SECTION 6. USAWOA FUNDS:
- a. Lifetime Reserve FUND (hereinafter “the FUND”): The purpose of this FUND is to provide the Association with long-range reserves. With the exception of the first-year dues payment, this FUND shall contain all FUNDs received as payment of membership dues for lifetime and honorary members. Investment of FUND monies will be pursuant to the rules described herein below, in SECTION 22.
- b. Expenditures from the FUND are limited to:
- (1.) On an annual basis, prior to the 31st Day of January, the treasurer, in conjunction with the USAWOA Bookkeeper will “harvest” ten percent of the “excess value” of the FUND and add it to the General Budget of the association for that year. Such “excess value” shall be calculated by subtracting the amount of such monies necessary to meet the original requirements set for the FUND from the total real value of the FUND, and multiplying the product of this calculation by ten percent. Here is the formula: (Total Value – LM Requirement) X 10% = Annual Addition to General Budget. This calculation shall be made using account values as of the 31st day of the immediately preceding December. This “harvesting” of the FUND was approved by the BOD, by unanimous vote, on 24 April 2010, at the Mid-Year BOD Meeting.
- (2) Use of interest as approved in the fiscal year budget to cover expenses of servicing the lifetime and honorary members.
- (3) Expenditures as otherwise authorized by the National Board of Directors.
- c. Operating FUNDs: This FUND shall contain those FUNDs deducted from membership dues to defray the operation and maintenance expenses of the Association. The Treasurer (or assistant treasurers) is authorized to disburse monies from this FUND according to the approved fiscal year budget or as otherwise authorized by the National Board of Directors. As deemed necessary for efficient financial management and/or fiscal control, the Treasurer, in conjunction with the USAWOA Bookkeeper may establish "sub-accounts" (to include, but not mandated, separate bank accounts) within the Operating FUND, i.e. a separate account to manage "memorabilia" income and expenses.
- d. Special Activities FUND: This FUND shall contain only those FUNDs raised through specific FUND-raising projects and other activities as authorized by the National Board of Directors or its Executive Committee. The Treasurer (or assistant treasurers) working in conjunction with the USAWOA Bookkeeper is authorized to disburse monies from this FUND according to the approved FUND budget and as otherwise authorized by the National Board of Directors. Any funds to be paid out in support of the fund raiser will be fully explained and agreed upon prior to contact negotiations.