Article 6: Funds
- Section 3: Operating Expenses
- To cover operating and administration expenses, the Board of Directors of Troubled Times, Inc. will
establish a percentage of all grants received to be set aside to cover such expenses. This percentage will be
no greater than 5% as a general rule, but on a case-by-case basis may be set at a higher percentage by the
Board for a given grant.
- Section 5: Corporate Accounts
- Accounts maintained to monitor grant expenditures will be separate from operating accounts, in accordance
with the Bylaws on funds received as grants.
- Section 9: Petty Cash Accounts
- Petty cash accounts for purchases under $500 may be maintained with Debit/Credit Cards issued by the
official bank of Troubled Times, Inc. or paid by other means such as checks.
- Section 10: Receipts
- Receipts are required for all expenditures, of whatever amount, from Troubled Times, Inc. accounts.
Article 9: Grants
- Section 5: Disbursement
- For each funded proposal, the Treasurer of Troubled Times, Inc. will establish a separate account.
Disbursement from this account can be either as reimbursement for expenses already paid or as prepayment
for anticipated expenses. Both disbursements require receipts. Petty cash accounting will be regularly
forwarded to the Treasurer, who may issue a single check to cover a number of petty cash expenses.
Disbursement checks can be issued singly, for each expense, or may cover a number of expenses. In either
case, itemization must be maintained so that a complete audit trail relating checks and expense items is