Bylaws

ARTICLE I

NAME AND MISSION STATEMENT

Section 1: Name

The name of the Corporation shall be ACADEMY OF FINANCIAL SERVICES (the “Academy”).

Section 2: Mission Statement

The primary objectives and purposes of this organization are:

1. To encourage the development and dissemination of theoretical and applied scientific research in the field of personal financial planning and the related financial services field through, a) our Diamond Open Access peer-reviewed journal, The Financial Services Review, and b) presentations at our annual academic meetings or other related venues.

2. To maintain the relevance of this research by interacting with financial planning and financial services professional.

3. To foster the dissemination and development of research by encouraging the development of related collegiate academic programs.

ARTICLE II

MEMBERSHIP

Section 1: Classes of Membership and Rights of Members

The Academy shall be open to all persons interested in the objectives and purposes stated previously. Except as expressly provided in or authorized by the bylaws of this corporation, all memberships shall have the same rights, privileges, restrictions, and conditions.

Section 2: Membership

Members are eligible to vote and are eligible to be an officer or director of the Academy. Members are invited to register for and attend the annual meeting. Members are eligible to be appointed to committees as specified within these bylaws.

Section 3: Student Membership

In order to promote the objectives and purposes of the Academy and create interest in the next generation of academicians and practitioners, student members are eligible to vote and are eligible to be an officer or director of the Academy. Student members would be invited to register for and attend the annual meeting (at a rate as determined by the Board of Directors), and they would be permitted to be appointed to committees as specified within these bylaws. Student membership may be maintained as long as the member is registered in an appropriate graduate or undergraduate program at an academic institution. A reduced membership rate can be offered to current full-time students.

Section 4: Academic or Practitioner Membership

Academic and Practitioner Members are eligible to vote and are eligible to be an officer or director of the Academy. All members are invited to register for and attend the annual meeting (at a rate or rates determined by the Board of Directors) and are eligible for appointed to committees as specified within these bylaws.

Section 5: Other Membership Categories

The Board may establish other non-voting membership categories to allow other stakeholders to remain engaged with the Academy. This could include regulators, certifying bodies, financial planning membership associations, and so forth. Applicable membership rates are by the Board of Directors.

ARTICLE III

ANNUAL DUES

Section 1:

Annual membership fees for all categories of membership shall be determined and assessed by the Board of Directors. If the Academy is/should become a 501(C)3, dues will not be considered a donation as appropriate benefits are available to members.

ARTICLE IV

THE BOARD OF DIRECTORS

Section 1: Structure of the Board

The Board of Directors shall have up to twenty-one (21) members. The number may be changed by amendment of this bylaw, or by repeal of this bylaw and adoption of a new bylaw, as provided subsequently in these bylaws. The Board of Directors includes the immediate past President, President, President-elect, all other elected or appointed officers, and elected or appointed Directors. Effort should be made to include representation on the Board of as many functional areas as possible, e.g., counseling, employee benefits, estate and tax planning, financial institutions, financial planning, insurance, investments, pension and retirement planning, and real estate. Effort also should be made to have at least one practitioner on the Board at all times.

As a global association of academics, the Board should also try and maintain representation from countries with significant membership in the Academy to ensure regional issues and membership engagement and relevance remain high. Representation may result from election or appointment as outlined in Section 2 below.

The Board may also appoint (non-elected) members to Board who are representative of certifying bodies, membership associations, or other strategic partners of the Academy. These representatives would act as voting members of the Board. The Board retains the right to ask any such representative to resign or the partner association to name an alternative representative should it feel there is a conflict of interest.

Section 2: Vacancies

A vacancy shall occur if a person ceases to be a Board member. If any vacancy occurs on the Board during an unexpired term, or representation from a significant group of membership is not maintained in the open elections, the remaining members of the Board may select a new officer or director; such persons shall serve until the next annual meeting of the membership, at which time a new election for this post shall be held. At the discretion of the President, a Board member may be considered for removal from office if he or she misses two Board meetings during the current term or fails to remain a member in good standing of the Academy.

