COTTELL SUBMITS LIFE MEMBER ASSET ADMS
Former USCF Treasurer Tony Cottell has submitted a series of Advance Delegate Motions intended to give life members control over the federation's Life Member Asset fund. Currently, the LMA is managed by a Life Member Assets Management Committee selected by the Board of Delegates at their annual meeting.
From: anthonyc@LCIA.com (Anthony
CC: firstname.lastname@example.org (execdir)
Dear Madam Secretary, May 18, 2001
I hereby submit the following *individual* ADM's.
1. There shall be formed a new New York state non-profit corporation to
hold the all assets of the LMA (Life Members' Assets)
2. The name of the corporation will be the LMA Trust, Inc. and shall
have a fiscal year ending December 31.
3. The assets to be held are, but not limited to, land, building, cash,
mutual funds, stocks, bonds, notes receivable, certificates of deposits
and any other assets heretofore not presently known to the Delegates.
4. The corporation shall be incorporated prior to December 31, 2001
and the assets specified in three (3) above shall be transferred free
and clear of any liens, mortgages, encumbrances prior to March 31, 2002.
5. The initial temporary board of directors shall consist of all past
Presidents and Treasurers.
6. The temporary board of directors shall conduct a mail ballot of all
living life members within six (6) months of date of incorporation to
select a ten (10) member board of directors.
7. Any life member who has not been convicted of a felony and is
a citizen of the United States is eligible to vote in the election of
the board of directors, and to serve on the board of directors.
8. The election of the board of directors will be by mail ballot and
counted by a recognized professional counting organization.
9. The LMA Trust, Inc. shall purchase a full page in Chess Life to
announce the names of the individuals requesting to serve, along with
a twenty-five word biography.
10. The newly elected ten (10) member board of directors shall
implement agreements with the United States of America Chess
Federation to receive all life and sustaining members dues money
and to enter into other agreements for office rent and payment of
LMA assets to the USCF to defray the cost of direct benefits
accorded the life and sustaining members.
11. The elected members of the board of directors shall employ
such professional help as needed to properly protect the LMA
assets and shall issue certified audited financial statements yearly.
Note: Mr. Anthony Cottell, with nine (9) years Policy Board tenure
with six (6) as Treasurer from 1984 to 1990 will accept
Anthony P. Cottell (sig)
God Defends The Right.
Cottell lists the following advantages (not part of the motion) of his ADMs.
1. LMs get OMOV.
2. Greater accountablity.
3. Protection from creditors.
4. Arms-length business transactions between two separate entities.
5. Professional management.
6. Less confusion between LMA finances and Operations finances.
7. Separate CPA firms for audit would be possible.
8. LMA Trust, Inc. could do specific fundraising projects without regard to how
well or how poorly Operations is doing.
9. It's time the LMs have a say in how their "contribution" is managed.
10. Inaccurate and misleading information, such as reported in the "first LMA
newsletter" will, in the future, be accurate and correct. (I will detail at the