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2.7 Financial Condition and Activities: UUA Governance Manual

The President shall not cause or allow conditions that would jeopardize the Association’s fiscal health.

Further, without limiting the scope of the foregoing by this enumeration, the President shall not:

  1. Fail to cooperate fully with the annual audit of the Association’s financial statements, or to sign the financial statements and certify that they fairly represent the financial condition and operations of the Association.
  2. Use donor-restricted funds, including all income and appreciation therefrom, in a manner inconsistent with the terms of the donation, except that, to offset the costs of providing administrative services that support programs funded with restricted gift and endowment income, the President may charge an overhead fee of not more than 15% on all spending from restricted gift and endowment funds.
  3. Fail to provide timely and transparent financial reporting at an appropriate level for the audience, including:
    1. reports on the use of any budget surplus, including one due to unrestricted gifts and bequests that exceed the budgeted level,
    2. reports on the number of employees on the Association’s payroll, and
    3. reports on income, expenses, and balances in restricted gift funds.
  4. Fail to monitor revenues and expenses against the Board-approved budget, or fail to make timely reports on significant variances.
    1. In the current operations budget segment, the President shall make every reasonable effort to avoid an operating deficit.
    2. In the Beacon Press budget segment, the President
      1. shall make every reasonable effort to limit any operating deficit to a level that is commensurate with the contribution of Beacon Press towards meeting the Ends of the Association,
      2. shall not spend or commit to spend on any single project an amount that exceeds 3% of Beacon's total expenses in the prior fiscal year, and
      3. shall not spend or commit to spend on one or more projects amounts that would cause Beacon's liquid assets or its unrestricted net assets to fall below 20% of Beacon's total expenses in the prior fiscal year.
    3. In the General Assembly budget segment, the President shall make every reasonable effort to avoid an operating deficit (after taking into account the surplus or deficit carried forward from the prior year).
    4. In the UU [Unitarian Universalist] Common Endowment Fund budget segment, the President shall follow the Investment Policy (Appendix 2.B) and the Endowment Spending Policy (Appendix 2.H)
      Pending Changes Concerning Investment Policy
    5. In the Congregational Properties and Loan Fund budget segment, the President shall make every reasonable effort to avoid an operating deficit, and shall follow the Congregational Loan Policy (Appendix 2.A).
  5. Permit the Association to accept gifts of tangible or intangible property (including financial assets) which expose the Association to financial, legal, or other risk; that are inconsistent with the Shared Vision (ENDS); or that violate the Association’s Gift Acceptance Guidelines.
  6. Acquire, encumber, make significant renovations to, or dispose of real property, or lease significant amounts of space, without prior Board approval, except that the President may accept and promptly dispose of real property donated to the Association. Before requesting Board approval for any such action, the President shall not fail to provide to the Board a detailed proposal, including an assessment that compares proposed and current facilities, and a plan for communicating the rationale for property decisions to congregations.
  7. Receive, hold, or disburse any funds that are not reported in the consolidated financial statements of the Association or the UUA Employee Benefits Trust.
  8. Make payments for travel or other reimbursable expenses incurred by staff members or volunteers (including board, committee, or commission members), except as authorized by a travel and expense reimbursement policy.
  9. Enter into any secured debt over $50,000 without prior Board approval.

For more information contact administration @ uua.org.

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Last updated on Monday, November 24, 2014.

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