions on behalf of the Association.
✓ Chairperson of the investment committee.
✓ Prepare and present quarterly and annual accounts and reports of the Association.
✓ Perform any other assignment as may be directed by the Chairperson.
Organizing Secretary
✓ Arrange the meeting venue for all the special and general meetings.
✓ Co-ordinate all the logistics for the special and general meetings
✓ Attend to community relations affairs as assigned by the executive
✓ Organize the logistics of the book drive event
✓ Organize all the logistical issues for any other functions as assigned by the executive.
✓ Chair of the annual dinner committee.
Public Relations
Internal Auditor
4.3 Patron
The patron position will be held by a senior member with previous affiliations to the institution.
The following guidelines will inform the activities of the executive committees.
5.0 MEETINGS
5.1 General Meetings
The Annual General Meeting shall be held not later than 30th December each year.
Notice in writing of such annual general meetings, accompanied by the annual statement of
account and the agenda for the meeting shall be sent to all members not less than 21 days (about 3
weeks) before the date of the meetings and, where practicable, by Press advertisement not less than
14 days (about 2 weeks) before the date of the meetings.
The agenda for any Annual General Meeting shall consist of the following:
i. Notice for a special general meeting shall be sent to all members not less than 14 days
(about 2 weeks) before the date thereof and where practicable by Press advertisement not
less than 7 days before the date of such meeting.
ii. A special general meeting may also be requisitioned for a specific purpose by order in
writing to the secretary by not less than 2/3 of the members and such meetings shall be
held within 21 days (about 3 weeks) of the date of the requisition.
iii. The notice for such a meeting shall be sent to all members not less than 14 days (about 2
weeks) before the date thereof.
iv. The Quorum for Board meetings shall be not less than 50% of the Board members.
v. Quorum for general meetings shall be not less than 50 registered members of the Alumni
Association
i. The Chairperson, or in his absence, the Vice-Chairperson, or in the absence of both these
officers, a member selected by the Board shall chair the meeting.
ii. The secretary will read out previous minutes and highlight the agenda of the meeting while
raising issues that arise from previous meetings and the current meeting.
iii. The Chairperson may at his discretion limit the number of people permitted to speak in
favor of and against any motion.
iv. Resolutions shall be decided by simple voting by a show of hands. In the case of equality
of votes, the Chairperson shall have a second or casting vote.
6.0 MANAGEMENT OF FUNDS
The following guidelines will inform the collection of and use of funds.
7.2 Amendments
Amendments to the Constitution of the Association must be approved by the executive upon a
resolution of at least two-thirds majority of the ordinary members of the Alumni Association.
7.3 Transition
Provisions specific to the nomination and appointment of Board Members in this Constitution shall
take effect immediately if it is approved at a Special General Meeting of the Association.
For the purposes of conducting nominations for the Board members, an ad hoc Committee will be
set up which has the powers as specified in the Constitution to conduct nominations and vet the
nominees in accordance with this Constitution.
The interim and ad hoc committee is dissolved within one month after the installation and handing
over to the Board.
7.4 Arbitration
For instances in which any dispute, difference or question shall arise between the Founders,
Members, Trustees (if any) or other persons or their personal representatives or any of them
respectively touching the construction meaning or effect of this Constitution or any cause or thing
therein contained or the rights or liabilities of the said parties respectively or any of them under
this Constitution or otherwise howsoever in relation to the Constitution then every such dispute or
question shall be referred to arbitration by a single arbitrator appointed by agreement between the
parties and in default of such agreement by the Chairperson for the time being of the Chartered
Institute of Arbitrators (Kenya Branch) in accordance with and subject to the provisions of the
Arbitration Act (Chapter 49) of the Laws of Kenya or any statutory modification or re-enactment
thereof for the time being in force.
Chairperson
Secretary