The Council for the Management of Educational Finance
By-Laws
- Article I — Name
- Article II — Purpose
- Article III — Membership
- Article IV — Meetings
- Article V — Finances
- Article VI — Officers
- Article VII — TG Liaisons
- Article VIII — Committees
- Article IX — Council Logo
- Article X — Amendments
- Article XI — Dissolution of the Council
Article I — Name
The name of this organization is "The Council for the Management of Educational Finance" hereinafter referred to as "Council" or "the Council".
Article II — Purpose
Section 1: Advisory Focus
The Council shall serve in an official advisory capacity to the "Texas Guaranteed Student Loan Corporation", hereinafter referred to as "TG".
Section 2. Mission
It is the mission of this Council to collaborate with TG and make recommendations that result in positive education loan repayment experiences and the minimization of delinquencies and defaults.
To achieve this objective, the Council will provide the higher education community with innovative leadership, activities and services that improve the understanding and management of personal and education finance by students and families. We shall establish relationships with community partners to heighten student and family awareness of the availability of, and responsibility toward, education finance; and work with institutions, associations, and other stakeholders to develop, implement, and evaluate approaches for information dissemination and debt management programs.
Section 3. Goals
The Council shall establish annual goals at its fourth quarter meeting. These goals shall be consistent with the Council's mission and the default management objectives of TG. The annual goals shall be attached to these by-laws as renewable addenda to these by-laws. This does not constitute the amending of by-laws.
Article III — Membership
Section 1. Basis
There shall be eighteen (18) Council members — eight (8) of whom shall be individuals employed by or representing post-secondary education institutions, but no less than two shall represent institutions outside of Texas, herein referred to as institutional members, six (6) individuals employed by or representing lenders or servicers, herein referred to as lender members, one (1) representative from TASFAA, one (1) representative from ATLE, and two (2) at-large members. All Council Members shall have experience in, or expressed commitment to, one or more of the following areas: improving debt management, default prevention, enrollment management, outreach, awareness and financial literacy.
No more than one member from each institution/organization shall serve on the Council.
Section 2. Requirements
Council members shall be elected based on recommendations from the Nominations Committee and the greatest number of affirmative votes from all voting Council members. The Nominations Committee shall consider the following criteria in their selection process: experience level, tenure in current post, decision making authority, balance between operations and marketing expertise, representation by region and size. The Nominations Committee will, to the highest degree possible, nominate a slate of candidates that provides a balanced representation from the student financial aid community nationwide.
In the event of a tie, a runoff election shall be held between those candidates with the greatest number of votes. In the event of a second tie, the lender chair, the school chair and TG liaison shall break the tie.
Section 3. Attendance
If Council members miss two (2) consecutive Council meetings, they are subject to removal from the Council after review by the nominating committee and the chair(s) of the Council.
Section 4. Terms of Office
Members will serve terms of two (2) years. In its initial year the Council will establish staggered terms, with one-half (1/2) of the members serving one (1) year terms and one half (1/2) of the members serving two (2) year terms.
Section 5. Interruption of Term
Any member may resign from Council membership at any time by providing written notice to the TG Liaison.
If a change in employment causes a material conflict with a member's roles and responsibilities, the Council or TG may terminate that individual's membership immediately.
Membership ceases no later than 90 days following a member no longer being associated with or employed by a higher education organization. Earlier termination shall be at the discretion of the Council.
Section 6. Vacancies
An election for any replacement member may occur at a regular meeting, special meeting, or electronically.
The nominee shall be elected by the greatest number of affirmative votes from all remaining Council members. In the event of a tie, a runoff election shall be held between those candidates with the greatest number of votes. In the event of a second tie, The lender chair, the school chair and TG liaison shall break the tie.
Each replacement member must be employed in the same industry sector as the predecessor (excluding at-large members) and shall hold office for the unexpired term of the predecessor.
Section 7. Expenses
School members may be reimbursed only for official Council expenses incurred during any officially called Council related meeting, event and activity in accordance with policies and procedures of Texas Guaranteed Student Loan Corporation. Lender/servicer members shall not be reimbursed for expenses incurred.
