This Standing Rule integrates the broader framework of the club’s financial management, ensuring that expenditures align with the club’s objectives and that members have an opportunity to benefit from the use of club funds. It provides a robust structure for expenditure authorization while maintaining flexibility for exceptional cases.
Overview
All revenue collected from club-organized events is part of the club’s overall funds. The board sets a budget at the start of each fiscal year, outlining the financial plan. The club uses its funds only to accomplish the objectives and purposes specified in the bylaws. Generally, funds should not be used for any activity or purpose unless all club members have the opportunity to benefit from or participate in the use of such funds.
Expenditure Authorization Levels
- Within Budget: Any officer can authorize expenditures that are within budget or exceed it by up to $500 without additional approval.
- Exceeds Budget by More Than $500: Full board approval is required for any expenditure that exceeds the budget by more than $500.
- Exceeds Budget by More Than $1,500: Requires approval from the full club membership.
Additional Fees for Exclusive Activities
If a club activity is not open to all members, an additional fee is required from those who participate.
Budget Adjustments During the Fiscal Year
The board may approve an increase in a line-item budget or unbudgeted item if it is offset by decreasing another line-item budget in the same amount, or if it is offset by revenue collected in excess of the budget. Such adjustments are subject to the expenditure authorization levels above.
Exceptions and Amendments
- The board may make exceptions to these rules in exceptional circumstances.
- Any amendments to these guidelines must be approved by the board.
Communication and Implementation
- These rules will be communicated to all officers, board members, and club members.
- The treasurer or a designated officer is responsible for ensuring compliance with these rules and maintaining records of all approved expenditures.
Approval and Effective Date
Approved by the Smashers Board on September 26, 2024. Effective Date: September 26, 2024