Consortium Finances

6.1 Fiscal Agent

National Student Exchange is incorporated in the State of Iowa. The president of the corporation is authorized to execute and deliver activities related to the corporation.

6.2 Fiscal Responsibility

The annual consortium budget is prepared by the President subject to approval by the NSE Council. The President is responsible for sound fiscal management of National Student Exchange funds. The President issues an annual report which contains information regarding consortium financial status as well as the achievements and progress of the program. Fiscal reports will be submitted to appropriate state and federal agencies.

6.3 Nonprofit Status

National Student Exchange is recognized as a not-for-profit, tax exempt corporation under IRS code 501(c)(3) and is incorporated in the State of Iowa as a nonprofit corporation. No part of net earnings shall be distributable to members or officers.

6.4 Fiscal Year

The fiscal year is July 1 through June 30.

6.5 Dissolution of the National Student Exchange

The National Student Exchange may be dissolved by an affirmative vote of two-thirds (2/3) of the members. Such dissolution must be approved no later than January 1 to be effective at the completion of the fiscal year. In the event of dissolution, the assets of the consortium shall be applied and distributed in accordance with Amendment I of the Articles of Incorporation on file in the Ames office.

6.6 Source of Funds

Revenue sources originate primarily from application fees assessed to students applying for participation (2/3 of the revenue) and annual institutional membership fees (1/3 of the revenue). Additional revenue comes from registration fees for NSE's annual conference.

6.6.1 Annual Institutional Membership Fees

6.6.1.1 Amount

The amount of the annual institutional membership fee is determined by the NSE Council.

6.6.1.2 Payment Deadline: July 1

The National Student Exchange bills the institution by May 1 for payment of institutional membership fees. These fees are due July 1 and are nonrefundable in whole or in part.

6.6.1.3 Late Payment Penalty

Institutional membership fees not received by August 1 are subject to payment of a late fee penalty of $100. Fees outstanding as of September 1 are subject to an additional penalty fee of $120. If fees have not been paid by October 1, the institution's membership is subject to termination.

6.6.1.4 Termination of Membership for Nonpayment of Membership Fees

Any institution which has not paid its institutional membership fee by October 1 is subject to having its membership terminated. Membership termination does not abrogate the responsibility of the contracting institution or NSE to provide benefits in accordance with the NSE Terms of Participation and this NSE Handbook for exchanges begun prior to such termination and for exchanges subsequent to termination but which were negotiated prior to termination of the NSE Membership Agreement. Membership termination does not abrogate the responsibility of the contracting institution to pay outstanding membership fees and late payment penalties.

5.2 NSE Staff

5.2.1 President

The president manages the business of the consortium, maintains consortium files and financial records, and represents NSE to prospective member campuses, educational organizations, and government agencies. The president also conducts onsite orientation visits and program evaluations for prospective member campuses, prepares, prints, and distributes marketing publications, plans and executes national conferences, and conducts program evaluations.

5.2.1.1 Appointment

The president is appointed by the Council. The initial appointment is for a period of 12 months. The president may be reappointed for a 3-year period following an evaluation and recommendation of the Council. Thereafter, performance evaluations of the President are conducted by the Council on a triennial basis to coincide with reappointment for terms of three years.

5.2.1.2 Council Service

The president serves as an exofficio, voting member of the Council.

5.2.1.3 Vacancy

In the event that the position of President becomes vacant, the Vice President serves as Acting President. It is the responsibility of the Council to search for, interview, and hire an individual to fill the position on a permanent basis.

5.2.2 Vice President

The Vice President is a .5 position ideally held by a campus NSE coordinator. The vice president is the primary coordinator development link among member campuses. Additional responsibilities include maintaining placement, enrollment verification, and attrition statistics; ongoing development of NSE online presence; preparing and disseminating monthly trainings and supporting information to coordinators; assisting in publications, institutional recruitment, coordinator orientation, program development, conference planning and implementation, and program evaluation. Vice president also represents NSE to prospective member campuses, federal agencies, and educational institutions. Other assistance to the President shall be provided upon request.

5.2.2.1 Appointment

The Vice President is appointed by the President in consultation with the Council. The initial appointment is for a period of 12 months. The vice president may be reappointed following an evaluation by the president and in consultation the Council. Thereafter, performance evaluations are conducted by the President on an annual basis.

5.2.2.2 Council Service

The Vice President serves as an exofficio, nonvoting member of the Council. In the absence of the President, the Vice President becomes a voting member of the Council.

5.2.2.3 Vacancy

In the event that the position of the Vice President becomes vacant, the President shall, in consultation with the Council, search for, interview, and hire an individual to fill the position.

5.2.3 Program Coordinator

Program coordinator or program assistant will provide support for the program and vice president, in general, and to the President, particularly.

Responsibilities include:

office correspondence and inquiries
preparation and editing of publications, forms, and materials
providing billing for membership, student application, and other fees
receiving and receipting all income
managing placement data
assisting with conference preparation, implementation, and management
maintaining databases for:

- student exchange statistics
- conference registration
- budget reports
- historical files
- general membership information
- coordinator mailings
- institutional outreach

Program coordinator or assistants are appointed by the President in consultation with the Vice President Periodic evaluations and reappointments are conducted.