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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 maintained.