In mid-2020, the board had a detailed discussion around budget, expenses, and our financial reserve goals. The statement below was adopted on August 8, 2020 as the expense policy. This statement formalizes the defacto policy that had already been in place for several years.

• Pre-approved yearly expenses are tracked as part of the budget. The treasurer may approve use of funds for recurring expenses and planned yearly expenses up to the limit set in the budget as approved by the board of directors. Unexpected expenses shall be approved by a vote of the board.

See also: HcoopBudget and FinancialReservePolicy.