BLOOMSBURG INVESTMENT GROUP B.I.G.
  • The Constitution

    Preamble

    We, the Bloomsburg Investment Group, to include students, faculty and advisors, in Order to form a more perfect Organization; establish Guidance and ensure Longevity to provide for Interested Persons, and promote Commitment and Education to secure the Rights of the Organization to ourselves and Successors; establish this Constitution of the Bloomsburg Investment Group of Bloomsburg University of Pennsylvania.

    Article 1: Mission and Vision Statements

    Section 1: Mission Statement: The Mission of the Bloomsburg Investment Group is to provide students with an educational experience in the principles and techniques of equity analysis, portfolio management, and market research.

    Section 2: Vision Statement: The Vision of BIG is to manage The BIG Fund and to provide financial assistance to Bloomsburg University College of Business students.

    Section 3: Accomplishing the Mission and Vision Statements: The BIG Fund, managed by the Bloomsburg Investment Group, will provide assistance in the form of scholarship funds, funds allocated to the University and/or reinvestment into The Fund, through realized capital gains, dividend income, and interest income of The Fund.

    Article 2: Stakeholders

    Section 1: The primary stakeholder of The BIG Fund, managed by the Bloomsburg Investment Group, shall be the Bloomsburg University Foundation and the Office of the Dean of Bloomsburg University College of Business.

    Section 2: The Board of Directors of the Bloomsburg Investment Group shall be appointed by and organized through the Office of the Dean of Bloomsburg University College of Business. The members of the Board may consist of, but not limited to, individuals involved in the College of Business Advisory Board, University Advancement, the Bloomsburg University Foundation, alumni and executives within the investments industry. The Dean of the College of Business shall serve as Chairman of the Board with the authority to appoint or terminate the directorate.

    Section 3: Board members shall serve for three year terms with the option for reelection by the Office of the Dean upon completion of a term. The Board of Directors must meet at least twice per calendar year to discuss the progress of BIG and other relevant information. One meeting must take place during the end of the spring semester to serve as the annual meeting. The Board of Directors is responsible for mentoring students of the Bloomsburg Investment Group, offering guidance and direction, and assuring conformance with the Group’s investment

    Article 3: General Membership

    Section 1: The Bloomsburg Investment Group shall be composed of Members of any Disciplines and Classes who have an interest in Finance and related topics, and who possess the Commitment and Attitude Guidelines required by the Bloomsburg Investment Group and any other Membership Requirements established. No Student shall be a Member of the Bloomsburg Investment Group who is not enrolled as a Full- or Part-time Student of Bloomsburg University of Pennsylvania. Members of the Bloomsburg Investment Group shall vote on matters that require a vote, each given an equal vote of one tally if in attendance at the General Meeting in which the vote takes.

    Article 4: Membership Positions

    Section 1: The Bloomsburg Investment Group shall be managed by an Executive Board, which consists of a President, Vice President, Economic Analyst, Treasurer, and Secretary. These Members are collectively responsible for all BIG activities and overall portfolio management including, but not limited to, portfolio holdings, asset allocation, macroeconomic environment understanding, and risk management. Executive Board Members may also participate in security research.

    • President: Responsibilities will include leading General and Executive meetings and advising the Group in any manner necessary. The President is the primary communicator with faculty/advisors, donors, and other interested persons. The President assumes the role of Chairman of the Bloomsburg Investment Group.
    • Vice President: Will assist the President with daily responsibilities. The Vice President assumes the role of President when sitting President is absent. The Vice President also assumes the role of other Executive members in event of absence.
    • Economic Analyst: Responsible for developing an expertise in in economic events and data. The Economic Analyst shall be responsible for bringing economic data to the attention of the Executive Board and the General Members. The Economic Analyst will consult the group on how economic events impact markets, sectors, and industries.
    • Treasurer: Responsible for all recordkeeping of all funds within the Bloomsburg Investment Group and The BIG Fund. He/she shall maintain accurate records of financial statements, a yearly budget, transaction history, and other related documentation. Responsible for coordinating with Bloomsburg University Foundation Inc. to report trade confirmations and other pertinent documents required by the Foundation to maintain accuracy.
    • Secretary: Duties shall include recording of meeting minutes, taking attendance, and keeping an accurate calendar of all BIG activities. The Secretary will is also be responsible for maintaining all documentation including, but not limited to, trade receipts, monthly statements, annual reports, etc. of The BIG Fund. The Secretary will also be responsible for maintaining Bloomsburg Investment Group Equity Reports, Semester-End Reports, and academic Year-End Reports.

