2011 Budget Terminology

2011 Budget Explanation

“OLD” Terminology

“Permanently Restricted”

Monies received which the DONOR specifies are for the Endowment Fund. This is not a designation that the OUSA board can ever change or move out of the Endowment Fund.

Restricted Funds. (And this included the board policy to move Life Time membership monies to the Endowment Fund.)

“Temporarily Restricted”

Monies received which the DONOR specifies are for a particular purpose, eg Senior Team. These monies are NOT usable for any other purpose. (Note:The Board cannot “temporarily restrict” monies.”)

(Also this is where we show pledges for future years on the balance sheet (accrual accounting) which are not yet received.)

We track this in the formal accounting, which is not optional. We must do so to comply with IRS/GAAP regulations/terminolgy.

Restricted Funds. (We previously used this term BOTH for unrestricted monies that the USOF board wanted to budget to a specific fund AND donor monies the donor specified for a purpose.)

Note: We did not go back at the end of each year to review which fund did or did not spend its budget.

KEY POINT: Monies NOT spent in a year and “rolled over” to the next did NOT represent “new money raised” for USOF or the fund!

“Unrestricted”

Monies currently held by OUSA that are not specified for a specific purpose, or which are donated this year either for the Operating Fund or not for a specified purpose.

Not used. We used “Operating Fund” and also “Capital campaign for Professional Staff Transition” as terms in prior annual fund appeals.

“Designated”

The board can budget money for a particular area; it can also change that designation up or down, or from year to year.

Not really used.