Spending Policy: Difference between revisions

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~~Coming soon~~...

= Spending Policy for Medicine Forward (v.1) =

===== Objective =====

To establish clear guidelines for how Medicine Forward’s funds are allocated, ensuring transparency, fairness, and alignment with organizational priorities.

== Spending Guidelines ==

==== Executive Team Spending Authority ====

* The Executive Team has the authority to spend up to '''$1,000''' on a single expense without consulting other stakeholders.

* Individual Executive Team members can approve expenses up to '''$250''' without additional approval. This includes regular operational costs such as:

** Software subscriptions (e.g., Squarespace, Zoom, Mighty Networks, Acuity Scheduling).

** Administrative tools and services directly supporting Medicine Forward’s operations

==== Project-Specific Funds ====

* Funds raised for specific projects, such as the '''NYC Burnout Symposium Workshop''', will be used to support the goals and needs of that project.

* The primary aim is to maximize impact and ensure fairness in how the funds are used.

* Before completion of the project, project-specific funds should not be redirected to other Medicine Forward initiatives unless they directly contribute to the success of the funded project.

* Any remaining funds or additional contributions may be used for unexpected expenses related to the project or allocated to future projects that align directly with Medicine Forward's mission.

===== Spending Over $1,000 =====

* For expenses exceeding '''$1,000''', a written proposal must be created either by the Executive Team or a designated member.

* The proposal should outline:

** The purpose and justification for the expenditure.

** Expected benefits and alignment with Medicine Forward’s goals.

* This proposal will first be reviewed internally by the Executive Team.

* After internal review, the proposal will be shared with the 501c3 Board for transparency and consultative feedback.

* Final decisions will rest with the Executive Team, incorporating feedback from the relevant stakeholders when possible.

== Transparency & Constraints ==

==== Transparency ====

* Spending will be tracked and available for auditing and creating financial reports. Audits and reports can be requested by anyone on the 501c3 Board.

* The 501c3 Board should be notified of new purchases, especially new recurring subscriptions like Acuity, at the next available team meeting.

==== Constraints ====

* No deficit spending. Verify funds are available and within budget before spending.

== The Advice Process ==

In line with practices from ''Reinventing Organizations'', Medicine Forward will utilize the '''advice process''' for key spending decisions:

* '''Definition''': The advice process is a decision-making approach where individuals or teams seek input from those who will be affected by the decision or who hold expertise in the relevant area before making a final decision.

* '''Application''': When spending decisions require broader consideration (e.g., expenses above '''$1,000''' or complex resource allocation), the Executive Team will consult with both the 501c3 Board and other relevant stakeholders through this process. This ensures that decisions are well-informed and reflective of diverse perspectives.

<u>Last accepted by Traction Team 10/21/24 version 1.0</u>

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-Coming soon...
+= Spending Policy for Medicine Forward (v.1) =
+===== Objective =====
+To establish clear guidelines for how Medicine Forward’s funds are allocated, ensuring transparency, fairness, and alignment with organizational priorities.
+== Spending Guidelines ==
+==== Executive Team Spending Authority ====
+* The Executive Team has the authority to spend up to '''$1,000''' on a single expense without consulting other stakeholders.
+* Individual Executive Team members can approve expenses up to '''$250''' without additional approval. This includes regular operational costs such as:
+** Software subscriptions (e.g., Squarespace, Zoom, Mighty Networks, Acuity Scheduling).
+** Administrative tools and services directly supporting Medicine Forward’s operations
+==== Project-Specific Funds ====
+* Funds raised for specific projects, such as the '''NYC Burnout Symposium Workshop''', will be used to support the goals and needs of that project.
+* The primary aim is to maximize impact and ensure fairness in how the funds are used.
+* Before completion of the project, project-specific funds should not be redirected to other Medicine Forward initiatives unless they directly contribute to the success of the funded project.
+* Any remaining funds or additional contributions may be used for unexpected expenses related to the project or allocated to future projects that align directly with Medicine Forward's mission.
+===== Spending Over $1,000 =====
+* For expenses exceeding '''$1,000''', a written proposal must be created either by the Executive Team or a designated member.
+* The proposal should outline:
+** The purpose and justification for the expenditure.
+** Expected benefits and alignment with Medicine Forward’s goals.
+* This proposal will first be reviewed internally by the Executive Team.
+* After internal review, the proposal will be shared with the 501c3 Board for transparency and consultative feedback.
+* Final decisions will rest with the Executive Team, incorporating feedback from the relevant stakeholders when possible.
+== Transparency & Constraints ==
+==== Transparency ====
+* Spending will be tracked and available for auditing and creating financial reports. Audits and reports can be requested by anyone on the 501c3 Board.
+* The 501c3 Board should be notified of new purchases, especially new recurring subscriptions like Acuity, at the next available team meeting.
+==== Constraints ====
+* No deficit spending. Verify funds are available and within budget before spending.
+== The Advice Process ==
+In line with practices from ''Reinventing Organizations'', Medicine Forward will utilize the '''advice process''' for key spending decisions:
+* '''Definition''': The advice process is a decision-making approach where individuals or teams seek input from those who will be affected by the decision or who hold expertise in the relevant area before making a final decision.
+* '''Application''': When spending decisions require broader consideration (e.g., expenses above '''$1,000''' or complex resource allocation), the Executive Team will consult with both the 501c3 Board and other relevant stakeholders through this process. This ensures that decisions are well-informed and reflective of diverse perspectives.
+<u>Last accepted by Traction Team 10/21/24 version 1.0</u>