Members act as the shareholders of a nonprofit corporation, except they receive no compensation or dividend. They meet annually, typically in late April.
At the annual meeting they choose the people who serve as directors for the next year. Members also make decisions as outlined in the LFI By Laws and receive reports on the progress of the corporation from the board of directors, officers and staff.
The LFI By-Laws state only one membership level but leave open the process of additional members and membership levels to the members.
The members have approved the following eight membership levels allowing anyone to be an LFI member. This allows others to join LFI and have a say in the affairs of the nonprofit. Different vote values are associated with each membership level ensuring corporate continuity and culture are maintained.
Some membership levels are nonvoting but these members may hear the same reports as voting members and can be heard on membership topics being debated.
By allowing additional members we hope to provide additional transparency and a sense of “ownership” to a larger group of individuals.