Reserve Fund Policy - Building & Support Fund
Approved Date: -- 14th, April 2003
The primary purpose of the Building & Support Fund shall be for the funding of an OV Branch office and the current and future support of that office. This fund is for start up costs, equipment replacement costs, equipment upgrade costs, and other expenses that are unpredicted and not budgeted.
A change in the level of the fund shall be as determined by the OV Board on an annual basis. The fund has been established at the March 13, 2003 at $4000 by the OV Board.
A. Start Up
Start up costs shall be defined as the initial cost of equipment and other items necessary for the function and operation of a future OV Branch office.
Replacement costs shall be defined as the cost to replace equipment that is vital to the basic function and operation of the office.
Upgrade costs shall be defined as the cost to upgrade equipment that is vital to the basic function and operation of the office.
C. Unpredicted Expenses
Unpredicted expenses shall be defined as costs that were not budgeted for because the OV Branch was unable to predict the activity/purchase during regular budget preparation.
Approved. Signed James L. Piche – President OV Branch