Founded in 1991 by the Security Traders Association of Chicago, the STAC Scholarship Fund is a 501C3 organization that awards college scholarships to deserving students and makes grants to various charitable and educational institutions. Past grant recipients include After School Matters, the Posse Foundation, and St. Jude’s Children’s Research Hospital.
Over the past 10 years, the STAC Scholarship Fund has made approximately $375,000 in charitable donations and scholarship awards - all thanks to the generosity of STAC members, sponsors and friends. Fundraising activities include an annual Poker Tournament, a Silent Auction held during the Mid-Winter Meeting and occasional raffles. Donations can also be made online.
Interested in applying for the STAC Fund Scholarship? Applications for the 2017/ 2018 academic school year are being accepted now through June 16, 2017
Over the past 10 years, the STAC Scholarship Fund has made approximately $375,000 in charitable donations and scholarship awards - all thanks to the generosity of STAC members, sponsors and friends. Fundraising activities include an annual Poker Tournament, a Silent Auction held during the Mid-Winter Meeting and occasional raffles. Donations can also be made online.
Interested in applying for the STAC Fund Scholarship? Applications for the 2017/ 2018 academic school year are being accepted now through June 16, 2017
The STAC Scholarship Fund is accepting applications through June 16, 2017.
STAC Fund Scholarship Guidelines
The Security Traders Association of Chicago has established a Charitable Fund in part to provide scholarship opportunities for ANY student that meets the eligibility requirements listed below. While STAC members, their spouses and/or their dependent children are eligible, relationship to a STAC member is not required to apply. Scholarships are non-renewable. The number of scholarships and the amount of each scholarship will be determined annually.
Applications may be obtained online and are to be submitted to STAC office at 216 W. Jackson Blvd., Suite 625, Chicago, IL 60606. Application material is confidential and selections are made by the STAC Fund Scholarship selection committee.
• The candidate must be planning to enroll as a full-time student, as defined by the college attended, or enrolled for at least 2 classes (six hours) if otherwise employed full-time. Enrollment must be in a two or four year college accredited by its regional accrediting association.
• The candidate must be pursuing a college or professional degree. High school seniors are eligible to apply.
• The candidate must have achieved at least a cumulative 3.0 grade point average on a 4.0 scale (or the equivalent).
Selection will be based on the candidate's academic record, promise for continued academic success and involvement in school and community activities as demonstrated from the information provided on the application, transcript, letters of recommendation and the quality of the essay.
The application is electronic and available below by clicking "Read More". A complete application will include:
1. The completed and signed application form
2. An essay in which you describe your career goals and how your educational plans relate to those goals.
3. A list your school and community activities.
4 Two Letters of Recommendation: one from an instructor: one from a supervisor, employer, or clergy member:
5 An official cumulative transcript of academic work through the Fall term. For current college students, a printout from a secure college website is acceptable.
Evaluation of applications and the selection of award recipients is the responsibility of the STAC Fund Board.
Completed applications and all supporting documents must be submitted online or via US mail postmarked by June 16, 2017 to:
SECURITY TRADERS ASSOCIATION CHICAGO SCHOLARSHIP FUND
216 W. Jackson Blvd., Suite 625
Chicago, IL 60606
All candidates will be notified of their status by the STAC Fund by July 7. The scholarship check will be mailed directly to the recipient's college by July 21, 2017.
Click the button below to access and complete scholarship application.
Natalie KnoepflI will be attending school at Miami University in the Farmers School of Business. I intend to major in marketing with a minor in entrepreneurship and possibly graphic design. While at school I plan on interning for companies in order to gain experience for when I graduate. Once I do, I plan on getting a job for a company in some sort of marketing position. I believe that my minor in graphic design will allow me to expand my skills in order to be more successful in marketing. Later on, I want to open my own business, using my knowledge from working with another company and minoring in entrepreneurship. I also plan to study abroad at some point during my college career, and I believe that this will not only be an exciting new experience, but will open my mind to different views and ideas from people and companies from around the world, that will allow me to bring new ideas to the table as a marketing manager and entrepreneur.
Daniel KoutrisAfter finishing my first year at Carthage College I reaffirmed that I want to continue with Finance/Business as my Major. During my freshman year at Carthage, I focused on required core classes with a few introductory business classes thrown in. Sophomore year will bring a full load of introductory business classes, helping me find the specific area of business I want to specialize in. My long term goal still remains starting my own business, but the Finance industry really excites me; whether it is working on a Trading Desk, in a proprietary Trading Firm, in a Branch Office, or even on a Trading Floor. From my brief understanding of the ever changing market structure, who knows what opportunities are ahead in the financial industry?
I plan to study abroad in January of 2017 (Carthage offers 3 ½ week J-Terms for full class credits) which will allow me to expand my business knowledge, and gain some understanding of the Global Economy. After my sophomore year at Carthage, I hope to get the opportunity to study at Carthage’s satellite campus located in downtown Chicago; which places me in a full-time internship during the day, with classroom study in the evenings, while living in a hostile in Chicago’s Loop. I am extremely excited for this opportunity as I feel the hands-on experience will allow me to really learn how the business world operates.
