The association maintains nine separate funds in carrying out the policies and practices of the association. Since SLA is incorporated in the United States, the fund accounting and classification standards are determined by the Financial Accounting Standards Board (FASB). The purpose of the FASB standards is to provide a comparable reporting and regulation of all not-for-profit organizations. Funds are classified by FASB as restricted or unrestricted. Restricted funds are those for which there is a specific purpose and/or use. Transfers in and out of restricted funds are limited to the specific purpose or use. In SLA's situation, all fund transfers require approval of the Board of Directors.
Of the nine funds currently in place, the General Fund is the largest and most active. The General Fund includes the activities of the association to develop and deliver the programs and services to the membership: membership development; serial publications; exhibits and advertising; conferences and meetings; professional development; career services; public relations; government relations; fund development; leadership services; research; information resources; financial services; administrative services; and computer services. The current budget of the General Fund exceeds $8 million and is growing consistently each year.
The subsidiary funds are reserve and endowment funds established by the Board of Directors for more specific purposes. There are currently eight subsidiary funds: General Reserve; Information Technologies; Building Reserve; SLA Scholarship; Non-Serial Publications; Special Libraries Association Endowment; Steven I. Goldspiel Memorial Research; and Coplen. The fund purpose statement are detailed below:
General Reserve Fund: Serves to augment regular operating funds so that essential Association activities and financial commitments can be sustained during unanticipated periods of low income or increased expense due to economic, legal, or regulatory problem. The goal of the fund, as set by Board action, is to maintain reserves equal to one year's operating expenses. An annual contribution ($25,000) is made from the General Fund to ensure its growth for future needs.
Information Technologies Fund: Serves as a source of revenue for the purchase of technology, including computer software and hardware; telecommunications equipment; and other critical systems. An annual contribution ($20,000) is made from the General Fund to ensure its growth for future needs.
Building Reserve: Serves as a source of revenue for the unexpected, and not for day-to-day operational expenses. An annual contribution (currently $10,000) is made from the General Fund to ensure its growth for future needs. An amount not to exceed $50,000 may be spent by the Executive Director in the event of an emergency, without prior Board approval. A fund balance cap of $500,000 has been established by the Board of Directors.
SLA Scholarship Fund: Serves to support annual scholarship awards to candidates who qualify for accredited library schools. Total awards of five scholarships at $6,000 each are issued. Scholarships are to be paid from earnings on the principal balance.
Non-Serial Publications (NSP) Fund: Used for developing and producing non-serial publications. It is intended to be a self-sustaining fund based on the sales of the books produced.
SLA Endowment Fund: Serves to provide programs and services which will further the scientific, literary, and educational purposes for which SLA is organized and operated. Such programs and services include publications, research projects, study grants, continuing education programs, public awareness activities, special studies, and information dissemination activities. Grants are made from 90% of the prior year's principal earnings. A substantial endowment was received in 1999 from the estate of a member which has increased the fund balance by more than $400,000.
Steven I. Goldspiel Memorial Research Fund: Serves to support the projects which address the goals as identified in the Association's Research program, as approved by the Board. The principal investment of $75,000 made by Disclosure, Inc. and any subsequent contributions shall remain intact.
Coplen Fund: Serves as a source of revenue for the Ron Coplen Leadership Address at the Winter Education Conference or other appropriate meeting. The prior year's interest on principal earnings only shall be expended.
In the General Fund, several programs and activities typically realize a net income at the end of the fiscal year: membership development, conferences and meetings, professional development; fund development, and investments. These revenue-producers fund the remaining programs and services (serial publications, career services, public relations, government relations, research, and information resources).
In the subsidiary funds, the main sources of revenue are realized from investment income and contributions. Each member of the association has the opportunity to make tax-deductible contributions to any or all of the funds. This can be accomplished through the annual campaign, the dues renewal, or planned giving. For additional information, please contact SLA's Director, Fund Development at 1-202-939-3631 or elizabeth@sla.org.
Audited financial statements of each specific fund are prepared annually by an independent accounting firm as approved by the Board of Directors.
For more information, contact Richard Wallace, SLA Treasurer rewallace@aestaley.com.
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