Section 3: Annual Meetings of the Board of Directors

The Board of Directors shall meet at least quarterly, generally face-to-face in conjunction with the annual meeting of the membership and virtually for other meetings. The President shall notify officers and directors at least one month in advance of any meeting date. More than fifty percent (50%) of members of the Board of Directors shall constitute a quorum for any meeting. All motions shall be carried by a majority vote of the officers and directors present and voting. Minutes shall be kept of all meetings of the Board, under the supervision of the Vice President-Communications.

Section 4: Special Meetings of the Board of Directors

Special meetings of the Board of Directors may be called by the President at any reasonable time and must be called within one month of receiving a written request by three members of the Board of Directors.

Section 5: Executive Committee of the Board

The Executive Committee shall consist of the President, immediate past President, President-elect, the current year’s Executive Vice President-Program and the Vice President-Finance. Three members shall constitute a quorum for any meeting. The Committee shall meet at the call of the President or upon petition of the other four members.

Section 6: Powers and Responsibilities

During its term of office, the Board of Directors, either directly or through its Executive Committee, shall have responsibility for managing the affairs of the Academy and shall report to the membership at the annual meeting. Between meetings of the Board of Directors, the Executive Committee shall perform the duties of the Board and shall report on its actions to the Board at its next meeting. The Board of Directors shall have authority to establish and amend bylaws for governance of the Academy.

ARTICLE V

OFFICERS

Section 1: Officers to be Elected by the Membership

The President, President-elect, and Executive Vice President-Program shall serve a term of two years unless any of them is re-elected, resigns, is incapacitated, or leaves office for any reason. The President-elect shall serve a two-year term as a member of the Board of Directors with additional duties specified elsewhere in these bylaws. At the end of his or her term, the President-elect shall become the President of the Academy by virtue of the prior election. The Vice President-Finance shall serve a term of three years. The Vice President-Communications and the Vice President-Marketing and Public Relations serve a term of two years, beginning in even years, and the Vice President-Membership and Vice President-International Relations serve a term of two years, beginning in odd years.

The Board of Directors, upon recommendation of the Finance Committee, may appoint an Associate Vice President-Finance to support the Vice President-Finance. The Associate Vice President-Finance shall have access to banking and investment accounts, assist with financial operations, and aid in the timely filing of IRS Form 990 and other required not-for-profit filings. This position shall serve at the pleasure of the Vice President-Finance, with the term coordinated accordingly. The Associate Vice President-Finance must be a U.S. citizen and U.S. resident, for the same reasons stated in Section 2(H) below.

All directors will serve three-year terms, with about 1/3 being elected in each year. Elections will be held virtually to allow engagement by all members. Elected officers and directors take their positions at the Quarterly meeting following the quarter in which elections are held.

Section 2: Duties

A. The President shall preside at all meetings of the membership, the Board of Directors, and the Executive Committee. The President shall carry out other functions as provided elsewhere in these bylaws.

B. In the event of the President’s absence or his or her incapacity to serve, the President-elect shall handle the duties of the President.

C. The Immediate Past President and President-elect shall attend meetings or participate in conference calls when necessary to support strategic aims of the Academy.

D. The Executive Vice President (EVP)-Program shall be chair of the Program Committee and responsible for the academic content and organization of the annual meeting(s). In the absence of the President and President-elect, or in the event of their inability or refusal to act, the current year’s EVP-Program shall perform all the duties of the President.

E. The Program Committee shall be comprised of the EVP-Program (chair), the Vice President-Marketing and Public Relations and the Vice President-Communications, serving to help identify and select potential speakers and sponsors for the annual conference.

F. The Vice President-Communications shall maintain the bylaws, as amended, keep a book of minutes for all meetings of the Board of Directors, and help maintain a regular program of periodic communications with the membership.

G. The Vice President-Membership shall develop and maintain membership recruitment and retention efforts.

H. The Vice President-Finance shall oversee the financial affairs of the Academy, including the prompt filing of tax returns and tax payments, and shall authorize disbursements of all funds in accordance with policies established by the Board of Directors. He or she also will be responsible for collecting dues and maintaining the current membership roll. Each year, the Vice President-Finance shall file an annual report with the Board indicating the financial condition of the Academy during the prior year, in addition to reporting the financial status to the membership at the annual meeting. The VP Finance must be a US Citizen and Resident.

