Magazine article Information Outlook

SLA's General and Restricted Funds

Magazine article Information Outlook

SLA's General and Restricted Funds

Article excerpt

Did You Know That...

The association maintains nine separate funds in carrying out the policies and practices of the association. Since SLA is incorporated in the United States, the fund accounting and classification standards are determined by the Financial Accounting Standards Board (FASB). The purpose of the FASB standards is to provide a comparable reporting and regulation of all not-for-profit organizations. Funds are classified by FASB as restricted or unrestricted. Restricted funds are those for which there is a specific purpose and/or use. Transfers in and out of restricted funds are limited to the specific purpose or use. In SLA's situation, all fund transfers require approval of the board of directors.

Of the nine funds currently in place, the General Fund is the largest and most active. The General Fund includes the activities of the association to develop and deliver the programs and services to the membership, including membership development; serial publications; exhibits and advertising; conferences and meetings; professional development; career services; public relations; government relations; marketing and fund development; leadership development; research; information resources; financial services; administrative services; and computer services. The current budget of the General Fund exceeds $5 million and is growing consistently each year.

The restricted funds are reserve and endowment funds established by the Board of Directors for more specific purposes. There are currently eight subsidiary funds: General Reserve; Information Technologies; Building Reserve; SLA Scholarship; Non-Serial Publications; Special Libraries Association Endowment; Steven I. Goldspiel Memorial Research; and Coplen. The fund purpose statements are detailed below:

General Reserve Fund: Serves to augment regular operating funds so that essential association activities and financial commitments can be sustained during unanticipated periods of low income or increased expense due to economic, legal, or regulatory problems. The goal of the fund, as set by board action, is to maintain reserves equal to one year's operating expenses. An annual contribution ($25,000) is made from the General Fund to ensure its growth for future needs.

Information Technologies Fund: Serves as a source of revenue for the purchase of technology, including computer software and hardware; telecommunications equipment; and other critical systems. An annual contribution ($10,000) is made from the General Fund to ensure its growth for future needs.

Building Reserve: Serves as a source of revenue for the unexpected, and not for day-to-day operational expenses. An annual contribution (currently $60,000) is made from the General Fund to ensure its growth for future needs. …

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