Rilke Schule Verein Accounting Policies

(Updated 7/2010)

These are the policies for allocating and distributing funds for the Verein. Policies are the "why" and "what", not the "how". Policies must be approved by the Verein Board of Directors

A General Account has been established. Money in the General Account is used to finance morale and social events throughout the year, purchase products for the school store, purchase start-up materials for school/RSV fundraisers or purchase any item requested by the school or the Academic Policy Committee that is not financed completely by another means.

A Permanent Fund Account has been established. Money in the Permanent Fund Account will be used for the specific purpose of providing investment and growth in the Rilke Schule Verein Corporate entity, the Rilke Schule German School of Arts & Sciences and our children. The interest earned by the Permanent Fund Account will be considered income and be transferred to the General Account. Possible usage of money from the Permanent Fund Account will be discussed on an annual basis.

Projects and workgroups must have a budget submitted to the Verein Board of Directors before any reimbursements are made. Please see Procedures to Request Funds for specific guidelines and forms.

All projects or purchases requiring payment over $250 (check or cash equivalent) require approval by at least the Treasurer and one other Director (member of the board). Projects or purchases requiring payment over $500 will require an official vote by the Board of Directors.

All receipts must be provided to the treasurer for all expenditures and check requests. Reimbursement will not normally be made without receipts. Reimbursement without receipts can be made with written approval of three Directors. Requests must be submitted within 1 month of purchase.

The Board of Directors reserves the right to charge fees for the convenience of using a credit card for purchases (such as Logo Shop) or fees (such as Homework Club). These convenience fees will be clearly posted and/or communicated in announcements for events.

Fundraisers for a specific project or purchase will have proceeds distributed as follows: 10% of the proceeds given to the RSV Permanent Fund Account, 10% given to the General Account and the remaining 80% will go directly to the project or purchase for which the funds were raised.

Fundraisers to earn money for the Permanent Fund Account will have 100% of the proceeds given to the RSV Foundation Fund/Account.

Fundraisers without a specific project or purchase designated will have proceeds distributed as follows: 10% given to the RSV Permanent Fund Account and the remaining 90% will go to the RSV General Account.