I. The Finance Committee will be comprised of the VP Finance and at least two additional Members of the Board, at least one of whom must be a U.S. citizen and U.S. resident, to ensure committee continuity and authority over U.S.-based financial operations. The committee will have responsibility to review and recommend to the Board the Investment Policy for the Academy’s investment accounts, the Academy's insurance coverage (including but not limited to general liability, property, management liability, and crime coverage), proper access to the operational bank account, and the establishment of a Risk Register for the Academy.

J. The Vice President-Marketing is responsible for contacting potential sponsors to obtain financial support for the Academy’s activities, especially those in conjunction with the annual meeting(s).

K. The Vice President-International Relations is responsible for encouraging international participation in the Academy. This includes solicitation of international members, solicitation of participation by the international community in the program, the encouragement topics of international interest in the Academy’s journal, and the utilization of research published and freely available in the Academy’s journal by financial planning membership and certification bodies globally.

L. The Membership Committee will be comprised of the VP Membership and VP International who shall alternate as Chair, along with other Members of the Board. This Committee will make maintain active programs to encourage membership and engagement with the Academy globally.

M. If the budget allows and there is an Academy Administrator, they will work directly with the EVP-Program and President. The Administrator will be responsible for managing the Academy website, participate in Academy internal and external meetings when necessary. The Administrator will manage pre-event planning responsibilities and on-site logistics for the Academy Annual Meeting (where those are not managed by conference partners), work alongside the EVP-Program to manage the Academy Call for Papers process and help the President organize the mid-year board meeting. The Administrator shall conduct at least two electronic mailings a year to ensure that as many members as possible renew each year. He or she is also responsible for working with the VP-Marketing to organize several mailings each year targeted to new audiences to entice them to join the Academy. The Administrator will also work alongside the VP of Membership maintain an historical list of members, to include contact information, years of membership, and type of membership.

N. The Board of Directors shall appoint the editor to the Academy’s journal for a three-year period. The editor is an ex-officio member of the Board of Directors. The editor may name associate editors and within guidelines established by the Board, undertake all appropriate activities necessary to administer the responsibilities of the office. Financial commitments entered into on behalf of the Academy by the editor must be based upon a financial plan approved in advance by the Board of Directors or the Executive Committee.

O. The Board of Directors shall institute such auditing procedures as they deem necessary.

P. Any of the above officers shall perform such further duties as may be requested by the Board of Directors or by the Executive Committee.

ARTICLE VI

A CONFLICT-OF-INTEREST POLICY

Section 1: Purpose and Definitions

This policy protects the Academy's interests when contemplating transactions that might benefit the private interests of officers, directors, or key employees. An "interested person" is any director, officer, or committee member with a financial interest in a transaction with the Academy, whether through ownership, investment, compensation, or family relationships.

Section 2: Disclosure and Determination

A. Any interested person must disclose all material facts about their financial interest to the Board before any decision on the transaction.

B. The interested person shall not be present during Board discussion or vote on whether a conflict of interest exists.

C. After disclosure, the remaining Board members shall determine whether a conflict of interest exists.

Section 3: Addressing Conflicts

A. If a conflict exists, the interested person may make a presentation but must leave during discussion and voting on the transaction.

B. The Board shall determine whether the Academy can obtain a more advantageous transaction without the conflict, and whether the proposed transaction is in the Academy's best interest, fair, and reasonable.

C. Only disinterested directors may vote on the transaction.

Section 4: Compensation Approval

When approving compensation for directors, officers, employees, or contractors, the Board shall:

A. Approve compensation terms before first payment;

B. Use only disinterested Board members without conflicts to approve compensation;

C. Obtain and document comparable compensation data from similar organizations, compensation surveys, or actual written offers;

D. Document in meeting minutes: the comparability data reviewed, terms approved, date of approval, members present, votes cast, and the determination that compensation is reasonable.

Section 5: Records and Annual Compliance

A. Minutes shall document the names of interested persons, the nature of their interest, discussions held, alternatives considered, and votes taken.

B. Each director and officer shall annually sign a statement affirming they have received, read, understand, and agree to comply with this policy.

Section 6: Violations

If the Board believes a member failed to disclose a conflict, it shall inform the member, provide opportunity to respond, investigate as needed, and take appropriate corrective action if a violation is confirmed.

