The Federation of Schools of Accountancy (FSA) is dedicated to enhancing, through collegiate education, the capabilities and performance of those entering the accounting profession. Its mission is to encourage, promote, assist, and support the development of high-quality accredited programs of education for the accounting profession that lead to a master’s degree.
Name and Organization
Section 1. The name of this organization shall be the "Federation of Schools of Accountancy: The Organization of Accredited Graduate Programs in Accounting."
Section 2: This organization shall be formed as a general not-for-profit corporation, incorporated in the State of New York.
Section 1. The objectives of the Federation are Charitable and Educational within the meaning of Section 501(c)(3) of the Internal Revenue Code.
Section 2. In recognition of the increasing role of accounting in our society, the Federation of Schools of Accountancy is committed to pursuing the following objectives:
Section 1. The classes of membership of the Federation shall be Member Schools, Private Enterprise Associates, and Nonprofit Associates as provided for in the Bylaws.
Section 2. The procedures for admission and termination of membership, including membership criteria, are those specified in the Bylaws.
Board of Directors
The Board of Directors shall be not less than four (4) in number, and subject to such limitation, the number of directors and method of selection shall be fixed by the Bylaws.
Section 1. The officers of the corporation shall be a President, a Vice-President, a Secretary, and a Treasurer.
Section 2. The Vice-President, the Secretary, and the Treasurer shall be elected at the annual meeting for the terms specified and in the manner provided by the Bylaws. The Vice-President shall automatically accede to the office of President for a one-year term.
Section 1. The committees of the corporation shall be those specified by the Bylaws plus any additional committees duly constituted by the Board of Directors of the Corporation.
Section 2. The Board of Directors is authorized to establish or abolish any committees which it deems necessary, except for the committees specifically required by the Bylaws.
Section 3. Committees required by the Bylaws may be abolished only by amendment to the Bylaws and in the manner provided by such amendment.
Inurement of Income
No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to, its members, trustees, officers or other private persons except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered.
Upon the dissolution of the corporation, the Board of Directors shall, after paying or making provisions for the payment of all liabilities of the corporation, dispose of all the assets of the corporation exclusively for the purposes of the corporation in such manner, or to such organization or organizations organized and operated exclusively for charitable, educational, religious, or scientific purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c)(3) of the Internal Revenue code of 1954 (or the corresponding provision of any future United States Internal Revenue Law), as the Board of Directors shall determine. Any such assets not so disposed of shall be disposed of by the Court of Common Pleas in the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes.
The corporation shall adopt Bylaws for the conduct of its affairs in harmony with these Articles.
Section 1. Any voting member of the corporation may propose amendments to these articles and such proposed amendments shall be presented to the membership for a vote, provided that the Board of Directors deems the proposed amendment worthy of membership consideration.
Section 2. The Board of Directors shall be required to present proposed amendments to the membership for a vote, regardless of whether it deems the amendment appropriate, if at least ten percent (10%) but no less than seven (7) of the voting members endorse the amendment in advance.
Section 3. All amendments to these articles shall require a two-thirds vote of the voting membership in order to become effective.
Section 4. Written notice of all proposed amendments shall have been mailed to the membership not less than forty-five (45) days in advance of the time that the vote on such amendment are to be tabulated.
These articles of incorporation shall take effect on May 1, 1978, as amended December 4, 1980, December 12, 1988, December 10, 1990, December 6, 1994, and February 13, 2006.