Approving an Exception to the Investment Policy for FY 99
Resolution of the Board of Directors of the National Association of Criminal Defense Lawyers Approving an Exception to the Investment Policy for FY 99
August 8, 1998
By resolution the Board of Directors previously decided that:
Commencing in fiscal year 1995 all interest and dividend income earned from bank accounts and investments of all types shall remain part of the reserve, and
No part of the interest or dividend income, regardless of how earned, shall be used as current income, and all such funds shall remain within the reserves so that the reserves might be compounded annually.
The Board reaffirms that policy, but recognizing the Association's current financial position, it agrees to an exception for FY99 only. In FY99, interest income earned on the Association's checking account may be applied to current income, as shown in the budget for FY99.