    Section 2: All Members of the Bloomsburg Investment Group, except current Executive Board Members, will assume one of the following roles: Sector Head, Senior Analyst, or Junior Analyst. Sector Heads shall be appointed by the Executive Board at the beginning of each semester by ¾ vote. Senior Analysts will be Members, excluding Sector heads, with at least one year of active Membership. Junior Analysts will be Members, excluding Sector Heads, with less than one year of active Membership. Senior and Junior Analysts will be divided among sectors based on weighting decided upon by Executive Board.

    • Sector Head: Develops an expertise and deeper understanding of one of the S&P 500 sector to which he/she was appointed. Will be responsible for a group of Senior and Junior Analysts in conducting sector and equity analysis. Must maintain knowledge of portfolio holdings in the sector. Assumes the role of a mentor to Senior and Junior Analysts assigned to the sector.
    • Senior Analyst: Assists in analysis of sector industries. Creates equity analyses for publicly traded companies within the sector. Assumes the role of a mentor for Junior Analysts.
    • Junior Analyst: Assists Senior Analysts in equity research. Creates equity analyses for publicly traded companies within the sector.

    Article 5: Organizational Structure

    Section 1: Through the generous support of BU alumni and under careful stewardship of the University’s Foundation, the initial funds for BIG were allocated by the College of Business Office of the Dean to promote educational experience of students in the club. The Foundation has delegated fund management responsibilities to BIG and its advisors. These responsibilities are as follows: establish and monitor investment policies and guidelines; manage investments through the membership base as defined in Article 4; conduct periodic review of investment performance and report the results to the Executive Board.

    Section 2: The Governing Body will include The Board of Directors and Advisors and Executives of BIG. All parties shall act in a fiduciary capacity with respect to The Fund and is accountable for overseeing investments of all asset classes owned by The Fund. The Investment Policy Statement defines investment objectives, distribution policies, and investment guidelines to which The Governing Body and any other parties shall follow. The Governing Body will review The Investment Policy Statement once per academic year.

    Article 6: Meetings

    Section 1: General meetings will be open to all students, including those without Membership status, enrolled in Bloomsburg University, regardless of Major or Class. Meetings will take place in the Benner-Hudock Center for Financial Analysis (Sutliff Hall Room 123), unless otherwise decided upon. Meetings and meeting times may be changed, added, or subtracted by the Executive Board on a discretionary basis.

    Section 2: An Executive Board meeting of the Bloomsburg Investment Group will be held on a weekly basis upon the conclusion of a General Meeting. Meeting dates will be determined on a weekly basis by the President and Vice President. Meetings will take place in Sutliff Hall Room 123.

    Section 3: Once a week, a formal meeting of the Bloomsburg Investment Group will take place for one hour. This meeting will include a lecture by a Finance Professor on a related topic to the Bloomsburg Investment Group’s current focus. The meeting will be worth one credit hour per semester and will be considered a business elective for the graduation requirements.

    Article 7: Elections

    Section 1: Election of Executive Board Members: Elections shall be held within the final three weeks of the academic year. Each position shall be held for one academic year. Members interested in executive roles must have held Membership status for at least two years prior to assuming executive role. Members may be reelected for as many terms as enrolled as a full- time student. Each Executive nominee shall be voted in by a simple majority vote of members present in the election meeting. If only one candidate is nominated, members have one vote and may either choose to vote or not vote. If more than one candidate is nominated, members have one vote and must vote for a candidate.

    Section 2: The role of the President, Vice President, Treasurer, Economic Analyst and Secretary Positions shall be self-nominated, accompanied by a brief testimonial.

    Section 3: Special Elections: In the event of an Executive Member either graduating or being unable to perform his/her duties, a special election shall be held in a timely manner upon vacancy of the position. All election rules apply.

    Section 4: Impeachment Process: In the Event that a Member of the Bloomsburg Investment Group’s Executive Board is unable to perform his/her duties or no longer holds Membership status or has violated the disciplinary policy PRP 4801, may be subject to impeachment by Members. Members must nominate a new Member for the position in which impeachment is being considered. A seventy percent vote is required to impeach a Member of the Executive Board by all Members present at the General Meeting, but becomes invalid if a nominee cannot achieve a seventy percent vote to elect the new Executive Member. Nominees for the impeachment process cannot be self-nominated. All voting rules apply.

