Our group saved up a bunch of money the past few years so we could try a different kind of fundraiser last year. The thought was that if the fundraiser was a flop, we'd have enough in the bank to cover expenses. The fundraiser was so-so but we didn't need to use all of the saved money. We currently don't have anything in our bylaws or financial policies stating how much we should keep at the end of the fiscal year. Do any other groups have something in writing stating how much should be kept as a minimum? Thanks! - cadahlen
Hi cadahlen!
Groups have different practices and policies when it comes to bylaws and the level of detail they include. We'd say that you should indicate in your bylaws that the group can carry forward enough funds to start up the new school year. This prevents the group from having to fundraise on day one and it also prevents the group from carrying over giant balances.
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