USOF POLICY -- TEAM FUND

 

Purpose: The purpose of the Team Fund is to provide interest-free loans and grants to aid USOF Team members in training and travel in pursuit of excellence in competitive orienteering and to offset competition and operating expenses of the Team as a whole.

Administration: The Team Fund is administered by the USOF U.S. Team Administrator, or his designate. By approving the annual budget for the Team Fund, the USOF Board of Directors empowers the fund administrator to authorize disbursement of monies from the Team Fund up to the amount budgeted for that purpose. The fund administrator has the authority to approve expenses and enter into contracts for grants and loans from the Team Fund. Disbursements from the Team Fund may not at any time exceed the cash balance in the fund. The fund administrator is required to maintain appropriate records and produce budgets and financial statements regarding annual Team Fund activity.

Sources: Sources for support and revenue for the Team Fund are:

  1. Contributions to USOF designated for Team support or activities.
  2. Undesignated contributions to USOF authorized by the USOF Board of Directors to be used for Team support or activities.
  3. Transfers from the USOF Operating Fund authorized by the USOF Board of Directors to be used for Team support or activities.
  4. Fundraising activities on behalf of the U.S. Team.

 

Uses: Monies in the Team Fund may be disbursed as:

  1. Loans or grants to USOF members for travel and training purposes as budgeted and approved by the Team Fund administrator.
  2. Operating expenses of the Team as a whole.
  3. Administrative costs related to the management of the monies in or expenses funded by the Team Fund as budgeted and authorized by the fund administrator.

 

Dissolution: The Team Fund may be dissolved by majority vote of the USOF Board of Directors. Monies remaining in the fund at dissolution must be disbursed or transferred in a manner consistent with the intention of their designation to the Team Fund.

 

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