Purpose: 

Esperanto‑USA (“the Organization”) solicits and accepts charitable gifts that support and further its mission to advance education in and awareness of Esperanto in the United States. This policy guides donors, volunteers, staff, and board members in evaluating, accepting, or declining gifts and ensures that acceptance decisions protect the Organization’s integrity, financial health, and reputation.

Policy:

1. Scope

This policy applies to all forms of gifts—including cash, securities, tangible and intangible property, and planned‑giving instruments—offered to Esperanto‑USA for any purpose, program, or service.

2. Definition of Major Gift

A major gift triggers formal review and is defined as (a) any cash or marketable security valued at $10,000 or greater, or (b) any proposed non‑monetary asset of any value (e.g., real estate, tangible personal property, intellectual property). Gifts described in (b) are not ordinarily accepted and will be processed in accordance with §3 and §7.

3. Gifts Generally Accepted Without Review

1. Cash & Cash Equivalents – including checks, ACH, credit/debit cards.
2. Marketable Securities (Publicly Traded) – transferred to the Organization’s designated brokerage account and generally liquidated upon receipt.
3. Bequests & Beneficiary Designations – via wills, revocable trusts, life‑insurance policies, commercial annuities, and retirement plans.
4. Charitable Remainder & Lead Trusts – where Esperanto‑USA is a named beneficiary only.

4. Gifts Not Accepted 

Esperanto‑USA will decline any proposed gift that:

1. Consists of restricted, closely held, or otherwise illiquid securities (no exceptions) (example: privately held securities. Donor must convert to cash prior to donating);
2. Names Esperanto‑USA as a trustee or fiduciary —except where the Organization is already a named beneficiary or administrator of a pre‑established trust (e.g., the Harmon Reed Trust)—;
3. Cryptocurrency or other digital tokens;
4. Non‑marketable, speculative, or heavily encumbered assets;
5. Obliges the Organization to assume financial, environmental, or other liabilities;
6. Mineral Rights
7. Presents a potential conflict of interest;
8. Involves real property or other assets subject to environmental or regulatory concerns (no exceptions); 
9. Violates the Organization’s Articles of Incorporation or jeopardizes its 501(c)(3) status;
10. Is incompatible with its mission, values, or strategic priorities;
11. Creates an undue financial, administrative, legal, or reputational burden;
12. Imposes restrictions that prevent prudent management or use; 
13. Gifts conditioned on extremist, discriminatory, or otherwise unethical purposes; or
14. Is otherwise unlawful or unethical.

5. Gifts Requiring Finance Committee Review

6. Gift Acceptance Process

1. Initial Screening – Treasurer or designated staff logs the offer and determines whether it falls under §4 or §5.
2. Due Diligence – For §5 gifts, staff gathers required documentation (appraisals, insurance or policy documents, trust or legal agreements, intellectual‑property assignments) and submits a summary to the FC.
3. Committee Recommendation – The FC records its analysis and recommendation (accept, modify, or decline).
4. Board Action – When required, the Board votes on the gift at the next regular or special meeting, or may conduct an expedited virtual vote in accordance with Board operating rules when timing is critical.
5. Gift Agreement – For major or restricted gifts, Esperanto‑USA and the donor must memorialize—via a mutually agreed‑upon email or a signed document—an agreement outlining purpose, restrictions, liquidation intent, reporting schedule, and the five‑year sunset clause. The finalized email or document will reside in the Organization’s official electronic storage system until all conditions of the gift have lapsed.

7. Review & Approval Authority

1. Treasurer/Executive Director – may immediately accept gifts listed in §3.
   
2. Finance Committee (FC) – reviews gifts listed in §5 and recommends acceptance, modification, or declination to the Board.
   
3. Board of Directors – retains final authority for gifts exceeding $250,000, gifts that significantly impact strategy, or any gift the FC refers for further consideration.

