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This document reflects the current operating policies of the SRS. Its contents are reviewed as needed by the Executive Committee. Additions or changes in administrative policies are made at the discretion of the Executive Committee.
The primary purposes of the Sleep Research Society (SRS) Reserve Fund is to provide reserve funds for the operational security of existing SRS programs and start-up resources for the implementation of new programs as deemed necessary by the SRS Board. This portfolio represents accumulated surpluses and may be used for any purpose designated by the Board of Directors. The funds are long-term (five to ten years) in nature and income and any capital gains are to be retained and reinvested within the fund.
The objectives of the Reserve Fund should be pursued as long-term goals designed to maximize the returns without exposure to undue risk. Because fluctuating rates of return are characteristic of securities markets, the emphasis should be long-term appreciation of the assets, safety of the Fund’s principal, and consistency of total portfolio returns. The Fund is expected to meet or exceed the results of indices, including those listed below, that most closely match the components of the investment portfolio during the same period.
The Reserve Fund’s minimum total expected return is six percent or the increase in the Consumer Price Index plus three percent annually, which ever is greater. Because the duration, direction, and intensity of inflation cycles vary from cycle to cycle, it is recognized that the return experienced by the Fund over any one cycle may vary from this objective; but it is deemed reasonable to expect a three percent real rate of return over succeeding cycles. The Reserve Fund’s total returns are also expected to exceed those available through investment in 90-Day Treasury Bills by at least three percent.
These investment guidelines and restrictions serve, as a framework, to achieve the investment objectives at a level of risk deemed acceptable. The guidelines allow substantial discretion in the asset allocation and diversification for the purposes of increasing investment returns and/or reducing risk exposure. The manager of these funds has broad responsibility to shift assets among asset classes, industry sectors, and individual securities to pursue opportunities presented by long-term secular changes within the capital markets. The fund manager shall rebalance the portfolio at the end of January and at the end of July, according to the following target asset mix.
The equity portion of the portfolio should be maintained at a risk level roughly equivalent to that of the equity market as a whole. Equity holdings may be selected from the New York, American, or NASDAQ markets. Convertible securities may be purchased as equity surrogates. Mutual funds meeting these guidelines may be used.
The manager is prohibited from investing in:
The manager is prohibited from engaging in:
The above guidelines give the manger full responsibilities for security selection and diversification, subject to a maximum five percent commitment at cost or 10 percent commitment of the account’s market value for an individual security and 20 percent for a particular industry.
Investments in fixed income securities will be managed actively to pursue opportunities presented by changes in interest rates, credit ratings, and maturity premiums. The manager may select from corporate debt securities and obligations of the U.S. Government, its agencies, and instrumentalities.
These investments will be subject to the following limitations
The manager is prohibited from investing in private placements, or from speculating in fixed income or interest rate futures. Mutual funds meeting the above guidelines may be used.
The following procedures will be followed to ensure the investment policy statement is consistent with the current mission of the SRS and accurately reflect the current financial condition of the SRS
Club Hypnos essentially began as a social extension of the SRS within the Society for Neuroscience. The original intent of Club Hypnos was to have a reception for SRS members and potential members at the meetings of the Society for Neuroscience. Club Hypnos meetings are receptions with hosted food and a no-host bar held in the early evening during the meetings of The Society for Neuroscience. These receptions were first organized by Adrian Morrison and then continued by Steve Henriksen. There are no speakers and no agenda. The receptions are listed in the meeting schedule of the Society for Neuroscience and are immediately preceding the datablitz hosted by the NIH.
Club Hypnos has been expanded into an SRS promotional program as a broader benefit of being an SRS member. Club Hypnos events have been integrated into SRS operations and expanded to include receptions at other scientific meetings (e.g. American Thoracic Society, American Physiological Society, American Psychological Association, American Psychiatric Association, Association for Behavioral and Cognitive Therapies, etc.) and as an event at the APSS meeting.
It is good societal policy to devote SRS resources as broadly as possible among the current SRS membership. Many SRS members are active in other organizations and value a "home away from home".
Senior members of other organizations who are also members of SRS are invited to be Club Hypnos hosts (i.e. Dr. X for the ATS, Dr. Y. for the APA, etc.). Each host would complete the “Sleep Research Society Conference Grant Support” application, specifically noting “CLUB HYPNOS” and if approved, work with the SRS membership chair, and the SRS Coordinator, be given an small budget (not to exceed $3,000) for organizing the reception, to include food, services, and appropriate SRS literature.
The successfulness of the event will be tracked by:
Criteria for success and continuation of Club Hypnos at the meeting of each organization would be determined by joint reports of the membership chair and the Club Hypnos host to the SRS Executive Committee.
Financial or professional relationships will be classified into one of three categories:
Category I. Relationships are such that individuals will be unable to serve on the Board of Directors. Such is the case if the individual serves on the board of The American Academy of Sleep Medicine (AASM), National Sleep Federation (NSF), Sleep for Research on Biological Rhythms (SRBR) and Society of Behavioral Sleep Medicine (SBSM).
Relationships are such that individuals will be unable to participate in the discussion or decision making process. Such is the case if the management decision under review addresses a device, medication, product, service, etc. that is owned by or contractually obligated (licensed) to a business in which the individual or family member holds stock or similar ownership interest, or has any other financial interest other than that due to University or Hospital supervised support. This applies to decisions related to interactions between the SRS and other professional societies when the individual or family member is a member of the Board of Director of the society under discussion, except in those instances where the individual has been appointed to represent the SRS. This also applies to decisions related to recognition (financial or nonfinancial) of an individual who:
Category II. Relationships that need not, but may preclude participation in the process of decision-making for the SRS. Such is the case if an individual or family member participates in research, serves on a scientific advisory board of a business, participates in speaker’s bureaus, or has an executive position in a non-profit business related to a device, medication, product, service, etc. that is the subject of a management decision under review.
Category III. Disclosed relationships that result in a conflict of interest in a technical sense, are allowable because they are accepted practices with minimal financial and professional impact. Such is the case if an individual or family member receives royalties for published works or other writings, accepts honoraria for commissioned papers or lectures, or receives academic institution-approved royalties.
Members of the Board of Directors will be expected to automatically recuse themselves from evaluation of any management decision if they have a Category I conflict. Furthermore, they will request a decision from other members of the Board of Directors as to whether they should exclude themselves from participation in the case of Category II conflicts. In those situations where it is uncertain whether a Category I or II conflict exists, the Board of Directors of the SRS will resolve the matter.
The Sleep Research Society regularly funds and sponsors Trainee Workshops at domestic and international meetings, with the purpose of encouraging trainee education and opportunity. Applications must be received by any organization requesting funds for such an activity, and this request is reviewed and approved or denied by the Trainee Education and Advisory Committee (TEAC).
Because the SRS Annual Meeting (APSS) is the premier scientific meeting on sleep in the world, the Board wishes to encourage high attendance, from scientists, practitioners, and trainees in sleep medicine. To protect SRS interests, no Trainee Workshop proposals will be considered which are planned two weeks prior to the first day, or two weeks after the last day of the APSS annual meeting. This policy shall be enforced by TEAC, and the Board shall serve as a backup to ensure this policy is enforced.
The Sleep Research Society Policy on Gift Solicitations is as follows: