I have had different advice – but can you advise where the cost of insurance should be allocated. Is it to be paid out of the Club account or out of projects. My view is that all insurance costs are a result of the club undertaking projects/ fund-raising or to insure assets that are used for projects or fund-raising.
Can you please advise
One Response
Hello Gail
I have had some further discussions about your Insurance question. Unfortunately I am unable to access what I sent to you in my earlier email and so I note that this further information in part contradicts my previous advice.
In relation to the suite of policies covered by Insurance, rather than the total amount coming from the projects account it may be more prudent to allocate a percentage of the insurance to the project account and the remainder to the admin account. The ‘rule of thumb’ in relation to admin costs from projects / fundraising is that 10% can be taken from funds raised to go towards admin. There is no specific ‘rule of thumb’ in relation to insurance. Do you incur insurance costs in addition to what the Insurance component covered in your District Dues?
I will put a question to the Regional Council to see whether appropriate guidelines can be developed in relation to this.
Cheers
Jo Schilling
ph 0400404048