8. Default Time‑Limited Endowment & Restricted Funds Clause

Unless the Board explicitly approves an alternative, all endowment‑style and other restricted gifts will convert to unrestricted status after five (5) years from the date of gift acceptance. Donors may request a longer or perpetual restriction, but such requests require Finance Committee review and Board approval.

When a restriction sunsets—or if a donor‑imposed condition later proves impracticable—the Board will make a good‑faith effort to honor the donor’s original intent by moving the funds to the closest mission‑aligned category‑level purpose (e.g., an Education/Scholarship endowment may be redesignated to Education/General Support). If no substantially similar purpose exists, the Board reserves the right to repurpose the funds to meet the Organization’s most pressing needs while remaining consistent with its charitable mission.

9. Donor Responsibilities

1. Donors bear responsibility for obtaining independent tax or legal advice and for all required appraisals.
   1. Required appraisals include obtaining the fair market value of the gifts if requiring a gift receipt for tax reporting
2. Esperanto‑USA does not provide tax, legal, or investment advice.

10. Valuation & Acknowledgment

1. Gifts are recorded at fair market value on the date of transfer.
2. Donors are responsible for providing and defending the fair market value at time of transfer.
3. The Organization issues written acknowledgments compliant with IRS regulations (e.g., for gifts ≥ $250) within 30 days of acceptance.

11. Policy Review & Transparency

This policy will be reviewed at least every three (3) years by the Finance Committee and updated as needed. The current version will be posted on the Organization’s website for transparency.

Questions about this policy may be directed to the Treasurer at kasisto@esperanto-usa.org 

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Summary of Updates:

I. Purpose

The purpose of the Financial Management Policy is to ensure that Esperanto-USA (the organization)’s financial assets are accurately accounted for and ultimately utilized to further the mission of the organization. This document will inform the Treasurer, Board of Directors, Central Office staff, and the Members about the budgeting process, how assets and liabilities are accounted for, how income and expenses are aligned to appropriate Programs, and how the organization will conduct financial reporting to the membership.

II. Scope

This policy applies to all parties responsible for financial decisions and utilization of assets for the organization. This includes the Board of Directors, the Treasurer, the Central Office staff, Fund or Program Managers, the Accountant, and any volunteers that may be asked to assist with financial matters (ex. running the bookstore during a national conference). 

III. Authority and Responsibilities

1. Board of Directors: Ultimate responsibility for the financial management of the organization.
2. Treasurer: Authorized to act on behalf of the Board on financial matters and oversees financial management.
3. Executive Director: Manages day-to-day financial operations, hires staff, and maintains financial records.
4. Accountant: Makes financial transactions, balances the books and runs end-of-period (e.g. month, quarter, year) reports, and ensures accounting practices are followed.
5. Program Managers (formerly Fund Managers): Individuals or committees that are designated and entrusted by the Board for a specific period of time. They act at the will of the Board and with a simple majority vote, can be created, dissolved, or modified. Their primary responsibility shall be to ensure that  requested expenditures align to a Program in the organization’s budget. They will work with the Treasurer and Executive Director to authorize and request payments be made to support their Programs.

IV. Financial Planning and Budgeting

1. Annual Budget:
   1. The annual budget will be drawn up and approved by the Board no later than the December board meeting each year.  
   2. The budget will include expected operational expenditures based on historic values and any known future plans. These will typically be part of the General & Administrative (G&A) section of the budget.  
   3. Programs will be defined by the Board in accordance with the mission of the organization. Program Managers, committee members, Executive Director and the Board will propose expenditures for the upcoming fiscal year which can be tracked throughout the year by the Treasurer, Executive Director, and the Accountant.  These will be in the Programming section of the budget.
   4. Included in the Programming expenses will be items such as scholarships, membership services, national conferences, et al.
   5. The annual budget will include a planned drawdown of endowments to be used for the appropriate programs (per their instructions). The drawdown will range from 4-5% unless otherwise agreed to and approved by the Board during the budget cycle.
      • The funds will be withdrawn in the first quarter and held in savings until such time that they are spent. 
      • The income from this drawdown will be recorded as Endowment Income and be classified by the appropriate program so that financial reports will show the appropriate expenses aligned to the endowment income items.
      • The Board should avoid any other drawdowns from the endowment account throughout the year. Any additional drawdowns will need to be approved by at least two-thirds of the voting Board members and be clearly documented in the appropriate Board Meeting minutes.
   6. The annual budget will include a planned drawdown of unrestricted investments to be used for operational expenses of the organization. The Board can direct these funds as needed, however they should primarily support the Central Office operations, including the Bookstore.
      • The funds will be withdrawn in the first quarter and transferred to the operational savings account. 
      • The income from this drawdown will be recorded as Investment Income and classified as Operating or General.
2. Long-Term Planning: As part of the long-term planning of the organization, a separate Investment Management strategy and process will be developed by the Finance Committee and included as an Addendum in this document. This will include traditional investments in the organization’s brokerage account as well as board-created endowments and policies aligned to managing the organization’s trust(s) (see Section XI. Investment Management).