This past Spring I was selected Pledge Class President for the Tau Kappa Epsilon Fraternity at Carthage College. I chose to “rush” TKE not only because it is a Business focused fraternity, but because they are extremely involved in the Kenosha community. The Carthage “Tekes” do community service work with the Boys & Girls Club of Kenosha, South Eastern Wisconsin Special Olympics, and mentoring, just to name a few. Nationally, TKE has raised over $2.6 million for St Jude’s Children’s Hospital.
At this point in my life, I am hoping that my experiences at Carthage College, along with my work experience, both as an IHSA Certified Official and an Umpire Coordinator, allow me to secure a job in Business or Finance. I feel that I continue to develop strong inter-personal skills in both my jobs; as an IHSA Official I occasionally have to deal with an (over) excited Manager or Coach, as an Assignor I manage 53 high school age boys and girls, assigning them to over 350 baseball games, as well as any rain-outs that need to be rescheduled. I personally train the new and less experienced umpires; the job also requires me to deal with problems that arise, whether it is with a Manager, Coach, or Umpire.
I anticipate that a Business Degree from Carthage will give me the skill-set needed to run a company smoothly and efficiently. Although I feel that my current job as an Assignor has taught me responsibility, better time management, and affords me constant interaction with adult Managers and Coaches; I anticipate the experiences at the Carthage Business School will allow me to build on my current experience and enhance my ability to be successful in the Finance or Business industry, or as an entrepreneur.
David WendelTurn on the news. Open the paper. On a day-to-day basis, it is extremely difficult to find information about the world without hearing about the struggling economies across the world. Especially recently with all of the debates in the primary elections for presidency, the U.S. economy has become a frequent topic of discussion. What baffles me is why the situation always seems to get worse. A change is necessary.
First of all, economics is very appealing to me because of how open-ended the future of a student with an economics major will be. With possibilities of finding a profession in business, government, education, or even continuing on to law school, an economics major provides numerous possibilities for students like myself. Because I am relatively unsure of what I would like to do for the rest of my life, this aura of possibility really appeals to me. Furthermore, because politics, business, and education all appeal to my interests, in the future, it will merely be a selection of which I like the most, not which I will learn to like.
An economics degree will allow me to make a difference in the world. Ultimately, as I contemplate my future, my top priority is making a difference. Whether it be helping a major business, providing logical insight to the government, or informing high school students about the basics of economics, pursuing an economics degree truly will allow me to have an impact on those around me. The reality is, no matter how well I understand economics, I will have to communicate my knowledge in a way that others,who perhaps have not studied the field as extensively, will understand and be able to utilize for their benefit.
Ultimately, economics will allow me to harness my personal interests in a way that will positively impact the lives of others, and for this reason, pursuing a degree in economics will promote my future goals.
Jonathan Lenchard WarrenI have always found it exciting and rewarding to be informed about current political events and issues because they have profound effects on each and every person in the United States and the world. By being an informed voter, one can positively contribute to society while at the same time establishing a personal ideology and world view. I’m entering my junior year at the University of Illinois at Urbana-Champaign (UIUC) this fall. I am double majoring in Economics and Political Science. My studies have focused specifically on government regulation of economic and social activity, as well as law. I have found it very rewarding studying these areas because it has helped me to gain a better understanding of the challenges faced by all members of society.
Through my years in Scouting, I learned many values, such as hard-work, loyalty, and camaraderie. I gained teamwork and leadership skills as I earned badges, helped with community service projects and went on to become an Eagle Scout. These experiences helped form and establish my own personal set of beliefs and prepared me for my college studies.
I have always been interested in Constitutional law because it impacts the daily lives and rights of everyone in the nation. My interest was piqued when I took a Law Class–Poverty Law–taught by a UIUC Law Professor who focused on the rights of the indigent. This class helped me to become more aware of how the law can be a great tool to ensure that no one can be denied life, liberty, or property without due process of law. I was also fortunate to have a summer clerkship/internship at a juvenile court in Chicago, IL where I worked on legal research and assisted with proposed state legislation to protect the rights of the victims of sexual assault and their children. I realized how important it is for there to be advocates for those who cannot help themselves. These experiences led me to decide to become an attorney, because I want to contribute to giving everyone equal justice under the law.
My experiences were further expanded in a different area when I had a summer internship at the Chicago Board Options Exchange (CBOE) in Trading Systems Development and assisted with Congressional visitors. This internship increased my knowledge and interest in the financial markets and I then added my second major, Economics, based upon discussions with some Congressmen and other CBOE staff. A long term goal of mine is to run for public office and as a prospective public servant, I believe it is important to have an understanding of the economy and the markets and how they affect an individual’s financial opportunities.
My immediate plan after obtaining my undergraduate degree is to attend law school with a focus on Constitutional law. Afterwards, I want to either apply for the Judge Advocate General program for the United States Navy or start a private law practice. While practicing law, I want to focus on constitutional rights and civil liberties. After I gain experience in these areas, I want to eventually run for public office. I am interested specifically in running for a place in the United States Congress so that I can help serve my fellow citizens while protecting their constitutional rights.
