Finance Policy

MGFKC Finance Policy

The Master Gardener Foundation of King County (the “Foundation”) exists to support the Master Gardener Program in King County (the “Program”) and the Master Gardeners who participate in the Program. The Foundation is a non-profit corporation, and is tax exempt under Section 501(c)(3) of the Internal Revenue Code. The Foundation’s financial support for the Program is generated through the efforts of the Foundation and its member Master Gardeners.

  1. A proposed annual budget is prepared by the Foundation’s Treasurer (the  “Treasurer”), with input from the Audit Committee, for consideration by the  Board of Directors (the “Board”) in October or November. Several individual  program leaders propose individual budgets to the Treasurer, however most do  not. A final annual budget is approved by the Board at the December meeting, or  earlier, for the following year.
  2. Any Foundation member can at any time submit a Request for Funds (“RFF”) to the Treasurer for additional funding or for unforeseen expenses.

  3. RFFs submitted to the Treasurer will be reviewed by the Audit Committee, which will make a recommendation to the Board to fund the request or not. Some RFFs may not be taken to the Audit Committee due to time constraints, in which case the Board will not have a recommendation. The Board will ultimately decide whether or not to fund each RFF.

  4. With prior approval of the Board, individual programs are welcome to raise funds for the Foundation and are encouraged to do so. Any funds raised, in excess of expenses, must be submitted to the Treasurer. In addition, a complete list of the revenues and expenses for such fund-raising efforts must be submitted to the Treasurer to ensure proper accounting. (See Development Policy for guidelines.)

  5. Unspent funds in an individual budget category are not carried over from year to year.

  6. Donations designated for a particular program or project have always been  accepted by the Foundation, although they are discouraged. As with all donations, they must be forwarded to the Foundation’s Treasurer for proper accounting before being redistributed to the appropriate program or project.

  7. No bank accounts may be opened or held in the name of the Foundation without the prior approval of the Board.

  8. The Treasurer and at least one of the Foundation’s other officers must be authorized signers on all bank accounts holding Foundation funds. Each account must also be submitted for a quarterly review by the Audit Committee.

  9. The Foundation should hold liquid funds equal to one (1) year’s proposed expenses.

  10. The Foundation should consider investing funds in excess of one (1) year’s projected expenses in longer-term vehicles, and should consider assuming greater risk, such as investing in index mutual funds or exchange traded funds.

  11. The Investment Committee will develop an investment policy for consideration and approval by the Board. Subject to any such Investment Policy, the Investment Committee periodically recommend additional or alternate investment vehicles to the Board. The Treasurer will periodically review the performance of the Foundation’s investments with the Investment Committee.

Adopted by the Foundation’s Board on 14 November 2013.

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