Bylaws Amendment Proposed budget

Changes

Offices

Treasurer

The Treasurer is responsible for monitoring all financial assets of LVL1. This includes but is not restricted to accounting, the collection of membership dues from members, the payment of rent and utilities for any space leased by LVL1, the disbursement, and reimbursement of funds authorized to be spent under the procedures detailed in these bylaws.

Removed  The Treasurer may approve reimbursements under $100 towards purchases that contribute to the maintenance, upkeep, supplies, repair, equipment needs or enhancement of LVL1. These reimbursements will be limited to the monthly available surplus or $500, whichever is smaller.

Finances

Yearly Budget

Volunteer Budget committee

1. The Treasurer chairs the committee but is not required to run the meetings.
2. The budget must be submitted to the membership by Nov 30th for comment and adjustment.
3. The first budget will be submitted with the following bylaw amendments.

Conditions

The following conditions must me be met for the budget to be accepted or amended:

1. The membership approves the budget at the annual January election with a quorum vote.
2. There are 3 budget options up for a vote in January:
   1. The new committee budget.
   2. The prior year's budget.
   3. No budget (Reversion to the FAP and Allowance Process).
3. The budget can be amended or removed at any time with a quorum vote.
4. The budget must contain the minimum number of members LVL1 must maintain for the budget to remain viable. If membership drops below this number for 3 consecutive months then the budget is voided and LVL1 reverts to the FAP and Allowance Process.
5. The budget must contain the Minimum Operating Expenses, defined as the sum of:
   1. Rent
   2. Insurance
   3. Utilities - including but not limited to Gas, Electric, Water, Sanitation, and Internet

Authorization

Any Officer or Director may authorize reimbursement or payment for an expense defined in the budget after the Treasurer verifies availability of the funds.

Emergency Fund

Funds from the Emergency Fund may be authorized to be spent with a majority vote of the Board of Directors for the following reasons:

1. Deductibles for insurance.
2. Major facility repairs that allow the facility to operate or remain open.
3. Loss of membership below Minimum Operating Expenses.
4. Getting the facility up to code to operate or remain open.
5. Legal services.

Allowance Process

The Treasurer may approve reimbursements under $100 towards purchases that contribute to the maintenance, upkeep, supplies, repair, equipment needs or enhancement of LVL1. These reimbursements will be limited to the previous months available surplus or $500, whichever is smaller.