Policy 6
/Budgeted spending
The Board of Directors is responsible for budgeting funds for the maintenance and improvement of Club properties. The Board, operating on information furnished by other Board members or LISECC staff, authorizes projects based on this preliminary information. Those charged with the job of executing the project are bound by the funds authorized for that project and may not expend funds to extend the project in any way beyond that authorized by the Board of Directors, except as follows:
Critical safety repairs due to acts of nature do not need authorization from the Board, but they must be reported to the appropriate Committee Chairperson within 24 hours of the occurrence of the emergency.
Any non-critical repair needs the authorization of an Officer of the Board or the General Manager before any money is expended for its correction and so long as the cost does not exceed $3,500 and is provided for within the budget.
All employees and individual Board members are limited to within a 10% cost overrun of the authorized (estimated) cost of an authorized project.
Circumstances may make the expansion of a project desirable, but no project, big or small, is to be over-spent beyond the 10% limitation without the Board's authorization and funding at a Board meeting.
No employee or individual Board member is authorized to indebt the Club beyond that which the Board has authorized by budget approval for any purpose. Specific projects in the approved budget may be amended by the Board from time to time as the Board determines the needs of the Club.
Effective 7 July 1985, revised 11 June 2000, revised 28 April 2024.
Approved by the Board of Directors in regular session 7 July 1985, Wallace W. Croy, President.