    Section 5: All voting shall be conducted by a secret ballot.

    Article 8: Security Voting

    Section 1: A vote shall be held for each security following the final presentation on that security in the General Meeting. In order for the security to pass and be added to The BIG Fund, a seventy percent majority vote must be achieved by all present Members at the meeting in which the vote takes place. When a security passes the vote in the General Meeting, the Executive Board will discuss how much of The BIG Fund will be allocated to the selected security. A consensus will be met by all Members of the Executive Board on the security’s asset allocation.

    Section 2: All voting shall conducted by a secret ballot.

    Article 9: Advisor’s Role

    Section 1: The Advisor’s role in the Bloomsburg Investment Group is to provide guidance, assistance, and any other necessary support that the group would require. The Advisor shall trade securities on behalf of the Bloomsburg Investment Group following the completion of the appropriate forms. The Advisor shall conduct lectures on the topics of interest, per request of the BIG (see Article 6, Section 3) or the group shall seek assistance of external content experts via live or online lectures, webinars, demos, etc.

    Section 2: The Advisor shall not conduct him/herself in a manner that inhibits the Bloomsburg Investment Group from its Mission and Vision Statements. The Advisor shall not trade any security without consent of the Bloomsburg Investment Group and the completion of the appropriate forms.

    Article 10: Annual Reports

    Section 1: The Bloomsburg Investment Group shall be responsible for creating Equity Reports, Semester-End Reports, and academic Year-End Reports. All reports will be provided to interested persons in a timely manner. All reports shall be published on the Bloomsburg University Bloomsburg Investment Group website.

    Section 2: Equity Reports will be made by Sector Heads, Senior Analysts, and Junior Analysts. Each Equity Report shall be signed by the Sector Head of the respective sector. Equity Reports will be completed prior to the vote on the equity in the General Meeting. Equity Reports shall follow the Bloomsburg Investment Group Equity Report format.

    Section 3: Semester-End Reports shall be created within the last three weeks of the Fall and Spring Semester. Semester-End Reports shall follow the Bloomsburg Investment Group Semester-End Report format.

    Section 4: Academic Year-End Reports shall be created within the last three weeks of the Spring Semester. Academic Year-End Reports shall follow the Bloomsburg Investment Group Year-End Report format.

    Section 5: It is the responsibility of the Bloomsburg Investment Group’s Executive Board and Advisors to find an outside group to conduct an audit of all documents and appropriate items once per academic year. No member of the Bloomsburg Investment Group shall be part of the auditing team.

    Article 11: Fiduciary Responsibility

    Section 1: By accepting their positions, Members of the Bloomsburg Investment Group, to include General Members, Executive Board, Advisors, Board of Directors, the Office of the Dean, and all other interested parties agree to act strictly within the best interest of The BIG Fund. No party involved with The BIG Fund shall receive payment or compensation for services rendered to The Fund.

    Article 12: Amendments

    Section 1: Amendments to the Bloomsburg Investment Group Constitution can be proposed by any Member, Advisor, or Board of Director of the Bloomsburg Investment Group. Amendments shall be proposed to the Executive Board at an Executive Board Meeting. The Executive Board holds the right to modify proposed Amendments. The proposed Amendment must pass a 4/5 vote by the Executive Board to allow a vote in the General Meeting. The Amendment will pass following a seventy percent vote in the General Meeting and will be signed into effect by each member of the Executive Board and the Advisor.

    Section 2: Proposed changes to The Investment Policy Statement can be made by The Governing Body or any BIG member and may be passed by a simple majority of current BIG members upon review of The Governing Body, the Advisor, and in consultation with the Dean or his appointees.

  • The Amendments

    Amendment 1: Amends Article 4, Section 1, paragraph 1 to read,

    “The Bloomsburg Investment Group shall be managed by an Executive Board, which consists of a President, Vice President, Economic Analyst, Treasurer, Secretary, and (following elections at the beginning of the spring semester) President Elect. These Members are collectively responsible for all BIG activities and overall portfolio management including, but not limited to, portfolio holdings, asset allocation, macroeconomic environment understanding, and risk management. Executive Board Members may also participate in security research.”

