a. The Municipal Analysts Group of New York ("MAGNY") is a not-for-profit organization established solely for the purpose of encouraging the professional development of its members through discussions and presentations of issues relevant to municipal analysis. MAGNY may also sponsor networking events.

b. MAGNY is a constituent organization of the National Federation of Municipal Analysts ("NFMA").

c. MAGNY may produce educational materials related to municipal analysis and credit to other municipal securities industry participants and the public at large, from time to time.

d. MAGNY is not and will not be registered or acting as a political committee under federal election law or any state or local election law. MAGNY has not been and will not be established maintained, financed or controlled by a party committee or a candidate or officeholder. MAGNY does not coordinate its activities with any party committee, candidate’s campaign, or political action committee. MAGNY does not make contributions or expenditures on behalf of, or engage in any activity to support, advocate, provide for or otherwise benefit any candidate for state, federal or local office. MAGNY does not engage in express advocacy (i.e., pay for communications that use words such as “support,” “oppose,” “elect,” “defeat,” or other word expressly advocating the election or defeat) of a clearly identified federal candidate. Payments to MAGNY will not be used for electioneering communications.


a. There shall be three classes of membership in MAGNY consistent with the membership definitions of the NFMA[1]: regular members, associate members, and student and professor members, all as hereinafter defined. Membership shall not be limited in number.

b. Regular Membership in MAGNY requires:

  1. Regular membership shall be open to persons engaged in municipal research, legal analysis, portfolio management, or supervision of these employees.
  2. A Regular Member must devote at least 25% of his/her time to municipal analysis, legal analysis, the supervision of municipal analysts, or be responsible for managing a portfolio of municipal securities.
  3. Membership requires two references who are Members in good standing of MAGNY.
  4. Membership requires a minimum of one year of industry experience.
  5. Other types of municipal finance professionals can be admitted to MAGNY as Regular Members on a case-by-case basis and at the discretion of MAGNY's Membership Chair.

c. Associate memberships are open to any individual that does not meet the requirements for regular membership, including retired Regular Members. Associate Members may not serve on the Board of Governors of MAGNY. Associate Members can be admitted to MAGNY on a case-by-case basis and at the discretion of MAGNY's Membership Chair.

d. Student and professor memberships are open to any individuals who have an interest in municipal credit analysis and are (a) a full-time student in an accredited college or university program; or (b) a full-time professor in an accredited college or university program. Student and professor members may not serve on the Board of Governors of MAGNY. Student and Professor Members can be admitted to MAGNY on a case-by-case basis and at the discretion of MAGNY's Membership Chair. 

d. Applications to MAGNY are submitted to the NFMA and NFMA consults with MAGNY's Membership Chair. Approval for membership rests with the Membership Chair.

e. If a person is a regular member of more than one Constituent Society, that person shall be considered a member of MAGNY, as long as MAGNY is one  of his/her specific designations  as either primary or secondary membership.

f. Membership belongs to the individual member and is not transferable within a business organization.


There shall be two types of meetings: regularly scheduled membership luncheon meetings; and general business meetings of the Board of Governors.

a. Regularly scheduled membership luncheon meetings shall have a presentation of general interest, as determined by the Program Chair, and be followed by a discussion period.

b. General business meetings of the Board of Governors shall be held at least annually at a date to be determined by the Board. These meetings can be held either in person or via conference call.

c. Board Members are not required to attend any of the regularly scheduled luncheon meetings, although attendance at all meetings is encouraged.


a. Board of Governors: MAGNY shall function with a six member Board, consisting of a Chair, Immediate Past Chair, Treasurer, Secretary, Membership Chair and Program Chair. These officers serve for one year in each role from July 1 to June 30. All officers must pass their records and instructions to their successor.

b. Chair: Duties of the Chair include scheduling and leading MAGNY meetings of the Board of Governors; establishing a venue and calendar for the regularly scheduled monthly luncheons; and functioning as a liaison with outside groups and organizations. The Chair shall be empowered to establish committees as necessary, and appoint chairs to those committees from among the other Board members or among the membership. In the event of a tie among the Board members in any decision, the Chair's position will carry. The Chair shall normally represent MAGNY on the Board of Governors of the National Federation of Municipal Analysts.

c. Treasurer: Duties include collection of any fees or charges assessed on members and non-members, not collected by the NFMA; coordinating the payment of outside vendors, deposit of funds and oversight of MAGNY's finances. The Treasurer shall provide regular updates to the Board regarding MAGNY's financial condition, including submitting any available financial statements to the Board and NFMA, as requested. The Treasurer is responsible for posting financial statements approved by the Board to MAGNY’s website.  MAGNY's Treasurer shall normally represent MAGNY on the Board of Governors of the National Federation of Municipal Analysts.

