Governance Structure
The Foundation is governed by a Board of Trustees elected at a General Meeting by a two-thirds majority of members present, in line with the Companies and Allied Matters Act CAP C20 LFN 2004. The Board consists of not less than 2 and not more than 15 Trustees, each serving a 5-year tenure.
The Foundation operates under a Common Seal kept in the custody of the Secretary, and all official documents executed by the Trustees bear this seal.
Meetings
For effective administration, the Foundation holds the following meetings, with a quorum formed by one-third (1/3) of members in each:
- General Meeting
- Executive Meeting
- Emergency Meeting
- Annual General Meeting
Sources of Income
As a not-for-profit, the Foundation funds its activities through:
- Freewill donations
- Fundraising
- Grants
- Crowdfunding
Financial Accountability
All monies received on behalf of the Foundation are deposited in the Foundation's bank account with banks approved by the Board of Trustees. Bank account signatories are a combination of the Chairman, the Secretary, and the Treasurer. Funds are disbursed solely toward the Foundation's stated objectives.
The Foundation maintains three registers for full transparency:
- Income Register
- Cash Receipts and Payment Register
- Bank Lodgment and Payment Register
Independent qualified and licensed Auditors are appointed at the General Meeting to audit the Foundation's records annually. Audited financial statements, duly certified, are filed with the Corporate Affairs Commission as part of annual returns.
Special Clause
The income and property of Zilch Environmental Sustainability Foundation are applied solely toward the promotion of its objectives. No portion is paid or transferred — directly or indirectly — by way of dividend, bonus, or profit to its members. In the event of dissolution, any remaining property is transferred to another institution with similar objectives, or to a charitable cause.