    Amendment 2: Adds a new paragraph in Article 4, Section 1 after the paragraph detailing the responsibilities of the Secretary to read,

    “President Elect: Will be responsible to ensure a smooth transition between the executive boards in successive academic years. The President Elect shall attend all BIG executive board and general meeting and shadow the President as a trainee during the semester in which he/she is elected. The President may assign duties to the President Elect at his/her discretion.”

    Amendment 3: Amends Article 7, Section 1, to read,

    “Election of Executive Board Members: Elections for Vice President, Economic Analyst, Secretary, and Treasurer shall be held within the final three weeks of the academic year, with the exception of President Elect who will be elected at the end of the fall semester. The President, Vice President, Economic Analyst, Secretary, and Treasurer shall be elected to serve for one academic year. President Elect who will be elected in the fall semester shall serve for the spring semester as President Elect, and will assume the role of the President beginning the fall semester of the same year. Members interested in executive roles must have held Membership status for at least two years prior to assuming executive role. Members may be reelected for as many terms as enrolled as a full-time student. Each Executive nominee shall be voted in by a simple majority vote of members present in the election meeting. If only one candidate is nominated, members have one vote and may either choose to vote or not vote. If more than one candidate is nominated, members have one vote and must vote for a candidate.”

    Amendment 4: Amends Article 7, Section 2, to read,

    “The role of the President Elect, Vice President, Treasurer, Economic Analyst and Secretary Positions shall be self-nominated, accompanied by a brief testimonial.”

  • The Investment Policy

    I. Introduction

    A. The Bloomsburg Investment Group (hereafter referred to as "BIG") was created to provide students with an educational experience in the principles and techniques of equity analysis, portfolio management, and market research.  BIG is intended to manage The BIG Fund ("The Fund").  The purpose of the Investment Policy Statement is to establish guidelines for The Fund's investment portfolio.

    B. This Investment Policy Statement defines investment objectives, distribution provide students with an educational experience in the principles and techniques of equity analysis, portfolio management, and market research.  BIG is intended to manage The BIG Fund ("The Fund").  The purpose of the Investment Policy Statement is to establish guidelines for The Fund's investment portfolio. policies, and investment guidelines to which The Governing Body, as defined in the Constitution, and any other parties shall follow.

    II. Investment Objective

    A. The Fund is to be invested with the objective of preserving the long-term growth of assets while maintaining a predictable stream of distributions from capital gains, dividends, and interest.

    B. The Governing Body expects The Fund to generate a long-term rate of return no less than that of the S&P 500.

    C. The Governing Body expects to grow The Fund’s net new assets by a rate of 1% of total assets under management per year after taxes.

    D. The distributions from The Fund are limited to realized capital gains, dividends, and interest.  Distributions will be paid out from the Cash holdings of The Fund.

    E. Periodic cash flow, either into or out of the Portfolio, will be used to better align the investment portfolio to the target asset allocation outlined in the Asset Allocation Policy.

    F. The Bloomsburg Investment Group is expected to maintain a Portfolio beta of 1 ± 0.3.

    III. Portfolio Investment Policies

    A. Portfolio Holdings Guidelines

    • 1. The Bloomsburg Investment Group can invest assets of The Fund in Equity and Fixed Income securities.
    • 2. All equity holdings within The Fund must be listed on the Russell 1000 Index. Holdings bought prior to the delisting of the security from the Russell 1000 Index is not required to be liquidated.
    • 3. All Fixed Income holdings must have a rating at or above all of the following; Moody’s Baa3, S&P BBB-, and Fitch BBB-.

    B. Asset Allocation Policy

    • 1. The Bloomsburg Investment Group's Governing Body recognizes that strategic portfolio allocation of assets that is diversified across defined financial asset classes and sub-asset categories with varying degree of risk, return, and return correlation, will result in the best long-term investment returns of The Fund.
    • 2. The Bloomsburg Investment Group's Governing Body expects that actual returns and expected return may vary from return objectives over time.  The Bloomsburg Investment Group holds the right to retain flexibility in regards to making periodic changes to The Fund's asset allocation.  BIG only expects to do so in the event of material changes (i.e., economic data changes and outlook corrections, market events, policy changes, etc.) to the Fund.
    • 3. Cash investments will, under normal circumstances, be considered a temporary holding, and will be used for liquidity needs.
    • 4. The Fund’s long-term strategic asset allocation is outlined in the Strategic Asset Allocation Model. This allocation strategy is deemed the most appropriate to achieve the Fund’s Investment Objective. Portfolio assets, under normal circumstances, will be allocated following the Model. The Strategic Asset Allocation Model will be reviewed at least once per semester and in the event of material changes, as stated above.