V. Revenue Management

1. Income Recording: The Accountant and Executive Director will share responsibility for recording income from the various sources (e.g. donations, membership dues, the online bookstore, real-time bookstore activities at conferences, endowment income, investment income from the organization’s investments, et al).  Income will be recorded in one of 5 income accounts (e.g. membership dues, donations, endowment income, investment income, and bookstore sales which will include any merchandise that the organization sells).
2. Non-cash Gift Acceptance: Donations of financial assets (e.g. stocks, mutual funds, et al investments) will be liquidated at the time of the donation and the current net value will be aligned to either a specific Program at the donor’s request, a specific Program at the Board’s discretion if there are no superseding donor instructions, or the General & Administrative account for operational needs.
   1. Exceptions include donations made as an Endowment or a Trust where the financial vehicle is required to remain in its current form to generate ongoing income. In these cases income will be liquidated quarterly and aligned to the designated purpose/according to pre-documented instructions (see Section VII. Asset Management § Brokerage Account).

VI. Expense Management

1. Authorization: The Treasurer and the Board ultimately have the responsibility to approve any and all expenses, especially those not already accounted for in the budget. The Treasurer reserves the right to set approval thresholds by which the Finance Committee and/or the Board should need to intervene prior to the Executive Director (or others) performing a payment transaction.
   1. For planned expenses already in the budget, the Program Manager should include the Treasurer on requests to the Executive Director for payment, but no further approval will be required so long as the amount aligns to the budget. The Treasurer will verify and approve Payroll before paychecks are issued.
   2. For expenses not already in the budget that are aligned to a program, the Program Manager will have authority to submit requests to the Executive Director and the Treasurer. Depending on the amount requested and in line with the addendum for Spending Limits, the expense will be reviewed and approved or rejected by the appropriate party (e.g. if the request is over a certain threshold, the Board may need to vote on the request via appropriate voting procedures). Prior to any approvals,the Treasurer and Executive Director will verify that the funds exist in the Program’s budget or are available from another source (e.g. G&A funds). 
   3. For special requests not aligned directly to a program, requests may be submitted to the Executive Director and the Treasurer. Depending on the requests, the Treasurer may, by either using a collaboration tool (e.g. Slack, email) or bringing to a Board Meeting, to raise discussion with the rest of the Board prior to approvals being made.
2. Documentation: Official estimates, invoices or other documentation outlining the vendor, purpose of the expense, date, and expense amount will be required prior to any payment transactions being performed in every case. All reimbursements made to the Executive Director shall first be approved by the Treasurer.  This is to ensure proper alignment to Program, accounts, and general good bookkeeping practices.

VII. Asset Management

1. Bank Accounts: The organization will maintain one checking and savings account for everyday operations and liquid savings. The organization will aim to maintain at least 12 months of operating expenses in the liquid savings account at any one time (see Section X. Cash Management). 
   
   The organization will also maintain a business credit card account to facilitate payments for operating and program expenses. The credit card account will be paid in full on its due date every month to avoid any unnecessary interest charges. Where possible, the organization will utilize a credit card plan that offers cash back and other incentives, but does not have an annual fee. 

