Corporate By-Laws
Article I
Regarding Purpose of TTIM, Inc
TTIM, Inc. exists to bring honor and glory to Jesus Christ. In Matthew 25:14-30, our Lord tells us of three men whom He entrusted His property to. One man was given five talents of money. This man went at once and put His money to work and gained five more talents of money for the Lord. When this man’s Day of Reckoning came, He was able to return not only the five talents back to the Lord, but another five which he had gained. He gave the ten talents to the Lord and heard Him say the words, “Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share in your Master’s happiness!”
TTIM, Inc. seeks to take five talents and turn it into ten talents, realizing
that the money is all the Lord’s in the first place. This will be done
by: 1) Providing a tax deduction through the IRS tax code as a 501(c)(3)
charitable organization; and 2) Investing of assets in guaranteed interest
products (“Well then, you should have put my money on deposit with
the bankers, so that when I returned I would have received it back with interest” [Matthew
25:27])
(In this way, assuming an 8% return on donations, with a 5% distribution
of assets, $5 will become $10 in 27 years, and yet have generated $10.40
in distributions!)
TTIM, Inc. seeks to provide a legacy of giving to our posterity. By investing in TTIM, Inc. now: 1) God’s Kingdom will be advanced today through the yearly distributions 2) God’s Kingdom will be advanced tomorrow through ongoing distributions; and 3) Our posterity will receive an inheritance of giving (“A good man leaves an inheritance for his children’s children [Proverbs 13:22]) by continuing the work of giving to God’s Kingdom. In this way, they will learn that “It is more blessed to give than to receive” [Acts 20:35]
TTIM, Inc. seeks to support Christian organizations who are dedicated to spreading the gospel of Jesus Christ to the world. In doing this, God will be glorified, lost souls will be saved, and we will store up for ourselves treasures in heaven. (“Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.” [Matthew 6:19-21])
Article II
Regarding Board of Directors
Section 1: [Regarding number of Board members]
Article V of the TTIM, Inc Articles of Incorporation state that there shall
be a minimum of five [5] members of the Board of Directors. Article II,
Section 1 of these bylaws hereby limits the number of Board members to
exactly five [5]. Election of Board Members shall be by a simple majority
of existing Board Members, provided the applicant adheres to the qualifications
outlined in Article II, section 2.
Section 2: [Regarding Qualifications of a Board Member]
Board members shall be eighteen [18] years of age.
Board members shall agree to a written statement of faith, which will be
attested to by each board member on a yearly basis. [Send Appendix 1 for
statement of faith]
Section 3: [Regarding Board of Directors and the Eads Family]
The five board members shall consist of exactly two members of the Eads family
[see note 1], provided that they adhere to the age and doctrinal qualifications.
In the event that there are not two Eads family members who fit these qualifications,
then the board shall provide honorary [but non-voting] board membership
to either one [if one Eads family member fulfills the qualifications and
is willing to serve] or two Eads family members, and then vote to fill
the board to five voting members. At such a time as the full complement
of two Eads family members is able to serve, then one or two board members
shall resign [by either vote, or resignation of the most recent member]
to provide for the desired two out of five board seats to the Eads family.
In the unfortunate event that all Eads Family members die, TTIM, Inc. shall
maintain five [5] qualified board members, none of which would be an Eads
family member.
Note 1: “Eads Family” shall be defined as: Richard or Deborah
Eads, Tom or Misha Eads, Eleen and Corbin Eads, any future natural or adopted
children of Tom and Misha, and any natural or adopted offspring of the aforementioned
parties. Excluded from this definition is anyone related by marriage.
Section 4: [Regarding dismissal of a Board Member]
A Board Member may voluntarily resign at any time and shall be replaced by
a new Board member according to Article II, Sections 1, 2, and 3.
Under certain circumstances, it may be necessary to recommend the resignation of a Board member or to require the resignation by removing him/her from the Board of Directors. The following guidelines shall be used. The guidelines are not intended to cover every conceivable situation, but rather to provide guidance should difficulties arise with a Board member:
Paragraph A: Since TTIM, Inc is a Christian organization which exists for the glory of God, the Bible will be our final source of guidance and wisdom should a Board member be recommended for removal.
Paragraph B: Before a Board member can be considered for removal, he/she must first be recommended for removal by another Board member. The Biblical and/or legal reasons for the recommendation of removal shall then be presented.
Paragraph C: [regarding reasons for recommendation for removal]
Item 1:[regarding faith] Should a Board Member be found to not agree with the
statement of faith, either in word or in deed, even if he/she signs the statement
of faith, then he/she can be recommended for removal from the Board.
Item 2: [regarding actions/lifestyle] There are certain lifestyle practices
that are not consistent with the teaching of the Scripture. These lifestyles
and actions can result in the recommendation for removal from the Board. These
lifestyles and actions include, but are not limited to: homosexuality, pedophilia,
adultery, unlawful divorce [i.e. unlawful according to the Scriptures], drug
or alcohol addiction or excessive usage, pornography catering, addiction, or
purchase, gambling that affects the lifestyle or family, excessive violence
or anger, excessive inappropriate language, harassment, or abuse, neglecting
the family such as through willful joblessness, involvement in the occult or
cults, excessive neglecting of church attendance.
Item 3: [regarding legal reasons]: If a Board member is arrested and convicted
of a crime, this can be a reason for recommendation for removal.
Item 4: [regarding practical reasons]: If a Board member is not able to be
contacted, or is unwilling to respond to reasonable attempts at communication,
or if a Board member repeatedly does not show for Board meetings or respond
to communications, it may be necessary to recommend removal from the Board
of Directors. A severe illness that is thought to result in a long-term incapacitation
may also be grounds for recommendation for removal.