ARTICLE VII

COUNCIL OF PAST PRESIDENTS

Section 1: Membership of the Council

The Council of Past Presidents is comprised of all past Presidents of the Academy. The Council’s role is advisory. The President-elect serves as chairperson of the Council.

Section 2: The Council shall meet at the annual meeting of the Academy to review its affairs and to make recommendations, if any, to the elected officers and directors. The Council may meet at other times if necessary.

ARTICLE VIII

NOMINATIONS AND ELECTIONS

Section 1: Nominations Committee

This committee shall consist of the President, Immediate Past President, and the President-elect. The President also shall appoint two members who are not officers or directors. The Immediate Past President shall serve as chairperson of this committee. The Nominations Committee shall provide a slate of candidates for election to the Board of Directors as prescribed in these bylaws. The committee shall propose at least one candidate for each officer and director position, except for President and Immediate Past President. The nominations of directors should reflect the need to have many functional or geographic areas of financial services represented on the Board, as specified in Article IV, Section 1.

Section 2: Ballot of Nominees.

The committee shall distribute, and subsequently tabulate, a ballot to all eligible members of the Academy. The method of distribution, voting and tabulating may be based on technology deemed appropriate by the full Board. The Nominations Committee shall report to the Board in advance of each election the mechanics to be used for the election. Write-in votes for officer and director positions are permitted.

Section 3: Notification of Results

Within 30 days after the election process is completed, the chair of the Nominations Committee shall notify all candidates of the election results. Public notification of the newly elected officers and directors shall be made at the annual membership meeting.

Section 4: Eligibility for Candidacy

For election purposes, a member eligible for candidacy is defined as one who is a member of a class that has voting privileges, as specified in Article II, Section 1 and has paid dues for the current year or for the preceding year.

ARTICLE IX

COMMITTEES

Section 1: Standing Committees

There shall be four standing committees, the Program Committee, the Journal Liaison Committee, the Finance Committee and the Executive Committee. The function of the Program Committee shall be to plan and to organize the program aspect of meetings of the Academy. Appointments to this committee shall be made by the current year’s Executive Vice President-Program, after consultation with the President. This committee will have at least 3 members.

The Journal Liaison Committee is composed of the President, Immediate Past President, President-elect, the current year’s Executive Vice President-Program, and the Vice President-Finance.

Section 2: Special Committees

The President, in consultation with the Board, may appoint such special committees as are appropriate.

ARTICLE X

ANNUAL MEETING SITE SELECTION

Section 1: Selection Process

If there is a commitment to holding the annual meeting in conjunction with a complementary partner in the field, then the Executive Committee shall receive and examine the terms and conditions as provided by the potential partner. The Executive Committee shall make a primary recommendation to accept or reject the terms and conditions. If not acceptable, then the Executive Committee will attempt to negotiate more favorable terms and conditions. If the Executive Committee determines that the terms and conditions are not acceptable and Academy and the partner cannot reach a mutually agreeable resolution, the Executive Committee shall provide alternative choices to the Board of Directors. The full Board shall vote on the final recommendation. The committee shall also recommend dates for the annual meeting.

Section 2: Selection Process without a Partner Association

If there is not a commitment to holding the annual meeting in conjunction with a partner’s annual meeting, then the Board of Directors shall select annual meeting sites, giving consideration to such factors as accessibility, institutional support, and past meeting locations with the goal of providing for a reasonable geographic rotation of annual meetings held. The Board will also select dates and charge the Executive Committee to work with the Academy Administrator to develop proposals for accommodations.

ARTICLE XI

AMENDMENTS TO BYLAWS

Section 1: Who may Amend

The Board of Directors may adopt amendments to these bylaws with a majority vote of officers and directors. This procedure does not apply to amendments that would materially and adversely affect the rights of Academy members with respect to voting rights or would change the number of members on the Board of Directors. Amendments of these types require a majority vote by the Board of Directors and subsequent approval by two-thirds of the voting members present and voting at meetings of the membership. Any member of the Academy may propose amendments to these bylaws to the Board of Directors.

