91´«Ã½ Finances 101 Financial Principles and Realities Overview
91´«Ã½
2008 Midwinter Meeting
Friday, January 11
1:30–4:30 PM
Philadelphia Marriott, Salon K/L
General Concepts
- One bank account
- One set of financial records
- One audit
- One set of policies
- Net Assets—if a division or unit decides to disband the 91´«Ã½, all net assets remain with the 91´«Ã½.
Review of Policies (Management of 91´«Ã½ Funds)
- Purchasing/Conflict of Interest (8.1.1)
- Authorization to Overspend Budgeted Funds (8.1.4)
- Limitations on 91´«Ã½ Funding of Divisions (i.1.6)
- Unrestricted Bequests (8.1.7)
- Council Receipt of 91´«Ã½ Budgets (8.4)
- Endowment Funds (8.5)
- Investment Funds (8.5.1)
- Use of Fund
- Program Support
- Emergencies
- New Initiatives
- Scholarships and Awards
- Transfer existing funds to create new program
- Withdrawal/Repayment
- Use of Fund
- Endowment Funds: Combining (8.5.2)
- Investment Funds (8.5.1)
- Deferred Revenues
- Attachment—
Legal Framework