next up previous
Next: Legacy Fund Up: Terms_of_Reference Previous: Executive Committee

Subsections

Operations Fund

Operations Fund

Having a balanced budget in any given fiscal year is a goal of the Society. When a projected deficit in the Operations Fund is unavoidable, it should not exceed 25% of the surplus in the Operations Fund Balance.

A surplus or deficit in the Operations Fund Balance at the end of each financial period will be carried forward to the next financial year. Any amount in excess of $75,000 in the Operations Fund Balance at the end of the financial period will be transferred to the CMS Legacy Fund as a special contribution. In extraordinary circumstances, and as approved by the Board of Directors, appeals may be made to the CMS Investment Committee for a contribution from the Legacy Fund to alleviate a deficit in the Operation Fund Balance.

Office Expenses of the Society, including rent, equipment, salaries and the expenses of Staff relative to meetings, are shared among the various programs and projects. Allocation of these costs is calculated using the percentage of staff time spent on each program or project.


next up previous
Next: Legacy Fund Up: Terms_of_Reference Previous: Executive Committee