Michael MaskalunasDuring this upcoming year, I have made the decision to continue my academic and athletic career at the University of Wisconsin-Madison as a business major and a preferred walk-on to the Badger football program. This opportunity seems surreal to me, for I am able to combine my love for sports with an elite education to pursue my dream of becoming the founder of an athletic training facility. As a student-athlete at Wisconsin, I will be able to garner knowledge not only about entrepreneurial tactics, but exercise and the human body as well. Coming out of college, I have plans to become successful by doing the thing that I love and by working towards something I am passionate about.
My passion for fitness and sports can be best characterized through my involvement in the community in reaching out to promote physical wellness. One of my most memorable events was participating in the Autism Speaks charity soccer game where I helped support special needs students as they competed in a soccer game as well as other physical activities. Working with these kids made me realize how important it is to reach out to all parts of society in the case of physical wellness. We can all learn something from the pure joy these students experienced from simply running around and kicking a soccer ball with one another. It has helped me to understand how beneficial physical activity can be in promoting the expression of emotions and a positive spirit.
My inspiration for the idea of one day running my own athletic training facility comes from my personal experience in training at EFT Sports Performance located in Highland Park. After I began training there in 2014, I instantly fell in love with not only the grueling workouts, but the idea of one day running a place like that for my living. Every day when I come in for workouts I am surrounded by elite athletes and experienced trainers, and that is the type of environment I love to be in. EFT has an incredibly diverse team of trainers with services ranging anywhere from personal training, to individual therapy sessions, to rehabilitation, to recruiting management, and even nutrition specialists. I hope that with the combination of my acquired knowledge in entrepreneurship, business, and football training at Wisconsin-Madison, I will one day be able to launch a place even more dynamic than EFT.
After conversing with and befriending the owner of EFT Sports Performance–Elias Karras–it has become apparent to me that studying business and entrepreneurship is the best path for me in order to pursue my dream. Elias, who is a graduate of the University of Illinois–Chicago, has taken the time to mentor me about my aspirations and given me advice on how I should go about educating myself and establishing my business. One of the key ideas he shared with me was that people don’t buy what you do, they buy why you do it. I have trained at many different facilities in my life, but the reason that I chose to stay with EFT is because it is more than just a place to train; it has become my second family. This unique atmosphere is what sets EFT apart from other businesses, and is why EFT is a thriving success.
The reason I have decided to share in detail what EFT Sports Performance is about is because the success that Elias Karras has had there, and the environment of excitement and positivity is what my dream is all about. I want to contribute to human genome as a whole and help cultivate a healthier society. The great President John F. Kennedy once said that “A country is only as strong as its citizens. I think that mental and physical health... mental and physical vigor, go hand in hand.” I personally view it as a matter of utmost importance to help society reach a more healthy state. Just as President Kennedy said, if the body is healthy, then the mind, soul, and spirit will be more healthy as well. This is what I hope will separate my business from the rest. I am not just aiming to help athletes train, but I am going to use my training sessions as a vehicle to deliver knowledge that will make them healthier mentally, spiritually, socially, and patriotically as well.
Kelly DempseyHi my name is Kelly Dempsey. I am from Park Ridge Illinois, and I am a senior at Maine South High school. I plan to major in “Animal Science” throughout my college experience; allowing me to pursue my life-long dream of becoming a Veterinarian. I have dreamt of becoming a Veterinarian since I was five years old, and I am a dedicated animal-lover. My family adopted my dog from the ASPCA 11 years ago, and she is still a great addition to our family today. We adopted her after she had been heavily abused, and we managed to nurse her back to health. Her transition from starvation to a smiling, healthy weight dog was my inspiration to go into this field, and I hope to help other animals live happy and healthy lives as well. The specific field that stands out most to me when envisioning myself caring for animals is the rehabilitation aspect of Veterinary studies. I love the thought of allowing an animal to full recovery and it is the most/only humane option.
Involvement has been an integral part of my high school experience. I often involve myself in experiences that promote service and leadership; some of these activities include working with the Anti-Cruelty Society and volunteering with soup kitchens and cancer walks. I am passionate about inspiring others to appreciate what they have and to give back to their community.
I strive to become a leader on campus and organize opportunities to benefit others in need. My plans include leading in and outside of the classroom. I hope to be the captain of the gymnastics or cheerleading team, and possibly a leader in a sorority so I can facilitate programs to give back to my University. I want to be someone who others can look up to; I believe that being well-rounded is an admirable quality. I also plan to study abroad to enhance my knowledge of Veterinary Medicine. This would be beneficial because I would be able to work with animals that I am unaccustomed to. Traveling around the world provides many opportunities to meet other people in the Veterinary field and to experience cultures that are different than my own. I would develop a greater appreciation for the cultural diversity, and benefit from the wisdom that other people around the world have to offer.
Research is extremely important. I hope to find a way to decrease the cost of medication and allow people to provide necessary medical attention to their pets. Animals should never have to suffer due to financially struggling families, and I hope to put an end to the unnecessary deaths of sick companions. I endeavor to find alternative cures for diseases, or even discover the first medication to cure untreatable ailments. I strive to make sure that the financial status of a family does not determine whether a living being lives or dies, and to minimize veterinary costs.
