Finance Policy

MGFKC Finance Policy

The Master Gardener Foundation of King County is a 501c3, non-profit corporation and exists to support the Master Gardener Program and the Master Gardeners who participate in that program.  Foundation financial support for the program is generated through the efforts of the Foundation and its member Master Gardeners.

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1. An annual budget is prepared by the treasurer, with input from the finance committee, for board consideration in October.  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 an RFF (Request for Funds) to the treasurer for additional funding, or for unforeseen expenses.
3. RFFs submitted to the treasurer will be taken through the finance committee which will make a recommendation to the board to fund the request or not.  There are requests that will not be taken to the finance committee due to time constraints, in which case the board will not have a finance committee recommendation.  The board will ultimately make its own decision regarding funding in either case.
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 for proper accounting.  (see Development Policy for guidelines))
   
5. Unspent funds in an individual budget category are never carried over from year to year.  These revert to the general fund.
6. Donations designated for a particular program or project has always been accepted by the Foundation, although they are discouraged.  As with all donations, they must be forwarded to the Foundation 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 treasurer.
8. All bank accounts holding Foundation funds require two (2) authorized signers.  Each account must also be submitted quarterly for audit by the finance committee.
9. Liquid funds shall be held by the MGFKC equal to proposed expenses.  Funds held in excess of one year’s projected expenses shall be invested in longer term vehicles.
10. MGFKC should consider assuming greater risk with funds exceeding 2-3 years proposed operating expenses, such as investing in a general index fund.
11. The Finance Committee will periodically recommend additional or alternate investment vehicles.

Adopted by the Board of the MGFKC, on 13 May 2010.