ARTICLE XII

PARLIAMENTARY AUTHORITY

Section 1: Robert’s Rules of Order

Whenever appropriate, and unless otherwise provided by these bylaws, Robert’s Rules of Order, as revised, shall govern parliamentary conduct of all meetings.

ARTICLE XIII

CORPORATE CHARTER

Section 1: A Not-for-Profit or Charitable Organization

The Board of Directors shall have the power to instruct one or more of its members to make application for a suitable charter from an appropriate state or commonwealth, and to take whatever other steps are necessary to comply with laws governing not-for-profit or charitable organizations, including the formation of such corporation or other bodies as they deem expedient and desirable. No entity formed shall in any way restrict or diminish the authority of obligations of the Board of Directors as specified in the bylaws.

Section 2: Not-for-Profit/Charitable Status

As of December 2025, the Academy of Financial Services is a qualified 501(c)(6) Organization. The Board has the right to apply to IRS and the State of Illinois to become a qualified 501(c)(3) Organization.

Section 3: Dissolution of Assets

Upon dissolution of the Academy, all remaining assets shall be distributed exclusively for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. No part of the net income or assets of this corporation shall inure to the benefit of any director, officer, member thereof, or to the benefit of any private person.

Section 4: Deductibility Policies

Membership Dues (regardless of level) and any meeting fees will not be tax deductible in the U.S. as charitable expense under the assumption that membership and meeting attendance provides value equal to those amounts.

Gifts to the Academy will be considered charitable contributions if approved by IRS, and the Treasurer will provide a gratitude letter explaining that “no goods or services were provided to the donor.”

The Treasurer will file for U.S. state non-domestic 501(C)3 status only when deductible gifts are expected or received from that state or when required by state law.

Section 5: Awards and Grants Programs

A. Authorized Programs: The Academy may establish awards and grants programs to advance its educational and research mission, including but not limited to:

1. Best Paper Awards recognizing outstanding research presented at the annual meeting;

2. Emerging Scholar Awards supporting early-career researchers;

3. Travel Awards assisting members in attending conferences and professional development activities;

4. Research grants supporting scholarly work in financial planning and financial services.

B. Selection Criteria: The Board of Directors shall establish objective selection criteria for each award and grant program based on academic merit, research quality, professional development potential, or other criteria consistent with the Academy's educational purposes.

C. Selection Process: Awards and grants shall be selected by:

1. Committees appointed by the President or Board of Directors; or

2. The Board of Directors; or

3. Other processes approved by the Board that ensure objective evaluation.

D. Eligibility: Awards and grants shall be open to all Academy members who meet the established criteria. Selection shall be based solely on merit and objective criteria, not on relationships with officers, directors, or donors.

E. Documentation: The Academy shall maintain records of all awards and grants, including recipients' names, amounts awarded, selection criteria applied, and the basis for selection.

ARTICLE XIV

POLITICAL ACTIVITY AND LOBBYING RESTRICTIONS

The Academy shall not participate in or intervene in (including the publishing or distribution of statements), any political campaign on behalf of or in opposition to any candidate for public office. No substantial part of the activities of the Academy shall be the carrying on of propaganda or otherwise attempting to influence legislation. Educational activities, including academic research and professional commentary on policy matters conducted in a scholarly capacity, do not constitute lobbying.

ARTICLE XV

INTERNATIONAL OPERATIONS AND COMPLIANCE

Section 1: International Educational Activities

The Academy may conduct educational activities internationally, including hosting conferences, supporting regional member groups, and facilitating research collaborations in countries where the Academy has members.

Section 2: Sanctions Compliance

When conducting international activities or making payments related to foreign events, the Academy shall comply with all United States economic sanctions and regulations, including verifying that individuals and entities involved in Academy activities are not on the Office of Foreign Assets Control (OFAC) sanctions lists.

Section 3: Responsible Officers

The Vice President-Finance shall ensure compliance with U.S. sanctions requirements for international transactions. The Vice President-International Relations shall coordinate international member engagement and regional activities.

ARTICLE XVI

ADOPTION

These bylaws were approved by the Board of Directors of the Academy of Financial Services on October 11, 1994, and revised by the Board of Directors of the Academy on October 14, 2015, on March 9, 2020, and on June 2, 2026.

Revised