My goal for the future is to run a rehabilitation center for medium-sized animals, and keep it cost-efficient for people who struggle financially. Every animal should be able to live comfortably, and receive the highest quality care available. I want to make positive contributions to the Veterinary field. It is my goal to make sure that every animal is treated humanely, and given the attention they need. I want the opportunity to work with other honorable people in the Veterinary field, and experience Veterinary Studies from different perspectives. I am a hard worker and a leader, and I will do whatever is necessary in order to have a positive impact on the improvement of our companions’ health.
Adriana TriznaThis coming Fall, I will not only begin expanding my knowledge at Indiana University’s Kelley School of Business, but I will also set the building blocks for a successful, highly rewarding career in investment banking. At Indiana, I plan to pursue a degree in accounting and a minor in financial literacy. As a direct admit into the business school, I will have the opportunity to immediately start taking courses in my field of study. I intend to take 17 credit hours per semester, so that, I will have accumulated enough credits, including the college credits I have earned in high school and internships, to be eligible to take the CPA exam. By attaining a CPA along with my degree, I will become a more competitive applicant when applying for a job at an investment firms. I will utilize the knowledge that I have gained about financial transactions and banking at the Kelley School of Business to fully develop my skills in my professional career. After years of professional experience, I hope to one day be promoted to President of an investment banking firm.
Brigette BoyleAfter earning my degree in biology, I would like to gain my masters in genetics and go on to achieve a doctorate in biotechnology. From there, I would hope to work in a research-based environment to study pediatric cancer cells. The human body is an amazing and mysterious place, made up entirely of trillions of cells that provide the instructions for every part. I wish to find the secret in the cells of young children who have been diagnosed with such a terrible disease and stop these instructions from being given.
I believe that through diligent research, the scientific community can fully understand why these mutations occur and, in turn, put a stop to it. Cancer is awful at any age, but especially in a child. It is a dark cloud that looms over the only inherently happy people on earth. Their child-like wonder and sense of bewilderment is stricken and replaced with despair. I can only aspire to one day have made a contribution in combatting this disease and returning the children to their naturally blissful states.
This scholarship would allow me to begin my education and allow me the opportunity to take the first steps on my path towards discovery. I promise that if given the opportunity, I will resolve to see this through. My determination is what sets me apart from many other and is what I believe provides me with an advantage. The moment I decide to do something, I devote all of my energy to it and enlist every source possible to faster help me achieve my end goal.
Trevor LightBecoming an undergraduate at Indiana University and entering the Kelly School of Business as a direct admission I have already begun to pursue my career in business. This curriculum supports my interests by providing me with the resources to propel myself in the world after college through a professional and unparalleled program. The school allows me to challenge myself in my area of pursuit and be the best I can be so that I can find success in areas rapidly growing with opportunity. I want to become the best I can be and by developing my education I know I will grow and prosper in my knowledge and as a person. My educational interest for working in the business world is an interest I have developed from classes in high school, volunteering in leadership positions, employment and through leading in volunteer projects. Because of this my career goals are simple in mind and yet require a lot of me in order to achieve. I want to be someone that is able to make an impact in a community both in and outside of my work. For this reason it is important to me that my career carries the ability to help others and I believe I am best fit to do that through business and interaction with people. My goals are to be able to support myself and those that rely on me, as well as find a way to leave an impact on those I work with and for. For me, finding a way to make an impact on the community around me starts with my education at Indiana University. Through growth and development from all that they offer there I know I will be able to reach my goals by completing their business program, and I look forward to doing so.
Zoe DavisWriting has always been a passion of mine. When I was in elementary school, writing was one of my favorite hobbies. The art of inventing characters and creating stories is something that I have always enjoyed doing. Because I loved storytelling, in middle school, I decided that I wanted to be a professional writer. I planned to be a novelist and short story writer. I didn’t consider journalism as a career until I started high school. This changed when I registered for the Newspaper Production class at my school. I didn’t like writing nonfiction stories, so I doubted that I would like journalism. However after taking the class, I found that journalism was the career that I wanted to pursue.
Although many have voiced concerns about the viability of journalism as a career, I am convinced of its importance and necessity. There will always be a need for the dissemination of balanced and accurate information to the public. Although many printed newspapers are struggling, the Internet and social media have transformed journalism to allow it to be conveyed through multimedia outlets. I find digital journalism a very interesting field because it encompasses writing, photojournalism, and cinematography.
This past summer, I had the wonderful opportunity of spending five weeks at the Medill Northwestern Journalism Institute. This experience opened my eyes to a new world and trained me to become a better journalist. I learned interviewing techniques, how to be a more concise writer, and how to disseminate information accurately using social media. I was a leader of the video team, and this improved both my technical video editing skills and my leadership skills. Our professors treated us as future colleagues and encouraged us to get out of our comfort zone while fostering a sense of camaraderie amongst the members of our group. They also taught me to be a lifelong learner. This enabled me to have more confidence in myself, to remain intellectually curious and to never be afraid to ask for help.