Article IV — Meetings
Section 1. Schedule of General Business
- General business meetings shall be held quarterly at a time and place determined by the Council.
- The Council's business year shall commence on June 1 and terminate on May 31 of each calendar year.
- The annual meeting shall occur in the fourth quarter of the business year. At the annual meeting, officers shall be elected, strategic plans adopted, and committees established for the new fiscal year.
Section 2. Quorum
Attendance, either in person or by telephone, by 51 percent of membership shall constitute a quorum.
Section 3. Voting
Members must be present either in person or telephonically in order to vote at all meetings Each member is entitled to one vote. Except as otherwise provide herein, all actions are determined by majority vote of those in attendance.
Section 4. Special Meetings
The Council reserves the right to call special meetings or special events at a time and place determined by the Council or its officers.
Section 5. Notice of Meetings
- At its annual meeting (fourth quarter) the Council shall establish tentative meeting dates for the following year.
- Notice of any regular meeting of the Council or any special meeting of the Council shall be given to each member in person, by facsimile, telephone or mail addressed to the last known post office or e-mail address, at least 30 days prior to the date of such meeting. The meeting notice will include the time, date, and place of the meeting, as well as the meeting agenda.
- At any meeting where all of the Council members are present, although held without notice, any business may be transacted and is an act of the Council as if the meeting had been duly called.
Article V — Finances
Other than issues related to reimbursement of Council members' expenses under Article III Section 7, no other financial considerations are involved; therefore, a separate Council financial statement is not required.
Article VI — Officers
Section 1. Positions
Officers of the Council shall comprise one Co-chair representing school members, one Co-chair representing lender members, and such other officers as the Council may determine.
Section 2. Election
All Officers of the Council shall be elected to a term of one year at the fourth quarter meeting each year.
Section 3. Duties of Officers
The duties of the Council officers shall be as follows:
- Co-chairs. The Co-chairs shall preside, together or separately, at all meetings of the Council and perform all such other duties as are incident to the office and that are properly required by the Council. The Council, by resolution, may establish other duties of the Co-chairs.
Section 4. Vacancies
Vacancies in any office shall be filled promptly by the Council, either at a regular meeting or at a special meeting called for the purpose of appointing a replacement and a successor shall be elected for the unexpired term.
Section 5. Removal of Officers
Any officer may be removed with or without cause by the vote of a majority of the entire Council.
Article VII — Texas Guaranteed Student Loan Corporation Liaisons
Section 1. TG Liaisons
TG shall designate staff liaisons to the Council. Liaisons shall be entitled to notice of meetings and to enter into discussions but shall not be entitled to voting rights, only in the event of a run-off election.
Section 2. Duties
The duties of the TG liaisons shall include, but not be limited to, providing communication, technical assistance, and support services to the Council.
Article VIII — Committees
The Council and/or Officers may establish committees and subcommittees. The members of the committees appointed by either the Co-Chairs or by the Council shall hold office until the term of the current Council has expired or any other time as determined by the Council.
Article IX — Council Logo
The Council may adopt, use, and alter a Council logo. Such logo is the property of TG and shall be kept with the other records of the Council. Failure to affix the logo to Council instruments, however, does not affect the validity of any such instrument.
Article X — Amendments
These Bylaws may be amended or repealed by an affirmative vote of the majority of members in good standing at any meeting of the Council. Written notice of the substance of the proposed amendment will be sent to all members not less than seven (7) days prior to the time at which it is submitted for a vote. Changes in the Bylaws go into effect immediately following their adoption.
Bylaws may also be amended by written resolution signed by not less than two-thirds of the Council members in good standing. Such amendment shall be effective immediately upon delivery to the TG liaison.
Article XI — Dissolution of the Council
Any proposal for the dissolution of the Council must be sent to each member not less than 90 days prior to the vote. A decision in favor of dissolution requires approval of two-thirds of the voting membership present at the meeting.