Special Events Fund

Reserve Fund Policy – Special Events Fund

Purpose

The primary purpose of the Special Events Fund shall be to fund the costs of one-time  events that may not have been predicted by the Branch, or that are outside the normal scope of annual Branch costs.  Without these reserve funds, the Branch may not be able to sponsor an event that otherwise would have been desirable for the membership.

The fund has been established at the April 19 2017 Annual General Meeting of the Branch, through a transfer of $3000 from general revenue.  Changes to the level of the fund shall be determined by the Ottawa Valley Board on an annual basis. 

Fund Uses

As the purpose of a future one-time special event is unpredictable, this fund is not to be limited to any particular type of activity.  It must be a non-recurring event that the Board of Directors of the Branch feel would be beneficial to the membership of the Branch or be relevant to the purpose of the Retirees Association.  Examples of such events are costs related to a Branch anniversary, or costs of sponsoring a Branch advocacy effort that would otherwise have to be funded by individual members.

Established by vote at the Branch AGM April 19 2017

 

Reserve Fund Policy

APPROVED DATE: --  14TH , April 2003

The Ottawa Valley Branch of the FSNA has established two Reserve funds

Purpose
The Reserve Funds have been established as capital reserve for the Association to be set aside for contingencies.

Fund Levels
Fund levels to be maintained in the Reserve Funds will be determined from time to time by the OV Board. The Reserve Funds shall be reviewed annually by the OV Board at which time Fund levels will be re assessed.  Expenditures from the Funds throughout the fiscal year (FY) will be as authorized by the Board.

Use of the Reserve Fund
The intent of the Reserve Funds are to have the funds available to meet unbudgeted expenditures as defined by each Funds purpose.

The Reserve Funds Accounting Method
The Reserve Funds shall be so identified and maintained in the main financial statement as “non interest bearing” funds. These funds may be invested in interest bearing certificates or bonds, and managed according to sound financial investment policies. . Interest gained from the investments are to be treated as interest income and utilized to meet annual Branch operating expenses.  A separate report detailing the balance of the fund and interest earned shall be a part of the annual Treasurer's report. Adjustments required to maintain the level of the individual reserve funds shall be made at least annually

Approved..  Signed James L. Piche – President OV Branch

Volunteer Training Fund

Reserve Fund Policy – Volunteer Training Fund

Purpose

The primary purpose of the Volunteer Training Fund shall be to fund the costs of training Branch volunteers in carrying out their responsibilities related to their role as a volunteer with the Branch.  These volunteers may be board of director members or other Branch members who may be assigned duties to support the Branch.

The fund has been established at the April 13 2016 Annual General Meeting of the Branch, through a transfer of $2000 from a discontinued reserve fund.  Changes to the level of the fund shall be determined by the Ottawa Valley Board on an annual basis. 

Fund Uses

Occasionally, there is a need to provide training to Branch volunteers in order that they may fulfill their role properly.  This training requirement may not always be anticipated or fully funded by the National Office, and may not be included in the annual budget of the Branch.  In these cases, the costs of training, supplies, equipment, travel or other unforeseen training costs may be funded through this reserve.  The requirement to make use of these funds will be at the discretion of the Board of Directors of the Branch.

Established by vote at the Branch AGM April 13 2016

Building and Support Fund

Reserve Fund Policy - Building & Support Fund

Apporoved Date: -- 14th, April 2003

PURPOSE
The primary purpose of the Building & Support Fund shall be for the funding of an OV Branch Office and the current and future support of that office. This fund is for start up costs, equipment replacement costs, equipment upgrade costs, and other expenses that are unpredicted and not budgeted.

A change in the level of the Fund shall be as determined by the OV Board on an annual basis. The fund has been established at the March 13, 2003 at $4000 by the OV Board.

FUND USES
A. Start Up
Start up costs shall be defined as the initial cost of equipment and other items necessary for the function and operation of a future OV Branch Office.

B. Equipment
Replacement costs shall be defined as the cost to replace equipment that is vital to the basic function and operation of the Office.

Upgrade costs shall be defined as the cost to upgrade equipment that is vital to the basic function and operation of the Office.

C. Unpredicted Expenses
Unpredicted expenses shall be defined as costs that were not budgeted for because the OV Branch was unable to predict the activity/purchase during regular budget preparation.

Approved.. Signed James L. Piche – President OV Branch