Reserve Fund

13.01 The purpose of the Reserve Fund is to meet significant expenditures which were not foreseen at the time the annual budget was approved.
13.02 The management and investment of the Reserve Fund shall be under the jurisdiction of the Executive.
13.03 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.
13.04 Contributions to the Reserve Fund shall be at the discretion of the Executive of ACER-CART.
13.05 The Reserve Fund shall not exceed twice the amount of the current year’s budget.
13.06 The Reserve Fund shall be not less than fifty percent (50%) of the current operating budget.
13.07 Investment of Reserve Fund money shall adhere to the Terms of Reference of the Reserve Fund.
13.08 An annual financial report of the Reserve Fund activities shall be presented to the Annual General Meeting.

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