Know Your Club Constitution, By-Laws and Policies

Q: Are the RCM Board and the RCM Committees authorized to make investments other than those relating to the placement of excess funds on short-term deposits?

A: No, they are not authorized. The following items in the Code of Policies are authoritative:

“3.2.1.6 Investments The RCM Board and RCM Committees are not authorized to make investments other than those relating to placement of excess funds on short-term deposits, most preferably Government Treasury Bills. The Treasurer may from time to time recommend to the RCM Board placement of funds that may arise from inactive current account balances or surplus funds. Investments can only be made in local currency, and should be National Government Securities (Treasury Bills) placed at maturity periods not exceeding ninety days (90) and not to be Foreign Currency denominated. The RCM Treasurer with Approval of RCM Board must note the placement of funds.”

Q: What are the procedures for administration of receipts and sources of funds for Restricted Funds?

A: The Code of Policies provides the following:

“3.2.1 RESTRICTED FUNDS 3.2.1.1 Procedures for Administration of Receipts and Sources of Funds The Chairman of a specific RCM Project Committee may formally request the RCM Treasury to establish a restricted bank account. The Chairman of a specific RCM Project Committee may with approval of the President and concurred to by the RCM Board, decide to source funds from fund raising activities himself or may formally request the assistance of the RCM Ways and Means Committee to assist his committee to develop strategy for fund raising projects and actively seek donations for his committee/project. Project Committees operating sustaining projects must use existing bank accounts established for their respective committee projects. The opening of multiple bank accounts for similar projects will not be permitted.”