Furthermore, Medill emphasizes the importance of being an ethical journalist. Our mentors stressed the importance of not only being a good communicator, but also a conscientious and trustworthy writer. This summer, when I interviewed Evanston residents as well as professionals around the country and I introduced myself as a Medill student, interview subjects treated me like a respected journalist, not just a teenager. This, I believe is due to the great reputation Medill has as a journalism school. In this nurturing environment I believe I would be able to continue to grow academically, professionally, and personally. My summer experience taught me that Medill is a school that prides itself on training students to not only be great writers and storytellers but also ethical journalists and lifelong learners. For these reasons I have chosen to attend Northwestern’s Medill School of Journalism in the fall. Studying journalism will help me to continue to develop my reading, writing, communication and creative skills. This will enable me to develop the expertise I will need to creatively and effectively share my ideas.
My dream job is to produce or direct a TV news show or to write and direct screenplays. I also want an occupation where I can combine multiple skills and have the ability to integrate my various interests. Because I enjoy writing, photography and videography I would like to incorporate these abilities into my future career.
Another career goal I have is to travel the world as a photographer. I only realized that this was a goal of mine recently, when I was able to travel to Cuba as a photographer this past December. It was an amazing and life changing experience and for the first time I was treated as a professional photographer and not just a high school student. It is amazing to photograph a place that not many United States citizens are able to travel to and then to be able to present those photos. I want to continue to share what I experienced in Cuba through my art and writing. It was especially significant to have been there when Presidents Obama and Castro announced the return of diplomatic relations. I was able to capture the reaction to the announcement from Cubans who are my own age. This event created a bond with people who will be my friends for life. I have had the ability to share my culture and ideas with people of another country and experience their culture, even though Cuba and the United States were enemies for decades. I hope that my work is able to help people in both countries understand each other and foster relationships that will promote healing and restoration for the next generation of Cubans and Americans.
Journalism has already taught me so much about my place in the world, and I am excited to see what it has in store for me in the future. My experiences in high school have inspired me to choose journalism as a career. Although I have been able to experience a taste of what the field entails, I know that I have much more to learn. College will teach me the skills necessary to have a career that will impact others. I chose Northwestern because I believe that it is a nurturing and rigorous environment. I will be able to learn from my professors, many who have walked the path that I want to walk. My peers will also help to create a learning environment that will challenge me academically. In this environment, I will learn to become a better writer, thinker, and person.
Kevin RzepczynskiAfter graduation, I hope to become an analyst for a large security trading firm such as Bank of America Merrill Lynch in downtown Chicago. Thereafter, I hope to advance to portfolio manager within said firm, and eventually be in a position to influence regulations and practices to better the financial industry.
As an undergraduate at Indiana University’s Kelley School of Business, I have interacted with many knowledgeable professors, whom have all helped me in setting goals for my future. Through classes like “Business Econometrics” and “Security Trading and Market Making”, I have been able to gain a better understanding of the skills necessary to become an analyst at a security trading firm.
For example, in “Business Econometrics”, I learned from Professor Dan Sacks how to take a large set of data and make appropriate assumptions through statistical analysis. Also, Professor Sacks taught me how to use econometrics to manipulate data in order to convince others of untrue statements through false findings. By having this knowledge, I am better able to identify biases in data. The skills I have learned in “Business Econometrics” will help me in the future to process large sets of historical data like pricing, volume, and order flow as an analyst, and furthermore, will prevent me from falling into a bad deal as a portfolio manager.
Additionally, in “Security Trading and Market Making”, I was taught by Professor Noah Stoffman about market microstructure. From Professor Stoffman, I learned about the many variables within a security transaction, including bid-ask spreads, trade impact on price, brokerage commissions, quantity limitations, and time delays. I was taught how to compute several measures including the spread, the NBBO, and the different transaction cost measurements. Also, I learned several quantitative analysis techniques like the probability of informed trading model and specialist execution strategies. Similar to “Business Econometrics”, Professor Stoffman taught how to distinguish between good and bad deals by teaching how the trading industry is structured today and how traders and market makers use manipulation to exploit clients and others. All of these skills I learned while taking this class will be essential for pursuing and exceling in a career within the security trading industry.
In order to achieve my goals, I know I will need to have an excellent work ethic and a creative mind. I believe I have already shown these attributes during my tenure as the Treasurer of Sigma Pi International Fraternity- Beta Chapter. During my sophomore year, my fellow brothers elected me into this position. When I first came into office, the Beta Chapter’s financials were completely disorganized and our chapter had incurred a debt amounting to just under $20,000 to our national office. The debt was created by a mismanagement of the roster and misallocations of funds by the previous Treasurers of the Beta Chapter. My first order of business was to address the problem at its core by correcting our chapter’s roster with the national office. From there, I scheduled a meeting with the Sigma Pi Midwest Regional Director and created a debt contract where the fraternity paid a monthly amount of $1,970 for 10 months. By fixing the mistakes within our roster and accurately budgeting for our monthly debt allowance, I was able to eliminate the Beta Chapter’s debt and set a precedence of financial stability for years to come.