2. Brokerage Accounts: The organization will maintain a brokerage account for long-term financial planning (see Section XI. Investment Management). The brokerage account will consist of one or multiple sub-accounts that represent the various endowments that are donated to the organization. Separately, the organization may have its own investments in a sub-account that is not entangled with the endowment accounts. This will facilitate easy and accurate accounting of income from investments which will be dispersed quarterly.
3. Fixed Assets: The organization will follow all GAAP procedures and methodologies to manage the value of its fixed assets. Currently the organization maintains some small equipment, however as significant fixed assets are purchased in the future, they will be put into the organization’s financial register and depreciated over the usable life per the IRS’s guidelines for the asset.
4. Inventory: The organization will follow all GAAP¹ procedures and methodologies to manage the inventory for the online bookstore (a.k.a. la Retbutiko). The Accountant will generally assist the Executive Director with entering inventory into the financial register, if needed, as well as ensure it is checked out, written down, or impaired as needed in the future. The actual inventory will live in the bookstore software and a monthly and quarterly true-up of the value of the inventory will be performed to ensure the financial system is up to date and accurate.

VIII. Internal Controls

IX. Financial Reporting

1. Regular Reporting: The Accountant, Executive Director, and Treasurer will ensure that financial statements are reconciled and closed monthly and produce reports at each Board meeting. The format and type of reports will be determined by the Board and can change at any time either during a Board discussion or other conversation with the Treasurer. 
   
   The organization will share quarterly summary reports with the membership via the official organ (aka ‘Usona Esperantisto’). These will include simplified overviews of the financial performance of the organization with respect to the annual budget. Additional transactional detail will not be published as it is considered privileged information per the organization’s bylaws. 
2. See Reporting Details Addendum for additional details

X. Cash Management

1. Petty Cash: The organization does not have petty cash. Small transactions required for operating expenses should utilize the organization’s checking account or the associated debit card.
2. Reserves: The organization will maintain at least 12 months of cash in the liquid savings account per best practices for non-profit organizations (see Section VII. Asset Management).

XI. Investment Management

1. Investment Policies: The Finance Committee will develop a detailed strategy and process for investments made via the organization’s brokerage account. Note this excludes endowment sub-accounts and only pertains to the organization’s own investments. See the Investment Strategy addendum in this document.
2. Risk appetite and guidelines: Although greater detail will be provided in an Addendum to this document, the Finance Committee will set and periodically review the risk appetite and choose which types of financial vehicles (e.g. dividend-bearing Exchange Traded Funds (ETFs), mutual funds, bonds, et al) to prioritize. 
3. Oversight: The Treasurer and Finance Committee will review the performance of the investments every quarter. They will partner with the brokerage fund’s account management team for advice and to balance the risk in the investment portfolio.

XII. Risk Management

1. Insurance: The organization will maintain insurance and bonding for key Board members and staff, including the Executive Director and Treasurer, per the bylaws. The Executive Director will be directly responsible for these activities within one month of a person’s official start date in one of these roles. The board may decide to apply bonding to another role (e.g. the President of the Board). The Executive Director will update the insurance and bonding instructions with the current insurance agency within one month after the Board’s decision.

XIII. Compliance

1. Regulatory Compliance: The organization will defer to bookkeeping and accounting professionals to ensure that all GAAP and other IRS policies are followed for all transactions. Members will not be allowed to make financial decisions on behalf of the organization without the approval of the Treasurer and other Board members and staff based on the spending limits in the Addendums.
2. Donor Restrictions: Gifts made with instructions in writing from the donor will be considered donor-restricted gifts. The organization will make every effort to respect the donor’s instructions. Should the organization not be able to meet the instructions, the Executive Director, Treasurer, or other Board member will communicate with the donor to either return the gift or ask for revisions (in writing) to the instructions. The Board will publish a separate policy for Donor Restricted Gifts and their management.
   
