Section 6.6: Board Designated fund for Capital Expenditures
I. Purpose and Scope
Capital Expenditures are intended to advance the infrastructure of ASSP both short and long-term to advance the Society’s mission and goals.
Capital Expenditures and depreciation will be accounted for in a board designated fund called the “Capital Fund” which will be funded by a short-term investment vehicle specific for these expenditures.
II. Definitions
A. Technology Needs
- Fund ASSP’s non-operating technology investments, i.e., new software systems and hardware.
- Fund technology improvements and enhancements to existing systems as the business needs change.
B. Facility Needs
- Fund expenditures to maintain the building as needed that are non-operating.
- Fund expenditures
C. Product Development
- Fund development of new education offerings as they arise.
- Fund revisions of educational offerings when they are required by CE expiration or create extensions via modality.
III. Request and Approval Process
The initial requests will be made via the next years’ Capital Expenditures budget, which is reviewed and recommended to the Board of Directors for approval by the Finance Committee, then reviewed and approved by the Board of Directors.
For new requests arising during the year, a business case will be developed, and approval is as follows:
- The Executive Committee is authorized to approve requests of $25,000 or less.
- Requests greater than $25,000, the Vice President, Finance, schedules a meeting with the Finance Committee to review the request and makes a recommendation to the Board of Directors. If approved at the Finance Committee, the Vice President of Finance and CFO request the recommendation be placed on the next meeting of the Board of Directors, or if it is an emergency request a special meeting be set.
IV. Accountability
The CFO, with support of the appropriate staff, updates the Board on the Capital Expenditure status at the scheduled Board meetings during the year.
Approved By | Date: Board of Directors | 3/2025
Next Revision Due: 3/2028