C-05 RESERVE FUND
- The purpose of the Reserve Fund is to meet significant expenditures which were not foreseen at the time the annual budget was approved.
- The management and investment of the Reserve Fund shall be under the jurisdiction of the Executive.
- Expenditures from the Reserve Fund may be authorized either by a 2/3 majority of the Officers of the Executive Committee or by a majority of the Directors present at the Annual General Meeting.
- Contributions to the Reserve Fund shall be at the discretion of the Directors of ACER-CART.
- The Reserve Fund shall not exceed twice the amount of the current year’s budget.
- The Reserve Fund shall be not less than fifty percent (50%) of the current operating budget.
- Investment of Reserve Fund monies shall adhere to the Terms of Reference of the Reserve Fund.
- An annual financial report of the Reserve Fund activities shall be presented to the Annual General Meeting.