Reserves

Our policy is to hold reserves equal to two years' operating expenses. These funds are kept in an interest-bearing account. From time to time, reserve balances modestly exceed the two-year expense target. in recent years, the Board of Directors has voted to transfer some of these "excess reserves" to the grants pool or to the Member Sponsorship Fund.

Professional Practices

• We have no employees, but two part-time paid contractors support our volunteer board: an administrator who manages membership records and assists in member communications, and a bookkeeper who assists the Treasurer in monitoring accounts and record-keeping.
• Our IRS Form 990, required annually in lieu of a tax return, is prepared for the Treasurer by a CPA and reviewed by the Board of Directors.
• Whenever possible, we pay bills and expenses via ACH electronic bank transfer, the lowest-cost and safest payment method.
• Expense reimbursement requires a claim form and supporting receipts.
• We manage our finances on a calendar-year basis. An annual operating budget is approved by the Board of Directors each December. We estimate worst-case scenarios for revenue and spending, and keep expenses to a minimum with the help of nonprofit discounts and in-kind donations. Any net income we earn is added to our reserves (see above).

For questions, contact treasurer at treasurer@impact100sonoma.org

Learn more here:

• Our annual 990 form, required by the IRS for nonprofits
• IRS Tax-Exemption Letter 10/23/09
• Our Articles of Incorporation
• Consider joining the Financial Review Committee that assesses the fiscal health of grant applicants.