When a fund is earmarked or allocated we need to ensure a few things are very explicitly defined:
1) What happens to extra funds
2) What is the exact dollar amount requested
3) What is the amount of time that we have to spend the funds as allocated.
We should provide guidance in the bylaws of how to handle cases when these things are not explicitly stated in the budget request.
For instance: funds with no term are added back to the general fund at the end of the calendar year (and need to be re-approved). Any funds that remain after an item has been purchased / a task has been accomplished will default to being given back to the general operating fund immediately after the task has been accomplished.
slifty
commented
5 years ago
When a fund is earmarked or allocated we need to ensure a few things are very explicitly defined:
1) What happens to extra funds 2) What is the exact dollar amount requested 3) What is the amount of time that we have to spend the funds as allocated.
We should provide guidance in the bylaws of how to handle cases when these things are not explicitly stated in the budget request.
For instance: funds with no term are added back to the general fund at the end of the calendar year (and need to be re-approved). Any funds that remain after an item has been purchased / a task has been accomplished will default to being given back to the general operating fund immediately after the task has been accomplished.
That kind of thing.