Return to Table of Contents

167
process. Insist that private vendors, who may assist you with a fundraiser, carry appropriate insurance coverage.
5. Raffles, Lotteries, & Games of Chance
Raffles and lotteries are subject to State law, local installation policy, and AR 600-29.
6. Money Accountability
Money raised by SFRGs must be guarded carefully. The fund custodian and the alternate custodian are responsible for maintaining, accounting for, and documenting expenditures. This does not mean that only one signature is required to spend money, however. Custodians of
SFRG money are liable to the SFRG if they lose it. The custodian should open a noninterest- bearing checking account (interest-bearing accounts maybe liable for local, State, or Federal taxes, and responsible to file tax returns. Although SFRGs may qualify for exemption from Federal income tax, pursuant to Section 501 of the Internal Revenue Code, the savings to be achieved may not equal the time and effort required to obtain an exemption.
The informal fund custodian will provide informal fund reports to the unit commander monthly and as requested. An annual report on the SFRG informal fund activity will be provided to the first colonel (O) commander or designee in the unit’s chain of command no later than 30 days after the end of the calendar year. Reports are also required when a change of command or change of custodian occurs. Detailed records should be maintained on how money is raised and how it is spent. The SFRG membership should make spending decisions. The
SFRG membership should determine the amount of money the SFRG leadership may spend without consulting the entire membership. Commanders must review SFRG financial records annually in accordance with local installation policy. Fidelity bonding should be purchased by an organization for members or employees handling monthly cash flows exceeding $500 (bonding will equal the normal maximum amount of cash handled.)

Download 4.49 Mb.

Share with your friends: