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The foundation shall consist of no less than nine and no more than twelve directors of legal age. Each director shall be appointed for three consecutive years on a staggered basis. One board director shall be recommended by each of the following: Ankeny Soccer Club, Ankeny Junior Football, Ankeny Little League, Ankeny Girls Softball Association, and City of Ankeny Park Board. All appointments shall be made by the Mayor of the City, subject to approval of the City Council.
All members of the board of directors shall serve without compensation except for their actual expenses, which shall be reimbursed only from available funds of the foundation. Funds available for this purpose shall be funds deposited by or under the direction of the foundation through fundraising activities, where such money is deposited and earmarked for such purpose. No tax revenue shall be used for payment of expenses.
The foundation shall prescribe bylaws, in writing, for the conduct of its meetings and shall make an annual report to the Council, which shall contain a summary of its activities during the preceding year and recommendations for proposed activities for the succeeding years.