Paragraph D: If the Board member who has been recommended for removal is present, he/she shall be given time to speak. If he/she is not present, he/she should be contacted before and after the meeting with the results of the Board of Directors vote. A Board member can be removed with a simple majority vote.
Paragraph E: [regarding Eads family] The vote to remove an Eads family member
from the Board shall require a super majority of four out of five votes.
The removed Eads family member shall then be replaced by another Eads family
member if possible, or a minor Eads member will be given honorary status
while a sixth member is chosen to provide the necessary five voting members.
See Article II, section 3.
Article III
Regarding Voting
Section 1: [Regarding disbursements of funds]
Paragraph A: [Regarding how often funds are disbursed]
Funds will be disbursed once a year at the semi-annual board meeting. Funds
may be disbursed more often if an emergency situation arises between board
meetings. The treasurer shall disburse the funds with a simple majority
vote either in person, by phone, or electronically. Emergency disbursements
shall not cause the annual disbursement to exceed the limitations imposed
in the First Amendment of the Articles of Incorporation.
Paragraph B: [Regarding how much funds are disbursed]
A simple majority vote during the semi-annual board meeting shall determine
the percentage of TTIM, Inc. assets to be disbursed, provided that percentage
is within the boundaries outlined in the First Amendment to the Articles
of Incorporation. Actual amounts of disbursements to individual eligible
organizations shall then be decided upon a simple majority vote.
Section 2: [Regarding investing of assets]
The investment objectives for Ten Talents International Ministries will always
include the preservation of capital with moderate risk tolerance. Our plan
will be to construct a strategic asset allocation based on diversification
of risk, historical financial reserves, and a commitment to sound methods
of financial analysis. The funding vehicles chosen for TTIM should not
involve companies who support or profit from abortion, pornography, anti-family
lifestyles, or any other area clearly in opposition to the cause of Christ.
Paragraph A: [Regarding conflict of interests]
Any Board member who is employed in the financial or securities industry,
who stands to gain from the investing of TTIM, Inc. assets shall abstain
from voting in all matters pertaining to the investing of TTIM, Inc. assets.
Paragraph B: [Regarding the investing strategies to be employed by TTIM,
Inc.]
The investment objectives for Ten Talents International Ministries will always
include the preservation of capital with moderate risk tolerance. Our plan
will be to construct a strategic asset allocation based on diversification
of risk, historical financial reserves, and a commitment to sound methods
of financial analysis. The funding vehicles chosen for TTIM should not involve
companies who support or profit from abortion, pornography, anti-family lifestyles,
or any other area clearly in opposition to the cause of Christ.
Paragraph C: [Regarding re-allocation of assets between meetings]
The Treasurer shall have authority to re-allocate TTIM, Inc funds into Board
approved investment strategies without a vote, thus allowing month-to-month
moving of funds from cash assets to investments and vice versa.
Paragraph D: [Regarding the payment of expenses]
The Treasurer shall have authority to pay all necessary expenses of the Corporation
between meetings, as pursuant to the specifications of Article VII.
Article IV
Regarding Meetings
TTIM, Inc. business meetings will be conducted by five Board members who will meet at least semi-annually to establish policy, review accomplishments, and distribute funds.
Article V
Regarding TTIM, Inc. affiliations
Section 1: [Regarding ECFA membership]
TTIM, Inc shall maintain ECFA membership [www.ecfa.org] beginning at the
earliest possible date. Should the ECFA dissolve, then TTIM, Inc will continue
to adhere to the rigorous financial accountability standards and doctrinal
qualifications that ECFA requires. In the unlikely event that ECFA significantly
changes its qualifications in such a way as to be inconsistent with TTIM,
Inc standards, the board of directors shall remove membership in ECFA and
continue to adhere to the previous standards it required.
Article VI
Regarding Financial support
Section 1: [Regarding primary support]
TTIM, Inc shall receive financial support primarily from its board members.
TTIM, Inc will, however, accept donations from the public, but there shall
be no organized effort to solicit funds from the general public [see Article
VI, Section 2].
Primary financial support shall come from the Eads family initially, however,
there may in the future come a time when another board member is financially
able and willing to provide more support than the Eads family.
Financial support will also arise from gains obtained in the investing of
donated funds.
Section 2: [Regarding Fundraising]
There shall be no active organized fundraising program. However, the costs
associated with a website, logo, brochures, and business cards shall be considered
as expenses of the corporation and subject to Article VII, Section 2. Therefore,
the fundraising posture of TTIM, Inc is minimal, with minimal expenses as
noted above. Members and friends of the board of directors may, from time
to time, speak in an informal setting about TTIM, Inc. and accept donations
[and provide written receipts]. TTIM, Inc. shall not undertake in any other
method of mass advertising, excepting for a website.
Article VII
Regarding the expenses of TTIM, Inc.
Section 1: [Regarding initial expenses of TTIM, Inc.]
Expenses incurred by TTIM, Inc in its first year of incorporation shall be
paid for by TTIM, Inc. to whatever extent is needed to pay any attorney
or accountant fees, and any office expenses.
Section 2: [Regarding ongoing expenses of TTIM, Inc. after the first year
of incorporation]
All ongoing maintenance fees shall be paid for by TTIM, Inc., with the
following restrictions:
Expenses paid for by TTIM, Inc. shall be at a maximum of 2% of the total deposits
of the previous year into the corporation, (These deposits include contributions
and growth from investments.) or $5,000.00, whichever is the lowest.
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Ten Talents International Ministries, Inc.
P.O. Box 7252
Greenwood, IN 46142-7252