Livery Round Table
43-23 35th Street
Long Island City, NY 11101
THE LIVERY ROUND TABLE
Budget & Expense Guidelines
THE LIVERY ROUND TABLE is a voluntary membership trade organization whose main concern is for the benefit of its members. The best interest of the membership at large will be the governing consideration for all financial transactions. Any and all expenses must be evaluated to ensure that the membership is likely to receive benefits proportional to the expense.
General Administrative/Office Expenses
Supplies should be quality items in order that THE LIVERY ROUND TABLE always looks uniform, professional, and present a favorable image. The best price possible should be sought for the purchase of these items.
Durable & Property Items
Such items should not be expensive but sufficient to perform their functions for the normal or anticipated life of the item. The best price possible should be sought for the purchase of these items.
Two or more independent and “arms length” price quotes must be obtained for any item or service costing more than that $500.00, excluding shipping, handling and taxes.
Three or more independent and “arms length” price quotes must be obtained for any item or service costing more than that $1,000.00, delivered. Expenditures of more than $3,000 require the approval of a majority of the Board of Directors.
Expenditures for food should be kept within reason and only for purposes that have a direct bearing on THE LIVERY ROUND TABLE activities or areas of interest. Expenditures for non-members’ food (including member employees, significant others, etc.) may only be made if there is a direct benefit to THE LIVERY ROUND TABLE, or if approved, in advance, by a majority of the Board of Directors.
Legal liability often attaches to the service of, or payment for, alcoholic beverages, therefore, THE LIVERY ROUND TABLE will not pay for the purchase of any alcoholic beverages unless a an exception is approved by a majority of the Officers and Board of Directors.
The Board of Directors should limit any business meeting with other organizations, prospect members or vendors to normal business hours and in traditional business environments. Luncheons and dinners must be kept to the minimum unless they are formal meetings called for and paid by the other party. THE LIVERY ROUND TABLE must limit such functions that it pays for, and do so only upon approval of a majority of the Board of Directors.
Board of Directors and Committees are authorized travel expenses using the IRS published rules/guidelines current at the time of travel. Such expenses should be kept to the minimum required to accomplish the travel at economy or standard rates. Premium rates are only to be incurred in the most extenuating circumstances and then only with the advance approval of a majority of the Board of Directors.
When functions, membership or Board of Director meetings are conducted, the venue and costs must be carefully considered and reasonable rates and costs considered. It is THE LIVERY ROUND TABLE’s goal that each function be self sufficient as to costs and that THE LIVERY ROUND TABLE control the number of invited (non-paying) guests. Each function should have sponsors and/or some fund raising operation dedicated to it.
Fund raising programs must be developed and implemented during each fiscal year. The goal of fund raising is to maximize the amount raised and the percentage of return to THE LIVERY ROUND TABLE as allowed by law and Treasury Department regulations.
Whenever possible, THE LIVERY ROUND TABLE will consider working with other organizations to minimize expenses such as professional fees, meeting expenses or sponsorships.
Where joint interest or programs are possible THE LIVERY ROUND TABLE will closely monitor expenses and take an active part in all management and financial decisions.
The Membership Committee will be responsible for developing membership programs and submit its budget needs for Board of Directors approval.
Those committees, that require funding, must submit an anticipated expense budget for approval by the Board of Directors.
Charitable Functions and Benefits
THE LIVERY ROUND TABLE may select 1-2 charitable organizations for charitable donations, but only the money raised from specific charitable fund raising activities shall be used.
PAC – Political Action Committee
If THE LIVERY ROUND TABLE develops political activities, it will adhere to all the appropriate Federal, State and Municipal guidelines. A separate committee, PAC or SSF with a separate bank account and controls will be established as may be required by law.
Dinner Parties & Journals
It is important to attend other associations and political type dinner parties but the number of events and participants must be considered. When plans or reservations are made, they will be restricted to two (2) tickets. If it is felt that more than two (2) tickets are needed, the Board of Directors may increase the amount authorized.
It is recognized that journal advertisements are often solicited. The Board of Directors are to be consulted and must approve the cost/size and advertising copy submitted.