ALA Finances 101 Financial Principles and Realities Overview

2008 Midwinter Meeting
Friday, January 11
1:30–4:30 PM
Philadelphia Marriott, Salon K/L

General Concepts

  • One bank account
  • One set of financial records
  • One audit
  • One set of policies
  • Net Assets—if a division or unit decides to disband the ALA, all net assets remain with the ALA.

Review of Policies (Management of ALA Funds)

  1. Purchasing/Conflict of Interest (8.1.1)
  2. Authorization to Overspend Budgeted Funds (8.1.4)
  3. Limitations on ALA Funding of Divisions (i.1.6)
  4. Unrestricted Bequests (8.1.7)
  5. Council Receipt of ALA Budgets (8.4)
  6. Endowment Funds (8.5)
    1. Investment Funds (8.5.1)
      1. Use of Fund
        1. Program Support
        2. Emergencies
        3. New Initiatives
        4. Scholarships and Awards
        5. Transfer existing funds to create new program
      2. Withdrawal/Repayment
    2. Endowment Funds: Combining (8.5.2)
  7. Deferred Revenues
  8. Attachment— Legal Framework