   The organization may make options available via the online bookstore or other means for members to make a donation for a specific expense item, program, or general operating purposes. The organization will treat these as donor-restricted gifts insofar as making every attempt to utilize those funds for the specific purpose laid out in the bookstore. These instructions, however, will be considered only as narrow as the description provided to the donor and generally will have the latitude to be used for any expense within the given program.²

XIV. Review and Revision

1. Policy Review: This policy will be reviewed and if needed, updated, annually in Oct.
2. Revisions: Any proposed revisions will be reviewed by the Treasurer and/or Finance Committee. If approved, they will then be reviewed by the Board for final approval.

Addendums

1. Monthly Reporting: The Accountant, Executive Director, and Treasurer will agree on a date to produce reports after the monthly accounting is completed. The Treasurer (or the Executive Director if the Treasurer is not available) will produce the following reports for the closed month:
   1. Statement of Financial Position: current state of accounts for the organization
   2. Statement of Financial Activity: the expenses and income for the period
   3. Budget vs. Actuals Report: highlighting key areas of deviation from the budget, either income or expense
   4. Brokerage Statements for investment accounts and the Reed Trust 

To prepare for the monthly board meeting, the reports will be saved in a Google Drive folder structure that houses financial statements. The Treasurer will prepare a summary describing key notes for the month and post it to the folder with the statements.  The Treasurer will share the link with the Secretary to include into the meeting minutes. The Treasurer will deliver that report at the board meeting. 

The Treasurer will have the option to not display the monthly reports during the board meeting, instead referring board members to view them independently. 

2. Quarterly Reporting: The Treasurer will produce the same reports as described above in “Monthly Reporting” for the previous fiscal quarter the month after the quarter ends (e.g. Q2 ends on June 30. The Q2 reports will be created in July in preparation for the July board meeting). 
3. Monthly reports will be deposited to the Google Drive folder described above and Quarterly versions of the reports will be deposited into the same or a similar folder for Quarterly Reports.  The Treasurer will display the quarterly reports and deliver a comprehensive review of them with the board during the next board meeting.

Investment Strategy

Drafted on: Oct 27, 2024 | Adopted on: Dec 8, 2024

Purpose:
This Investment Management Policy provides guidelines for managing and monitoring investments held by Esperanto-USA to ensure that they align with the organization’s mission, risk tolerance, and financial goals. This addendum is designed to safeguard assets, generate income for operational sustainability, and promote transparency.

I. Types of Assets

1. Permissible Investments: The organization may invest in the following asset types:
   1. Equities (Stocks): Publicly traded stocks from reputable companies.
   2. Fixed Income Securities (Bonds): Government and corporate bonds rated investment grade or higher.
   3. Mutual Funds & ETFs: Diversified funds focusing on growth, income, or balanced strategies.
   4. Cash & Cash Equivalents: Certificates of deposit, money market accounts, and short-term treasury bills for liquidity needs.
2. Prohibited Investments: The organization will not invest in high-risk speculative assets, such as derivatives, options, penny stocks, or cryptocurrencies.
3. Investment Diversification: To manage risk, investments shall be diversified across asset classes and sectors. No single security should comprise more than 10% of the organization’s portfolio, except in the case of mutual funds or ETFs, which inherently offer diversification.
4. Risk Tolerance: The investment strategy should align with a moderate risk tolerance, focusing on growth and income to support long-term objectives.
   1. A moderate risk tolerance will be defined as a portfolio with the following mix of asset classes:
      1. Equity: 40% +/- 10% 
      2. Fixed Income: 55% +/- 10%
      3. Cash: 5-10% 

II. Documentation of Unrealized Gains and Losses

1. Recording Unrealized Gains and Losses: Unrealized gains and losses on investments shall be documented in the general ledger at the end of each fiscal quarter. These gains and losses will be recorded under a designated “Unrealized Gains/Losses” account in the equity section to avoid affecting operating income.
   