    C. Rebalancing Policy

    • 1. It is expected that the Fund’s actual asset allocation will vary from the target asset allocation as a result of various material events. The Fund will be rebalanced to its target normal asset allocation under the following procedures:
      • a. BIG will use incoming cash flows and outgoing monies to realign the current weightings to the target weightings of The Fund.
      • b. BIG will review The Fund at least once per semester. During a review, if any asset class is unreasonably over or underweight, The Fund will be rebalanced.
        • i. If any holding within The Fund nears the agreed upon price target of that holding, the security must be considered for rebalancing.
        • ii. If any holding within The Fund falls below 10% of the average unit cost of that holding, the security must be considered for rebalancing.
        • iii. Prior to ending the academic semester, trailing stop orders will be placed on all securities held in The BIG Fund. Each trailing stop order will be placed at 10% below market value. The Executive Board holds the right to alter the percentage limit of trailing stop orders from certain securities they deem appropriate.
      • c. BIG may propose a rebalancing recommendation of The Fund or any holding within The Fund at any time. BIG must act within a reasonable period of time to evaluate rebalancing proposals.
    IV. Semester Intermission Policy

    A. Prior to the conclusion of the Fall and Spring Semesters, The Bloomsburg Investment Group will put in place trailing stop orders on current holdings within The BIG Fund. The Executive Board holds the right to exclude placing trailing stops on certain securities.

    B. No security shall be bought during the Winter and Summer breaks.

    V. Other Investment Policies

    A. BIG is prohibited from:

    • 1. Purchasing securities on margin or executing short sales.
    • 2. Purchasing or selling derivatives, options, currencies, or futures for speculation or leverage.
    • 3. Engaging in investment strategies that have the potential to amplify or distort the risk of loss beyond a level that is reasonably expected, given the objectives of the Investment Objective.
  • The Manual

    I. Procedures of the Bloomsburg Investment Group

    A. General Procedures

    • i. All non-Executive members will choose or be assigned a sector group within the ten S&P sectors derived by a prior top-down approach.
    • ii. When all members are in groups, they will begin a screening of Russell 1000 companies within their sector. Refer to The Bloomsburg Investment Group Investment Policy Statement, Section 3, for guidelines.
    • iii. Each group will select certain companies from their screening process to conduct further background research. Senior Analysts may work individually or partnered with Junior Analysts. Sector Heads will be responsible for all activities within their assigned sector. Refer to The Constitution of the Bloomsburg Investment Group, Article 4: Membership Positions, for roles of each position.

    B. Procedures to Purchase Securities

    • i. Analysts will present an informal PowerPoint presentation (Security Presentation/Stock Pitch) during a General Meeting of the Bloomsburg Investment Group. Members will be able to debate and question after the presentation. A majority consensus must be achieved by the Members present to warrant further research on that security.
    • ii. For approved securities, analysts must complete the Bloomsburg Investment Group Research Report (the current model template was created by BIG and is available from Morningstar Direct). Analysts must also complete the Formal Presentation.
    • iii. The Formal Presentation and Research Report must be made during a General Meeting to present to the Members of the Bloomsburg Investment Group. Upon completion of the Final Presentation, an in-depth discussion and analysis by BIG members will be conducted.
    • iv. A vote will take place on the security in question following the Formal Presentation. Refer to The Constitution of the Bloomsburg Investment Group Article 8: Security Voting, for details on voting procedures. A Security Vote Form (Form #001) must be completed upon approval of a security.
    • v. Upon completion of the Security Vote Form, the Executive Board must complete the Security Purchase Form (Form #002) during an Executive Board Meeting.
    • vi. Upon completion of the Security Purchase Form, the Advisor, or anyone authorized, to the Bloomsburg Investment Group will place a trade order following the details of the Security Purchase Form the next available business day.

