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Allocation Policy

SURPLUS/DEFICIT ALLOCATION POLICY
(As Approved by Board of Directors 5/27/97)

  1. At the end of all Summer, Fall, and Winter Terms:
    1. Any deficit that exists in house food, house education, discretionary, house maintenance, collective education, or maintenance contingency may be carried forward to the following term.
    2. Any surplus that exists in the above-mentioned accounts will be carried forward for the following term, provided that:
      1. The Financial Committee, at the second meeting of each term, determines that the surplus does in fact exist; and
      2. there is no great deficit in any other fund(s) that need to be replenished.
    3. If the Financial Committee determines that surpluses should be re-allocated to other categories having deficits rather then carried forward, they must make a proposal to the Board of Directors to do so.
  2. At the end of all Spring Terms:
    1. Any surplus that exists in house food, house education, collective education, and discretionary funds will be credited to the Operating Reserve Fund. Any deficit will not be covered by transferring funds from the Operating Reserve Fund, unless previously approved by the Board upon recommendation by the Financial Committee.
    2. Any surplus that exists in house maintenance or corporate maintenance contingency will be credited to the Capital Reserve Fund. Any deficit will not be covered by transferring funds from the Capital Reserve Fund, unless previously approved by the Board upon recommendation of both the Financial and Maintenance Committees.
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