POLICY TITLE: EL4 - Financial Condition and Activities
With respect to the actual, ongoing condition of the organization's financial health, the President shall not incur fiscal jeopardy or a material deviation of actual expenditures from Board priorities established in Ends policies.
Further, without limiting the scope of the above statement by the following list, the President shall not, on behalf of the organization:
- Expend more funds than have been received in the fiscal year to date unless the debt guideline (below) is met.
- Indebt the organization in an amount greater than can be repaid by certain, otherwise unencumbered revenues within the current fiscal year.
- Indebt the organization for capital projects in an amount greater than can be repaid on a repayment schedule within the budget.
- Allow cash to drop below the amount needed to settle current payroll and accounts payable in a timely manner.
- Shift funds between accounts unless the amount shifted can be restored by the use of revenues that will definitely be received in the current fiscal year, and that are not intended for other purposes.
- Allow tax payments or other government-ordered payments or filings to be overdue or inaccurately filed.
- Make contributions to any political party or to any candidate for, or holder of public office. This prohibition extends to all indirect contributions such as the price of admission tickets to sporting, social or other events where part of the proceeds are directed to a political party or candidate.
Date Approved: 19 Jun 2007
Date Reviewed: 20 Apr 2011
Date Revised: 16 Sep 2009