Endowment: An Endowment is a permanent fund, kept separate from the Club’s operating fund, consisting of cash, securities, and/or property, which is invested in a diversified manner to produce income. A Club can only use a portion of the fund as directed by the policies and procedures governing the endowment fund and without invading the principal.
A Quasi-endowment is a semi-permanent fund that acts just like a permanent endowment with one exception: the principal in a quasi-endowment may be used under special circumstances. The assets in a quasi-endowment may be managed in combination with the permanent endowment.
A Board Reserve Fund is a “savings account” that can be used to temporarily hold unrestricted monies (gifts) that you receive. It is suggested that you have a reserve set aside as an “emergency fund.” The reserve fund can be spent down at any time for immediate and emergency needs that are not part of the Club’s normal operating budget.
99.1 Article-Cocoa and Carols Event
Giving back is part of Walmart’s culture and 72 of their associates joined in this mission by taking part in a “Volunteerism Always Pays” (VAP) event that helped the Boys & Girls Clubs. Walmart DC 6048 in Opelousas, teaming with Opelousas … Continue reading