of Deposit issued by institutions having offices located within the State of California, County of Riverside, and in amounts that qualify for FDIC protections. Any recommendations to modify this policy must be reviewed by the General Manager, Treasurer, and the Controller prior to submission to the Board of Directors for final approval.
4.C
FUNDRAISING POLICY
1. The purpose of a fundraising activity is to accumulate monies to support the Association’s sporting facilities and/or activities; acquire an asset or make significant improvements to our common property; or for the purpose of a charity. 2. Fundraising events may be held as outlined below: a. Committees of the Board of Directors that guide the management of the Association’s sporting activities (Golf, Tennis, Pickleball, Health & Fitness) are authorized to conduct fund raising activities that directly benefit their sport (i.e., minor equipment purchases, special events, prizes, or incentives to participants, etc.) All monies accumulated are to be deposited with the Accounting Department, separately accounted for, with revenues and expenses tracked for each activity in accordance with standard accounting practices. If any such account balance should grow to $5,000 or more, the excess funds will be transferred for general Operating Fund expenditures. b. Fundraising activities to benefit an outside charity or to accumulate funds to acquire an asset or make significant improvements to our common property require advance approval of the Board of Directors. Requests for approval must be submitted well in advance of the event. The approval will be considered by the Board of Directors at their next regularly scheduled Board meeting following receipt of the Request for Approval of Fundraising Activity form attached as Exhibit B and made part of this policy. c. The event sponsor (Committee or individual Owner) must acknowledge that all Owners will have an opportunity to participate in the fundraising event. d. Board approval will be based on the availability of and demand on the Association’s facilities, and considerations of any potential impact on the ownership at large. Additionally, if the fundraising activity is to accumulate funds to acquire an asset or make significant improvements to our common property, the purpose must be approved by the Board of Directors. e. All proceeds from the fundraising activity will be deposited with the Accounting Department. The costs incurred by the Association for the fundraising activity (such as the cost of room set- up, supplies, additional staffing costs, room clean- up, etc.) will be deducted from the event proceeds and the net proceeds will be distributed to the named charity or appropriate Association Account. f. ORPS- sponsored events offered at no charge that “pass the hat” for donations to the performers, or a specific activity or organization (i.e., Cathedral City High School Choir or Jazz Band, the Norwegian Dancers, etc.) may be approved by the Activities Director and are exempt from these requirements. The costs incurred by the Association for the event (room set-up and cleaning/damage) will be deducted from donations received and the balance distributed to the designated recipient.
Adopted 9-20-21
8
Made with FlippingBook Online newsletter maker