SIG Special Projects Fund Guidelines
The SIG Project & Reserve Fund was established by the Board of Directors to assist SIGs that want to undertake worthwhile projects but lack sufficient funds. It also exists as an emergency or loan fund for SIGs that run into financial difficulties. The Fund is administered by the SIG Cabinet Steering Committee. The SIG Cabinet Director regularly reports to the Board of Directors and the SIG Cabinet on each use of the Fund.
Requests for funds from the SIG Project Fund must be submitted by May 1st for the succeeding Fiscal Year (July-June).
Types of Requests
There are five general types of requests which can be made.
- Loans as front end money to be paid back at the completion of a money- making project.
- Cost-sharing projects between the SIG and the Fund.
- Direct Grants from the Fund for special projects with high technical merit.
- Emergency loans to SIGs which run into financial difficulties as a result of annual operations.
- Emergency grants to SIGs which run into financial difficulties. (In only special cases will money be given as a direct grant not requiring repayment.)
Any SIG wishing to apply for a loan or grant from the Fund may submit a written request
to the SIG Cabinet Director at any time, but at least 90 days before the money is to be used. The request must be signed by the SIG Chair and must also contain a statement indicating that the SIG Treasurer has reviewed and approved the proposal. A request must contain the following specific items:
- SIG(s) making request.
- Purpose, amount requested, type of request, and description of the project for which funds will be used.
- The SIG's resources that will be used to complete the project, e.g. technical experts, management capabilities, other sources of additional funds.
- If it is a loan, the proposed terms of repayment.
- Financial Statement from the SIG including latest treasury balance, and expected itemized expenses for the remainder of the fiscal year.
- Any special circumstances or considerations to the request.
All applications for the upcoming Fiscal Year (July-June) must be submitted by May 1st of the preceding Fiscal Year.
Upon receipt of the request, the Cabinet Director will forward copies to the Cabinet Steering Committee with any appropriate comments or recommendations. The Cabinet Steering Committee will either approve or disapprove the request by a majority vote with the Director only voting to break a tie.
Criteria for Approval
The Steering Committee will use the following considerations in making a decision.
- Is the project technically valuable?
- Does the SIG have the resources to bring it to successful completion?
- How much money is in the Project and Reserve Fund?
- Is the amount requested reasonable for the Fund to handle and is it reasonable for the value of the project?
- The special considerations submitted in the SIG request.
Special Emergency Allocations
Under special circumstances, the SIG Cabinet Director will have discretionary authority to make emergency allocations of up to $200. These may either be in the form of a grant or loan.
- For those SIGs receiving allocations, the Chair of the SIG is required to submit a financial report at the end of each fiscal year indicating how much has been spent for what purposes and how much remains to be spent in the next fiscal year. The money remaining must be earmarked for special purpose in order not to be handled as end-of-the-year money in the SIG treasury.
- The Cabinet Director will submit to the Cabinet a written report of all Project and Reserve Fund allocations since the previous report at each SIG Cabinet Meeting (i.e., at Annual).
- A copy of the written report will also be submitted to the Board for information purposes.
The SIG Project and Reserve Fund will not be used to compensate ASIS&T members for
- Travel expenses unless they are an intrinsic part of an approved SIG project and are specifically outlined in the original request.
- Expenses incurred at an ASIS&T national or regional meeting unless they are part of an approved project
- Expenses for breakfast, lunch and dinner meetings.
- Honoraria to speakers at an ASIS&T national or regional meeting unless they are part of an approved project
- Professional time spent on a project.
These procedures supersede all other policies regarding the SIG Project and Reserve Fund.