The Board Increased the Prudent Reserve to $45,000 (A $15,000.00 dollar increase from the previous policy). This amount will allow us to cover the business needs including but not limited to:
- Fulfilling our lease - calculated $1,200 for 12 months. Amount estimated $15,000.
- Business turndown - calculated $7,000 for 4 months. Amount estimated $30,000.
- And any additional dollars need to cover Accountant and Attorney fees involved with business turndown.
The board passed that our operating account should be at $21,000, which is 3 months at $7,000 a month in expenses. Saint Paul Intergroup has many monthly expenses. Justification for maintaining this dollar amount include, but are not limited to:
- Three pay period months.
- Additional funds to pay employees for vacation time.
- Large inventory purchases.
- Large literature purchases for groups on their credit.
- Unexpected needs in the office (e.g. unexpected copier repair)
Should Saint Paul Intergroup come into a windfall and have substantially more than our recommended amount for longer than 9 months we will solicit groups input on how to allocate the additional funds.Approved by the Board of Directors, 20 May 2014