CACC Rule Change Proposal
RCP-2024-2057

14.1 This reserve fund including principal and any investment income accrued by this fund shall not be encroached upon or regarded as general revenue of CACC or any of it disciplines.
14.2 A Non-elected Standing Committee of 5 current CACC members in good standing shall be appointed and the executive board shall delegate the power to the Committee to administer the Fund.
14.3 Appointed members to this Committee shall serve as long as they have the desire and capacity to continue.
14.4 The Committee shall determine and appoint their successors.
14.5 The Committee shall report at least quarterly to the executive board.
14.6 Subject to the final authority of the executive board, they shall have the authority to oversee and determine the use of the Fund.
14.7 They shall have the power to approve to the Treasurer, the disbursement of any monies from the Fund.

14.1 The purpose of the Ed Smart Legacy Fund is to promote safety and education in motorsports in BC.
14.2 The Ed Smart Legacy Fund Committee shall consist of three to five CACC members in good standing appointed within 90 days of the Annual General Meeting by the CACC Board of Directors.
14.3 Appointments to the Committee shall be for a two-year term expiring on the date of the CACC Annual General Meeting. Appointments shall be such that the term of approximately half of the committee expires each year.
14.4 The Committee Chair shall be appointed for a two-year term from and by the committee members.
14.5 The Committee shall report when so requested and at least quarterly to the CACC Board of Directors.
14.6 The Smart Legacy Fund including principal and any investment income accrued by this fund shall not be encroached upon or regarded as general revenue of the CACC or any of it disciplines.
14.7 The Committee shall recommend the use of monies in the Fund subject to the approval of the CACC Board of Directors.
14.8 An annual budget shall be submitted by the Committee for approval by the CACC Board of Directors.
14.9 Proposals and budget projections shall be submitted for approval to the CACC Board of Directors for any expenditure in excess of $500.

1. Accountability – The recent event showing a large financial loss has highlighted the perils of insufficient oversight and excessive independence. This proposal implements a level of reporting and oversight that will help ensure proposals are well considered and financially viable.
2. Initiative – All organizations benefit from the periodic injection of new participants and ideas. The current structure of the Smart Legacy Fund precludes any rejuvenation of members that would spur innovation and fresh ideas.