   At the end of the fiscal year, the cumulative unrealized gains/losses will be reviewed and adjusted as needed to reflect market values as per generally accepted accounting principles (GAAP).
2. Financial Reporting: Unrealized gains and losses will be disclosed in quarterly and annual financial reports to the Board, ensuring transparency in portfolio performance and market fluctuations.

III. Dividend and Interest Income Handling

1. Dividends: Dividends by default will be reinvested back into the asset from which they were earned.  Not all assets allow for automatic reinvestment of dividends.  Where dividends are not reinvested, or should the Finance Committee decide not to reinvest dividends from an asset, they will be recorded as income in the month that they are received. 
   
   If the dividend is generated from endowment funds, the dividend will be attributed to the program(s) that the endowment supports. If the dividend is generated from general operating funds, the dividend will be attributed to the general operating account. If it is impossible to determine from which kind of fund the dividend has come, the total will be split according to the organization’s methodology for investment income recognition.
2. Interest Income: Interest income from fixed-income securities or cash equivalents shall be recorded as income in the general ledger. Unless the fixed-income security or cash equivalent is the result of a restricted donation, this income will be attributed to the general operating account of the organization unless the Finance Committee decides to invest it in some manner. Otherwise it will be used per the instructions in the restriction.

IV. Monitoring and Review of Investments

1. Quarterly Review: The brokerage fund managers at the brokerage firm³ will monitor and review performance quarterly with the Treasurer and Finance Committee. They will assess performance of the assets, compliance with policy guidelines, and propose rebalancing of asset classes as needed. Performance benchmarks, including comparisons to relevant indices, will be reviewed to ensure that investments are meeting expected returns within acceptable risk limits.
2. Reporting to the Board: The Treasurer shall provide quarterly and annual updates to the Board, including performance summaries, unrealized and realized gains/losses, and any proposed changes to the investment strategy.

V. Handling Assets that Mature or are Delisted

1. Assets such as Certificates of Deposit or Bonds that mature will be automatically moved to the high-interest savings vehicle at the brokerage firm. This vehicle is typically a fund-managed money market account. 
2. Depending on the organization’s needs, matured assets may be liquidated and transferred to the organization’s savings account to pay for approved expenses or programs. 
3. If a company is de-listed for any reason resulting in funds becoming available, the brokerage firm will notify the Finance Committee and consult on whether the funds should be held in savings or reinvested according to the asset mix in Section I.4. This will trigger a rebalancing activity by the brokerage fund managers. The managers will propose how to rebalance the account to the Finance Committee who will review and approve or ask for changes. 

VI. Responsible Investing

1. The Finance Committee will review the assets selected by the brokerage fund managers during the quarterly review.  In the event that the Finance Committee, or another board member, objects to a particular investment due to ethical or business practice concerns, the Finance Committee will review public information about the firm in question and decide whether that asset aligns with the organization’s values.  If the Finance Committee agrees that the asset should be removed, they will request to the brokerage fund managers to remove it and not to invest in said company until further notice. 
2. Per our bylaws, Esperanto-USA seeks to spread the use of Esperanto in order to advance “friendly relations among all the peoples of the world”. Further, through our membership in the Universal Esperanto Association, we support the Sustainable Development Goals of the United Nations. Therefore, to the extent feasible, we will seek to avoid investments which contribute to or profit from conflict or ecologically unsustainable development, and we will give preference to investments which are aligned with our values.

VII. Policy Compliance and Amendments

1. Compliance and Accountability: Further, the Board of Directors will receive monthly and quarterly reports from the brokerage accounts and will also be responsible and empowered to address any questions to the Finance Committee or to the full Board at any time. 
   
   Adherence to this Investment Policy will be monitored by the Treasurer and the Finance Committee during the quarterly reviews with the brokerage firm. Non-compliance with the policy or any questionable investment activity must be reported to the Board and the brokerage firm immediately. 
2. Amendments to the Policy: This policy addendum shall be reviewed annually and updated as necessary. Any amendments require approval by a majority of the Board.

