| Title: | Policy on Short-Term Reserve Assets |
|---|---|
| ID: | EXC062017.24 |
| Committee: | Finance for Mission (report 78) |
| Citation: | Executive Council Minutes, June 9-11, 2017, San Juan, Puerto Rico, p. 17. |
| Text: |
Resolved, That the Society shall endeavor to establish and maintain short-term reserve assets equal to at least three months of average operating expenses over the prior five-year period excluding government-funded expenses; and be it further Resolved, That, once such reserve level is established, if a budgetary surplus results at the close of any triennium, 80% of such surplus shall be allocated to trust funds that support the budget and 20% shall be allocated to the short-term reserves; and be it further Resolved, That this resolution supersedes AF-102 of January 2006. |
| Supplementary Text: |
