If you have bylaws, check to see if there's anything in there about carry over or start up funds. It's different for every group. Some have a solid "spend it the year you raise it" policy, mine had a spend most but carry over some start up policy, while others try to use all of this year's funds to support all of next year's projects/events. It's really up to your membership and what you all decide is best for you.
My group never had an 'Excess Funds' account but we did have a Start Up account. Our bylaws stated:
A minimum balance of $800.00 but preferably $1500.00 must remain in the
treasury at the end of the school year as a General Operating Fund for the next school year.
So, we had to carryover at least $800, preferably $1500 but there was no maximum so we could carry over more general funds if we felt the need. What we would normally decide is to carry over $1500 and then spend or allocate the rest of the money.
Some people come into our lives and quickly go. Some stay for awhile and leave footprints on our hearts. And we are never, ever the same."
"The ultimate aim of karate lies not in victory or defeat but in the true perfection of one's character."
We are a K-5 school not of 501 status. Our question is:
Are we allowed to roll extra money or "excess funds" over to the upcoming school year or do we have to allocate all of our money to next years committees.
Do we have to get rid of all of our money that is not budgeted for next year before the end of our current year?
Do any of you have an excess funds line on your budget?