Through my studies as an undergraduate at the Kelley School of Business and my initiative as the Treasurer of Sigma Pi- Beta Chapter, I believe I have equipped myself with the skills necessary to make my goals a reality. I plan to continue to seek out opportunities to better my chances of making it within the security trading industry at Indiana University and beyond.
The corporation shall continuously maintain in the State of Illinois a registered office and a registered agent whose business office is identical with such registered office and may have other offices within or without the state.
The corporation shall have no members.
Board of Directors
SECTION 1. GENERAL POWERS. The affairs of the corporation shall be managed by or under the direction of its board of directors. A majority of the board of directors may establish reasonable compensation for their services and the services of other officer, irrespective of any personal interest.
SECTION 2. NUMBER, TENURE AND QUALIFICATIONS. The number of directors shall be at least three and no more than seven. Each director shall hold office until the next meeting for the election of directors following his or her election and until his or her successor shall have been elected and qualified. Directors need not be residents of Illinois. The number of directors may be decreased to not fewer than 3 or increased to any number from time to time by amendment of this section, unless the articles of incorporation provide that a change in the number of directors shall be made only by amendment of the articles of incorporation. No decreases shall have the effect of shortening the term of an incumbent director.
SECTION 3. REGULAR MEETINGS. A regular annual meeting of the board of directors shall be held without other notice than these by-laws, on the second Tuesday in July at the principal office of the corporation. The board of directors may provide, by resolution, the time and place for the holding of additional regular meetings of the board without other notice than such resolution.
SECTION 4. SPECIAL MEETINGS. Special meetings of the board of directors may be called by or at the request of the president or any two directors. The person or persons authorized to call special meetings of the board may fix any place as the place for holding any special meeting of the board called by them.
SECTION 5. NOTICE. Notice of any special meeting of the board of directors shall be given at least five days previous thereto by written notice to each director at his or her address as shown by the records of the corporation except that no special meeting of directors may remove a director unless written notice of the proposed removal is delivered to all directors at least 20 days prior to such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail in a sealed envelope so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegram company. Notice of any special meeting of the board of directors may be waived in writing signed by the person or persons entitled to the notice either before or after the time of the meeting. The attendance of a director at any meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, not the purpose of, any regular or special meeting of the board need be specified in the notice or waiver of notice of such meeting, unless specifically required by law or these by-laws.
SECTION 6. QUORUM. A majority of the board of directors shall constitute a quorum for the transaction of business at any meeting of the board of directors, provided that if less than a majority of the directors are present at said meeting, a majority of the directors present may adjourn the meeting to another time without further notice.
SECTION 7. MANNER OF ACTING. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors, unless the act of a greater number is required by statute, these by-laws, or the articles of incorporation. No director may act by proxy on any matter.
SECTION 8. VACANCIES. Any vacancy occurring in the board of directors or any directorship to be filled by reason of an increase in the number of directors shall be filled by the board of directors unless the articles of incorporation, a statute, or these by-laws provide that a vacancy or a directorship so created shall be filled in some other manner, in which case such provision shall control. A director elected or appointed, as the case may be, to fill a vacancy shall be elected for the unexpired term of his or her predecessor in office.
SECTION 9. RESIGNATION AND REMOVAL OF DIRECTORS. A director may resign at any time upon written notice to the board of directors. A director may be removed with or without cause, as specified by statute.
SECTION 10. INFORMAL ACTION BY DIRECTORS. The authority of the board of directors may be exercised without a meeting if a consent in writing, setting forth the action taken, is signed by all of the directors entitled to vote.
SECTION 11. COMPENSATION. The board of directors, by the affirmative vote of a majority of directors then in office, shall have authority to establish reasonable compensation of all directors for services to the corporation as directors, officers or otherwise notwithstanding any director conflict of interest. By resolution of the board of directors, the directors may be paid their expenses, if any, of attendance at each meeting of the board. No such payment previously mentioned in this section shall preclude any director from serving the corporation in any other capacity and receiving reasonable compensation therefor.
SECTION 12. PRESUMPTION OF ASSENT. A director of the corporation who is present at a meeting of the board of directors at which action on any corporation matter is taken shall be conclusively presumed to have assented to the action taken unless his or her dissent shall be entered in the minutes of the meeting or unless he or she shall file his or her written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered or certified mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
SECTION 1. OFFICERS. The officers of the corporation shall be a president, one or more vice-presidents (the number thereof to be determined by the board of directors), a treasurer, a secretary, and such other officers as may be elected or appointed by the board of directors. Officers whose authority and duties are not prescribed by these by-laws shall have the authority and perform the duties prescribed, from time to time, by the board of directors. Any two or more offices may be held by the same person.
SECTION 2. ELECTION AND TERM OF OFFICE. The officers of the corporation shall be elected annually by the board of directors at the regular annual meeting of the board of directors. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Vacancies may be filled or new offices created and filled at any meeting of the board of directors. Each officer shall hold office until his or her successor shall have been duly elected and qualified, or until his or her death, or until he or she shall resign or be removed in the manner hereinafter provided. Election of an officer shall not of itself create contract rights.
