As the Texas Club of New York City is being organized as a charitable organization, any income derived in excess of expenses will be distributed to charitable or not-for-profit organizations that further the Club's mission of raising the profile of the University of Texas at Austin.
At the annual finance meeting of the Board of Directors, the Board will allocate any net income to the following groups (University refers to the University of Texas at Austin unless otherwise noted):
A: Texas Club Capital Improvements Endowment: The Board may elect to contribute up to 50% of Net Income to the Texas Club Capital Improvements Endowment Fund for use against future capital expenses by simple majority vote. In the event that the Board feels a higher portion of the Net Income should be deferred to the endowment, at least 75% of the Board members must vote in favor.
B: University of Texas at Austin: The Board may elect to contribute funds directly to the University of Texas at Austin, to fund or endow scholarships and/or departmental chairs at the University, contribute to capital improvement campaigns undertaken by the University, or other fund raising campaigns directed by the University or for its benefit, subject to majority approval by the Board.
C: New York Texas Exes: The scholarship endowment of the New York Texas Exes must receive an amount equal to 10% of any moneys distributed under section B. In the event that New York Texas Exes is no longer a going concern, the Texas Exes general scholarship fund will receive the distribution. The Board may increase the amount over 10% of what is distributed under section B by majority approval by the Board.
D: Other University Affiliated Organizations: The Board may direct funds to any affiliated organization such as Texas Exes and its chapters, other University alumni organizations, or other University affiliated organizations up to an amount equal to 10% of what the University receives, subject to majority approval by the Board.
E: Other Charitable Organizations: The Board of Directors may elect to contribute funds to any charitable organization of its choosing, so long as the following required criteria are met:
1. The sum of the contributions to organizations that are not covered by sections A, B, C, or D does not exceed 5% of the Club’s Net Income for the year.
2. The primary function of the organization is not religious in nature.
3. The primary function of the organization is not political in nature, with the exclusion that organizations formed with the primary purpose of benefiting the University of Texas at Austin in local, state or federal governments being allowed.
DISCLAIMERS: The Texas Club of New York City is a private charitable organization and is not directly connected to the University of Texas at Austin. All information found on this site is subject to change without notice.