d.Secretary: Duties include working closely with the "webmaster" to post employment notices on MAGNY's website; oversight of the website and any information technology concerns; and, as appropriate, recording minutes of meetings.

e. Membership Chair: The Membership Chair shall be responsible for recruiting and retaining MAGNY members. The Membership Chair will also serve as a liaison to the incoming Program Chair, providing guidance particularly in the first quarter of the program season, and assume the lead role in the planning and execution of the September luncheon meeting.

f. Program Chair: The Program Chair shall be responsible for planning the regularly scheduled membership luncheon meetings of MAGNY which includes establishing and overseeing the Program Committee which assists in the selection of topics, securing appropriate speakers, publicize meetings (by email and on the MAGNY website), coordinating with the venue and other parties for the event. The Board may also appoint a Program Co-chair, which is not a Board Member. The Program Co-chair will assist the Program Chair in all of his/her duties. The Program Co-chair is not guaranteed to succeed to the position of Program Chair in the following year.

g. Immediate Past Chair: MAGNY's former Chairman shall be counted as a MAGNY Board member and shall assist the Board members as needs arise.

h. Selection of the Program Chair: The incoming Program Chair shall be appointed to the Board after applications have been made for the open Program Chair position, the outgoing Program Chair has nominated one or more candidates for incoming Program Chair and one candidate is approved by a simple majority of the MAGNY Board of Governors.

i. NFMA Representation: MAGNY is expected to assign 2 Board Members to membership on NFMA’s Board of Governors beginning January 1 of each year. Normally, the membership on the NFMA Board will include MAGNY’s Chair and Treasurer, but may be assigned to any member of the Board of Governors at the discretion of the MAGNY Board of Governors.

j. Officer Succession. On June 30, the Program Chair becomes Membership Chair, the Membership Chair becomes Secretary, the Secretary becomes Treasurer, and the Treasurer becomes Chairman. This is predicated on the notion that there has been no dereliction of duty or gross malfeasance.

k. Board Resignations: If the Chair resigns, the Treasurer shall automatically become the Chair. If an officer other than the Chair resigns, the Chair shall be authorized to nominate a replacement subject to ratification of the other Board members. Alternatively, each officer can be moved to the next level of office with the approval of the Board. .

l. Board Member Removal: Officers must normally be employed as a municipal analyst or in another eligible role as defined in "Membership". If an officer leaves this field to pursue another type of business unrelated to municipal analysis he/she must resign his/her office.

m. Educational Materials: The Board shall approve any educational materials produced by the MAGNY but may consult with the membership with respect thereto.

n. Board Eligibility: All regular members of MAGNY are eligible to serve on the Board.

n. Indemnification: MAGNY shall indemnify directors and officers against losses actually and reasonably incurred in connection with the defense of any action, suit, or proceeding relating to the performance of their duties to the extent permitted by law.This indemnification is predicated on the notion that there has been no dereliction of duty or gross malfeasance.


a. Fiscal Year:MAGNY shall operate financially on a twelve-month fiscal year, beginning January 1 and ending December 31.

b. Dues: MAGNY shall charge annual dues for membership upon acceptance into MAGNY and annually, thereafter. The payment of annual dues is to be made by the anniversary date of membership of each respective member; provided, however, that if a new member was a member of another NFMA constituent organization, and if that member's NFMA dues had been paid (as verified by an appropriate officer of the NFMA or the other constituent organization) The new member shall not be required to pay the NFMA dues again. Dues are collected by NFMA and distributed to MAGNY on a quarterly basis. Each regular member shall be required to pay his/her share of the membership dues, assessed by MAGNY, to the NFMA. The dues amount allocated to MAGNY will be set by a majority vote of the MAGNY Board.

c. Fees: MAGNY may charge fees to recover all or a portion of membership events. Such fees are normally collected through the MAGNY website.

d. Books and Records: MAGNY does not have its financial results audited. An outside accounting firm compiles a financial report normally on a semi-annual basis and prepares and files tax returns, which are reviewed and approved by the Treasurer, and then by the rest of the Board.

6. Code of Ethics: By accepting membership in MAGNY, each member shall accept the Code of Ethics of the NFMA.

7. Amendments:

a. Amendments to these By-Laws must be proposed by the Board and receive a majority vote of the MAGNY members who are either present or vote by email.

b. Voting may be at a luncheon or by email (to be received before the next luncheon meeting at which the proposed changes will be considered).

c. Members of MAGNY must be notified of such vote fourteen days (14) before said meeting.

Effective Date: November 2017. This version supersedes all previous versions of the By-Laws.

[1] Two of the 5 classes of membership in NFMA are not appropriate to MAGNY; constituent societies and affiliated individual members.