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FINANCIAL POLICIES

  • All withdrawal transactions on all accounts require two (2) signatures.
  • At the end of each fiscal year any surplus House & Grounds expense budget not spent that year will be transferred to the Replacement Reserve. (H&G 12/00)
  • At the end of each fiscal year any surplus expense budget (other than H & G) not spent that year will be transferred to the Operating Reserve until it reaches 25% of the annual income.
  • Any accounts (bank, investment, etc....) EBHC chooses to deposit money in to must be FDIC insured for at least a $100,000.
  • EBHC may invest no more than 15% of its cash assets in a variable rate investment balanced fund with an A rating or better, and which has no more than 50% of its holdings in the stock market.
  • Any funds in the excess of a $1,000 that will not need to be accessed for 61 days or more may be invested in a 60 day or less CD at the same institution that the funds are currently held in. The purpose being to earn a higher rate of return as well as ensure that at maturity of the CD the money can be placed back in its original account.
  • Any funds in the excess of a $1,000 that will not need to be accessed for 91 days or more may be invested in a 90 day or less CD at the same institution that the funds are currently held in. The purpose being to earn a higher rate of return as well as ensure that at maturity of the CD the money can be placed back in its original account.
  • Any funds in the excess of a $1,000 that will not need to be accessed for 6 months and 1 day or more may be invested in a 6 month or less CD at the same institution that the funds are currently held in. The purpose being to earn a higher rate of return as well as ensure that at maturity of the CD the money can be placed back in its original account.
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