    C. Procedures to Sell Securities

    • i. In the event any Member, including Executive Board Members, believes a position held in The BIG Fund should be sold, in portion or in liquidation, he/she shall complete the Request to Sell Form (Form #003). That Member will make a formal request during an Executive Board Meeting.
    • ii. After the formal request to sell is made, the Executive Board must discuss the reason(s) for the request and make a decision on whether to approve the request or not. If approved, the Executive Board must complete the Security Sale Form (Form #004), during that Executive Board meeting.
    • iii. Upon completion of the Security Sale Form, the Advisor, or anyone authorized, to the Bloomsburg Investment Group will place a trade order following the details of the Security Sale Form the next available business day.

    D. Trade Authorization

    • i. The Dean of the College of Business holds the power to authorize any individual to place trades on behalf of the Bloomsburg Investment Group. Authorization will be granted upon completion of the Trade Authorization Form (Form #006).
    • ii. The Dean of the College of Business holds the power to revoke previously granted trade authorization from any individual. Authorization will be revoked upon completion of the Trade Authorization Termination Form (Form #007).
    • iii. The Chairman of the Department of Finance holds the right to place trades on behalf of the Bloomsburg Investment Group.

    E. Procedures for Documentation

    • i. The Treasurer will assemble copies of the Trade Confirmation, Form #002 or Form #004, Form #001 or #003, and the Research Report. Documents must be sent to Bloomsburg University Foundation, Inc. in a timely manner.
    • ii. An independent group of Accounting Association students, separate from BIG, will conduct an audit on all BIG financials
    • iii. Storage of Physical Documents
      • 1. All documents pertaining to the Bloomsburg Investment Group and The BIG Fund will be stored in a lockable, fire-proof filing cabinet located in the Office of the Chairman of the Department of Finance.
      • 2. The Chairman of the Department of Finance will hold the key to the cabinet.
      • 3. Documents must be kept at least seven years for tax purposes.

    F. Procedures to Monitor Positions

    • i. Analysts are required to keep daily track of current events on companies held by The BIG Fund within their sector.
    • ii. On a bi-weekly basis, Sector Analysts are required to update Research Reports on the securities held in their sector positions.
    • iii. Each sector will update valuation models for each security in their respective sector following the company’s quarterly report. If an analyst discovers a security held in The BIG Fund is nearing fair value, rebalancing must be considered (Refer to Bloomsburg Investment Group Investment Policy Statement Section 3, subsection D).

    G. Procedures for Summer and Winter Breaks

    • i. Prior to ending the academic semester, trailing stop orders will be placed on all securities held in The BIG Fund (Refer to the Bloomsburg Investment Group Investment Policy Statement for Trailing Stop Order guidelines).
    II. Liquidation and Distributions

    A. The Office of the Dean holds the power to liquidate The BIG Fund at any time.

    B. Following the decision to liquidate, all held positions will be sold at market value.

    C. Funds may be transferred from The BIG Fund to the College of Business and The Cash value of The BIG Fund will be transferred to the College of Business. College of Business Scholarship funds at any time. Only the Dean of the College of Business holds the right to transfer funds into and out of The BIG Fund. the Bloomsburg University College of Business.

    D. Funds may not be dispersed by cash or transfer to any account other than that of

    III. The BIG Fund Account

    A. The BIG Fund will be invested through a financial intermediary of BIG’s choice. Once per year, the Executive board will conduct a cost-benefit analysis of the broker to determine whether it still provides the most efficient, effective, and convenient service for The BIG Fund. If the opinion on the broker should change, The BIG will conduct additional research on other financial intermediaries to find a suitable company.

    B. The Account will be under the ownership of the Bloomsburg University Foundation, Inc., and control of the account rests with the Dean of the College of Business.

    C. The Chairman of the Department of Finance has the authorization to place trades

    D. Trade confirmations and account statements will be available through the online

    IV. Disciplinary Policy

    A. All student members of BIG are subject to PRP #4802: Student Code of Conduct

    B. All persons involved with the Bloomsburg Investment Group and The BIG Fund

    V. Amendments to By-Laws

    A. Amendments to the Bloomsburg Investment Group By-Laws can be proposed by and Judicial Process available in the Bloomsburg University Student Handbook. must abide by the College of Business Code of Honor. any Member, Advisor, or Board of Director of the Bloomsburg Investment Group. Amendments shall be proposed to the Executive Board at an Executive Board Meeting. The Executive Board holds the right to modify proposed Amendments. The proposed Amendment must pass a 4/5 vote by the Executive Board to allow a vote in the General Meeting. The Amendment will pass following a seventy percent vote in the General Meeting and will be signed into effect by each member of the Executive Board and the Advisor.