Appendix B: Miscellaneous Financial Guidelines
[Note: This text from SLA's Recommended Division Practices is included here for reference. The Treasurer section of the PAM Division Practices Manual is the first point of reference for the Division's financial matters, especially concerning PAM-specific practices and policies.]The Association's Bylaws, Article XI, Section 3 allows for funding of Divisions in the form of an annual allotment. Total allotment funds, based on membership dues, are determined annually by the Board of Directors at their third quarter or October Meeting. Allotments are calculated using the Division's membership count as of December 31. Allotment checks are mailed in February. The Association fiscal year is January l-December 31. No allotment shall be paid to a Division unless the Division has submitted accurate midyear and annual financial statements report to Association Headquarters, Director, Finance. The Division must also submit an annual activities report on time to the Leadership Department in order to receive an allotment.
Normally a Division or group will administer its expected activities to utilize the greater part, if not all, of its allocated funds. However, a Division or group may elect to conserve its funds gradually in anticipation of specific undertakings where special project funds have not already been accumulated. Other Divisions or groups may, through lack of activity in one year, carry unspent allotments over to following years. Funds accumulated for either of these reasons and not expected to be spent during the year's usual activities, may be transferred to a project fund. Money earned in special Division or group projects may be maintained in one or more project funds, general or designated. Examples of such projects are seminars or workshops for which a fee is charged, royalties paid by the Association for Division-originated publications, receipts from similar works published independently by the Division, and fund-raising activities conducted for a specific purpose. Expenses involved in such projects are to be charged against these funds. Project funds must be reported as part of the periodic and annual financial reports.
PAM Practices Manual Editor: Kristine Fowler, fowler@math.umn.edu
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Page last updated: August 12, 2004