Footnotes:

1. Generally Accepted Accounting Principles – standard methodologies within the United States for bookkeeping and financial management ↩︎
2. Ex: a donor can give very specific purpose and time restrictions in a written form when making a donor restricted gift. However on the bookstore or other donation webpage, the organization may indicate that donations to this item will be used for educational purposes. Such a broad terminology gives the Board latitude to use those donations for any educational purpose as determined by the Board or the education Program Manager. No additional communication with the donor in this case is required nor will be performed by the Board. ↩︎
3. As of the current version of this policy, Morgan Stanley is the brokerage company ↩︎

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Summary

It is important for members of Esperanto-USA’s board of directors to be present at the annual convention (‘Kongreso’), and to not have an undue financial burden placed on them by their attendance. 

This policy will determine the reimbursement policy for travel to Esperanto-USA’s annual convention for members of the board. This shall be effective starting for the 2024 annual convention and remain effective until amended.

If any board members have questions about this policy or whether something might be covered by it, they should ask the President and/or Treasurer.

If any board member prefers not to be reimbursed, or to receive only partial reimbursement (for example, to be reimbursed for travel but not for convention fees or housing costs), they can communicate this to the President, Treasurer, or Director of the Central Office. 

All costs are expected to be justified with receipts.

Convention Fees

For each board member, convention registration fees should be transferred from the general fund to the convention budget equivalent to the lowest rate which was available to members. Board members should not be expected to pay their own convention registration fees. 

(Example: If the lowest convention fee available to members is $160, and ten board members attend, then $1600 will be transferred from the general fund to the convention budget.)

Lodging

If the Convention has an officially arranged lodging program, board members will be eligible to register for the most economical option that provides a private room, and have this be paid for from the general fund. If they choose another option, they will be eligible for reimbursement up to the equivalent amount. If the Convention does not have an officially arranged lodging program, board members will be eligible for reimbursement for up to $150 per night, for up to three nights.

(Example: If the Convention has arranged housing where a private room will cost $275 for three nights, but an individual covered under this policy chooses an option which costs $300, they will be eligible for reimbursement of only $275; if they choose an option which costs $250, they will only be eligible for reimbursement of $250.)

Travel costs

Board members are eligible for reimbursement of travel costs up to $500. This can be used to cover air, rail, or bus travel, a rental car as well as the cost of gas or electricity, or the cost of gas or electricity for a personal vehicle. If needed, an individual covered under this policy can request that the Central Office purchase a ticket for them. (Example: If a plane ticket costs $450, it can be reimbursed for $450; if it costs $550, it will only be reimbursed for $500.)

If a board member is not able to find travel options for under $500, and their portion of the travel expense would place a financial burden on them, they should discuss this with the President and/or Treasurer, who are authorized to increase this limit in individual cases.

Food

If there is an officially arranged food program as part of the Convention, the cost for this shall be transferred from the general fund to the convention budget for each board member who will be attending. (Example: If food is available during the Convention for $80, and ten board members attend, $800 will be transferred from the general fund to the Convention budget.)

If there is no officially arranged food program, board members will be eligible for reimbursement of up to $50 per day of the Convention for food.

Board members will be eligible for reimbursement of up to $100 total for food purchased during their travel to and from the Convention.

Alcoholic beverages will not be reimbursed.

Unexpected circumstances

If there is a circumstance which arises which leads to some reasonable expense not covered by this policy, this should be brought up to the President and/or Treasurer, ahead of time if possible, who will consult and decide whether it will be treated as a reimbursable expense.

Shared costs

If a board member is traveling with another individual to the Convention, any shared costs will still be reimbursed up to the limits listed above. The board member should not ask for the other individual to pay them for any costs for which they expect to be reimbursed. 
(Example: a board member and another individual travel to the Convention together. They drive a personal vehicle and spend a total of $120 on gas or electricity, which they request reimbursement for. They share a hotel room at a total cost of $400, and request reimbursement of $275. They should not ask the other individual to pay for any part of the gas, and not more than $125 of the shared hotel room.)

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