SECTION 3. REMOVAL. Any officer elected or appointed by the board of directors may be removed by the board of directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
SECTION 4. PRESIDENT. The president shall be the principal executive officer of the corporation. Subject to the direction and control of the board of directors, he or she shall be in charge of the business and affairs of the corporation; he or she shall see that the resolutions and directives of the board of directors are carried into effect except in those instances in which that responsibility is assigned to some other person by the board of directors; and, in general, he or she shall discharge all duties incident to the office of president and such other duties as my be prescribed by the board of directors. He or she shall preside at all meetings of the board of directors. Except in those instances in which the authority to execute is expressly delegated to another officer or agent of the corporation or a different mode of execution is expressly prescribed by the board of directors or these by-laws, he or she may execute for the corporation any contracts, deeds, mortgages, bonds, or other instruments which the board of directors has authorized to be executed, and he or she may accomplish such execution either under or without the seal of the corporation and either individually or with the secretary, any assistant secretary, or any other officer thereunto authorized by the board of directors, according to the requirements of the form of the instrument. He or she may vote all securities which the corporation is entitled to vote except as and to the extent such authority shall be vested in a different officer or agent of the corporation by the board of directors.
SECTION 5. VICE PRESIDENT. The vice-president (or in the event there be more than one vice-president, each of the vice-presidents) shall assist the president in the discharge of his or her duties as the president may direct and shall perform such other duties as from time to time may be assigned to him or her by the president or the board of directors. In the absence of the president or in the event of his or her inability to act, the vice president (or in the event there be more than one vice-president, the vice-presidents, in the order designated by the board of directors, or by the president if the board of directors has not made such a designation, or in the absence of any designation, then in order of their seniority of tenure) shall perform the duties of the president and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Except in those instances in which the authority to execute is expressly delegated to another officer or agent of the corporation or a different mode of execution is expressly prescribed by the board of directors or these by-laws, the vice-president (or any of them if there are more than one) may execute for the corporation any contracts, deeds, mortgages, bonds or other instruments which the board of directors has authorized to be executed, and he or she may accomplish such execution either under or without the seal of the corporation and either individually or with the secretary, any assistant secretary, or any other officer thereunto authorized by the board of directors, according to the requirements of the form of the instrument.
SECTION 6. TREASURER. The treasurer shall be the principal accounting and financial officer of the corporation. He or she shall: (a) have charge of and be responsible for the maintenance of adequate books of account for the corporation; (b) have charge and custody of all funds and securities of the corporation, and be responsible therefor, and for the receipt and disbursement thereof; and (c) perform all duties incident to the office of treasurer and such other duties as from time to time may be assigned him or her by the president or by the board of directors. If required by the board of directors, the treasurer shall give a bond for the faithful discharge of his or her duties in such sum and with such surety or sureties as the board of directors shall determine.
SECTION 7. SECRETARY. The secretary shall: (a) record the minutes of the meetings of the board of directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these by-laws or as required by law; (c) be a custodian of the corporate records and of the seal of the corporation; and (d) perform all duties incident to the office of secretary and such other duties as from time to time may be designated to him or her by the president or by the board of directors.
SECTION 8. ASSISTANT TREASURERS AND ASSISTANT SECRETARIES. The assistant treasurers and assistant secretaries shall perform such duties as shall be assigned to them by the treasurer or the secretary, respectively, or by the president or the board of directors. If required by the board of directors, the assistant treasurers shall give bonds for the faithful discharge of their duties in such sums and with such sureties as the board of directors shall determine.
SECTION 9. SALARIES. The salaries of the officers shall be fixed form time to time by the board of directors and no officer shall be prevented from receiving such salary by reason of the fact that he or she is also a director of the corporation.
Committees, Commissions and Advisory Boards
SECTION 1. COMMITTEES. The board of directors, by resolution adopted by a majority of the directors in office, may designate one or more committees each of which will consist of two or more directors and such other persons as the board of directors designates provided that a majority of each committee's membership are directors. The committees, to the extent provided in said resolution and not restricted by law, shall have and exercise the authority of the board of directors in the management of the corporation; but the designation of such committees and the delegation thereto of authority shall not operate to relieve the board of directors, or any individual director, of any responsibility imposed upon it, him or her by law.
SECTION 2. COMMISSIONS OR ADVISORY BODIES. Commissions or advisory bodies not having and exercising the authority of the board of directors in the corporation may be designated or created by the board of directors and shall consist of such persons as the board of directors designates. A commission or advisory body may or may not have directors as members, as the board of directors determines. The commission or advisory body may not act on behalf of the corporation or bind it to any actions but may take recommendations to the board of directors or to the officers of the corporation.
SECTION 3. TERM OF OFFICE. Each member of a committee, advisory board or commission shall continue as such until the next annual meeting of the members of the corporation and until his or her successor is appointed, unless the committee, advisory board or commission shall be sooner terminated, or unless such member be removed form such committee, advisory board or commission by the board of directors, or unless such member shall cease to qualify as a member thereof.
SECTION 4. CHAIRMAN. One member of each committee, advisory board or commission shall be appointed chairman.
SECTION 5. VACANCIES. Vacancies in the membership of any committee, advisory board or commission may be filled by appointments made in the same manner as provided in the case of the original appointments.
