[17510] in APO-L
Re: APO Reserves
daemon@ATHENA.MIT.EDU (Derek Cashman)
Fri Nov 7 22:51:55 1997
Date: Fri, 7 Nov 1997 22:51:02 -0500
Reply-To: Derek Cashman <Dcashman@CONCENTRIC.NET>
From: Derek Cashman <Dcashman@CONCENTRIC.NET>
To: Multiple recipients of list APO-L <APO-L@VM.CC.PURDUE.EDU>
In-Reply-To: <199711080223.VAA24617@franklin.concentric.net>
On Fri, 7 Nov 1997, Nic @ Night wrote:
> A couple questions for all past and present treasurers: How much do you
> keep in reserves in your APO account? By reserves I mean money that you
> keep in the account for emergencies that you don't touch unless you
> absolutely have to. Secondly, how many active members do you have?
> For example, we have $1000 in reserves and 40 active members this term.
> This means that we have a $25 allotment per member ($1000/ 40 actives).
As one of the Past Treasurers of Alpha Beta Omega Chapter (Old Dominion
University), we had around 20 actives (approx), back in 1995. The chapter
at the time had a checking and savings account with a local credit union.
We kept about $160 in the savings account for emergencies and used the
checking account actively. Remember, as a 501(c)(3) tax exempt
organization we technically must maintain a zero balance in the checking
account (we cannot make a profit, legally)... although fortunately the IRS
doesn't keep very close tabs on us, which is why we have been able to keep
the savings account where it has been for years. We were also allocated
somewhere around $500 annually by the Student Government, which was
appropriated on a per usage basis through the student activities office.
I also tried to keep an average balance of $50 in petty cash for use in
various fundraisers, or various cash transactions of the chapter (i.e.
brother needs to buy a new pin for $3.50).
Hope that helps...
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Derek Cashman (dcashman@concentric.net)
Alumni; Alpha Beta Omega Chapter; Old Dominion University
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