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Foundation Disbursement Recommendations July 2013 M. Van Pelt & K. Goeden OPTION 1: 1) Calculate net profit for the fiscal year based on the following factors: a. Sum of all SCLS Foundation income accounts: i. Donation Income ii. Interest and Dividend Income iii. Foundation Fees iv. Realized Gains/(losses) v. Change in Accrued Income vi. Change in Market Appreciation/(Depreciation) vii. Any Other Income b. Less the sum of all SCLS Foundation expense accounts: i. Bank Service Fees ii. Accounting Expenses iii. Audit Expenses iv. Bank Fee Trust Expenses v. Promotion Expenses vi. Any Other Expenses Calculating the net profit in this manner takes into account any fluctuation in the market value and overall value of the SCLS Foundation portfolio. With the goal of maintaining at least $100,000 principal balance in the portfolio, the overall value of the portfolio must be a factor. In years where there is a net loss, due to market depreciation or realized losses, there will be no distribution. 2) The net profit will be disbursed in the following manner: a. b. c. 50% shall remain in the SCLS Foundation portfolio 25% shall be disbursed to SCLS members participating in the SCLS Foundation portfolio. i. Either by application process or request for funding for a particular project. ii. Or in a manner that benefits all participating members. 25% shall be disbursed to all SCLS members for a purpose that benefits all members, to be determined by the SCLS Foundation Board. In this example, for 2012, the resulting net profit would be as follows: Jan - Dec Income 4100 · Donation Income 10,913.00 4400 · Interest and Dividend Income 3,281.01 4500 · Foundation Fee 3,585.74 4600 · Realized Gaines/(Losses) 1,100.09 4700 · Change in Accrued Income 4800 · Change/Market Appre./(Depre) Total Income -798.98 8,029.14 26,110.00 Expense 6000 · Bank Service Fee-Checking 82.00 6400 · Raleted Foundation Expense 6410 · Accounting Expense 6420 · Audit Expense 700.00 6430 · Bank Fee Trust 1,177.01 6440 · Promotion Expense Total 6400 · Raleted Foundation Expense Total Expense Net Income 10.00 851.15 2,738.16 2,820.16 23,289.84 Half of this amount would be retained in the SCLS Foundation Portfolio ($11,644.92), 25% would be distributed to SCLS Foundation members ($5,822.46) and the remaining 25% would be distributed to all SCLS member libraries ($5,822.46). OPTION 2: The same as OPTION 1, but not including donation income in the net profit calculations. In this example, for 2012, the resulting net profit would be: Jan - Dec 12 Income 4400 · Interest and Dividend Income 3,281.01 4500 · Foundation Fee 3,585.74 4600 · Realized Gaines/(Losses) 1,100.09 4700 · Change in Accrued Income 4800 · Change/Market Appre./(Depre) Total Income -798.98 8,029.14 15,197.00 Expense 6000 · Bank Service Fee-Checking 82.00 6400 · Raleted Foundation Expense 6410 · Accounting Expense 10.00 6420 · Audit Expense 700.00 6430 · Bank Fee Trust 1,177.01 6440 · Promotion Expense Total 6400 · Raleted Foundation Expense Total Expense Net Income 851.15 2,738.16 2,820.16 12,376.84 So in this Option, $12,376.84 would be divided up in the following manner: $6,188.42 would remain in the SCLS Foundation $3,094.21 would be distributed to SCLS Foundation members $3,094.21 would be distributed to all SCLS members **This option suggests that the SCLS Foundation retains all of the donation income for the year, plus half of the net profit. OPTION 3: The SCLS Foundation would retain all of the donation income for the year, but distribute all of the remaining net profit for the year. This calculation is the same as in OPTION 2, however, the entire $12,376.84 would be distributed in the following manner: 50% to participating SCLS Foundation members ($6,188.42) 50% to all SCLS member libraries ($6,188.42)