§ 1–309.14. Advisory Neighborhood Commission Security Fund.
(a) There is established, for the purpose of insuring Advisory Neighborhood Commissions against unauthorized expenditures or loss of funds, an Advisory Neighborhood Commission Security Fund (“Fund”) to be held in the custody of a Board of Trustees (“Trustees”) composed of the Secretary of the District of Columbia, the General Counsel to the Council of the District of Columbia, and the District of Columbia Auditor. The Executive Director of the Office of Advisory Neighborhood Commissions shall serve as a non-voting Trustee. The Trustees shall have exclusive authority and discretion in its fiduciary capacity to manage and control the Fund. The Fund shall not be held liable for any loss as the result of an expenditure authorized by a vote of a Commission.
(b) Each Advisory Neighborhood Commission may become a participant of the Fund upon payment to the Fund of an annual contribution at the beginning of the fiscal year in an amount to be determined by the Trustees. A Commission shall be eligible to participate in the Fund if the treasurer and the Chairperson of the Commission agree, on a form to be provided by the Trustees, to be personally liable to the Fund for any sum paid out by the Fund as a result of the treasurer or Chairperson’s wrongful misappropriation or loss of Commission monies.
(c) If, in any fiscal year, the Trustees determine that there are sufficient assets in the Fund to cover reasonably expected losses, the Trustees may waive or delay monetary contributions for any Commission that made a contribution in the most recent fiscal year for which the Fund required a contribution.
(d) If a participating Commission suffers a monetary loss that may be reimbursed by the Fund, the Commission may request reimbursement upon a written application form provided by the Trustees. The application form shall be signed by a majority of the members of the participating Commission on a form provided by the Trustees. The Trustees shall consider the request at a public meeting held in accordance with § 1-207.42. Notice of the meeting shall be published in the District of Columbia Register no later than 30 days prior to the meeting and shall be sent by registered mail to the Chairperson of the Commission and the treasurer of the Commission at the time that the loss was incurred.
(e) Assets of the Fund shall be held in an interest bearing account located in the District of Columbia.
(f) The Fund shall publish an annual financial report in the District of Columbia Register no later than 90 days after the end of each fiscal year.