SECTION 6. QUORUM. Unless otherwise provided in the resolution of the board of directors designating a committee, advisory board or commission, a majority of the whole committee, advisory board or commission shall constitute a quorum and the act of a majority of the members present at a meeting at which a quorum is present shall be the act of the committee, advisory board or commission.
SECTION 7. RULES. Each committee, advisory board or commission may adopt rules for its own government not inconsistent with these by-laws or with rules adopted by the board of directors.
SECTION 8. INFORMAL ACTION. The authority of a committee may be exercised without a meeting if a consent in writing, setting forth the action taken, is signed by all of the members entitled to vote.
Contracts, Checks, Deposits and Funds
SECTION 1. CONTRACTS. The board of directors may authorize any officer or officers, agent or agents of the corporation, in addition to the officers so authorized by these by-laws, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation and such authority may be general or confined to specific instances.
SECTION 2. CHECKS, DRAFTS, ETC. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such a manner as shall from time to time be determined by resolution of the board of directors. In the absence of such determination by the board of directors, such instruments shall be signed by the treasurer or an assistant treasurer and countersigned by the president or a vice president of the corporation.
SECTION 3. DEPOSTIS. All funds of the corporation shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the board of directors may select.
SECTION 4. GIFTS. The board of directors may accept on behalf of the corporation any contribution, gift, bequest or devise for the general purposes or for any special purpose of the corporation.
Books and Records
The corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its board of directors and committees having any of the authority of the board of directors.
The fiscal year of the corporation shall be fixed by resolution of the board of directors.
The corporate seal shall have inscribed thereon the name of the corporation and the words "Corporate Seal, Illinois". The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced, provided that the affixing of the corporate seal to an instrument shall not give the instrument additional force or effect, or change the construction thereof, and the use of the corporate seal is not mandatory.
Waiver of Notice
Whenever any notice is required to be given under the provisions of the General Not For Profit Corporation Act of Illinois or under the provisions of the articles of incorporation or the by-laws of the corporation, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Attendance at any meeting shall constitute waiver of notice thereof unless the person at the meeting objects to the holding of the meeting because proper notice was not given.
SECTION 1. INDEMNIFICATION IN ACTIONS OTHER THAN BY OR IN THE RIGHT OF THE CORPORATION. The corporation may indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding; whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he or she is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such persons in connection with such action, suit or proceeding, if such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonable believed to be in or not opposed to the best interests of the corporation or, with respect to any criminal action or proceeding, that the person had reasonable cause to believe that his or her conduct was unlawful.
SECTION 2. INDEMNIFICATION IN ACTIONS BY OR IN THE RIGHT OF THE CORPORATION. The corporation may indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, if such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, provided that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation, unless, and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability, but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.
SECTION 3. RIGHT TO PAYMENT OF EXPENSES. To the extent that a director, officer, employee or agent of the corporation has been successful, on the merits or otherwise, in the defense of any action, suit or proceeding referred to in Sections 1 and 2 of this Article, or in defense of any claim, issue or matter therein, such person shall be indemnified against expense (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.
SECTION 4. DETERMINATION OF CONDUCT. Any indemnification under Sections 1 and 2 of this Article (unless ordered by a court) shall be made by the corporation only as authorized in the specific case, upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Sections 1 and 2 of this Article. Such determination shall be made (a) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, or (b) if such a quorum is not obtainable, or even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion.
SECTION 5. PAYMENT OF EXPENSES IN ADVANCE. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding, as authorized by the board of directors in the specific case, upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount, unless it shall ultimately be determined that he or she is entitled to be indemnified by the corporation as authorized in this Article.
SECTION 6. INDEMNIFICATION NOT EXCLUSIVE. The indemnification provided by this Article shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any by-law, agreement, vote of disinterested directors, or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent, and shall inure to the benefit of the heirs, executors and administrators of such a person.
SECTION 7. INSURANCE. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or who is or was serving at the request of the corporation as a director, officer, employee or agent of the corporation as a director, officer employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power to indemnify such person against such liability under the provisions of this Article.
SECTION 8. REFERENCES TO CORPORATION. For purposes of this Article, references to "the corporation" shall include, in addition to the surviving corporation, any merging corporation (including any corporation having merged with a merging corporation) absorbed in a merger which, if its separate existence had continued, would have had the power and authority to indemnify its directors, officers, employees or agents, so that any person who was a director, officer, employee or agent of such merging corporation, or was serving at the request of such merging corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article with respect to the surviving corporation as such person would have with respect to such merging corporation if its separate existence had continued.
SECTION 9. OTHER REFERENCES. For purposes of this Articles, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "serving at the request of the corporation" shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by such director, officer, employee or agent with respect to an employee benefit plan, its participants, or beneficiaries. A person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interest of the corporation" as referred to in this Article.
The power to alter, amend, or repeal the by-laws or adopt new by-laws shall be vested in the board of directors unless otherwise provided in the articles of incorporation or the by-laws. Such action may be taken at a regular or special meeting for which written notice of the purpose shall be given. The by-laws may contain any provisions for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorporation.
Last amended August 3, 2010