BVSW PTO is proposing the following Bylaws update. This change will be voted on at the 2/9/24 meeting.
X11. Financial, Section 5 Fiscal Year-end Reserve
CURRENT: BVSW PTO each year shall maintain a reserve balance of 30% of the budgeted expenses as a safety net. BVSW PTO will strive to spend all money in the year earned unless the PTO is specifically setting aside money as part of a multiyear project. Falling below the threshold of the reserve may be approved by a supermajority vote of the Executive Board.
PROPOSED CHANGE: BVSW PTO each year shall maintain a reserve balance of $20,000 OR 30% of the budgeted expenses (whichever amount is less) as a safety net. BVSW PTO will strive to spend all money in the year earned unless the PTO is specifically setting aside money as part of a multiyear project. Falling below the threshold of the reserve may be approved by a supermajority vote of the Executive Board.
Addendum A: Duties of the Executive Officers
ADD the following to the Treasurer duties: Shall track and write Concessions Volunteer Grant payouts
