Regulation 7.13 Financial Policies
Current Regulation 7.13, approved by the US SAILING Board of Directors, contains the Financial Policies to be used by the Organization. Changes to these policies require Board approval.
(a) Expense Reimbursement. Expenses will be reimbursed if a request for reimbursement is filed within 30 days for staff and 60 days for volunteers. Mileage will be reimbursed at the rate then allowed by the Internal Revenue Service. Food expense for volunteers will be reimbursed at a maximum of $45.00/day unless otherwise approved by the Executive Director. Expense reimbursement for delegates attending international meetings shall be governed by Regulation 7.08. The Executive Director’s expenses must be approved for reimbursement by the Treasurer.
(b) Endowment Funds. Endowment funds shall be established with a minimum of $10,000.
(c) Investment Oversight Committee. The Association’s investment portfolio is to be reviewed by an Investment Oversight Committee comprised of Executive Committee members and other persons appointed by the President. The Investment Oversight Committee is authorized to perform a regular analysis of the Association’s investment portfolio performance and to evaluate and recommend strategic investment objectives to the Executive Committee and the Board of Directors.
(d) Adoption of Not-for-Profit Accounting Protocols. The Finance Department shall apply generally accepted accounting principles and regularly obtain not-for-profit accounting pronouncements. Once reviewed for relevancy, appropriate personnel shall be trained in proper accounting techniques and their application.
(e) Non-cash Donations. Non-cash donations shall recorded at fair value on the date of the gift to comply with Statement of Financial Accounting Standards No. 116, or other then applicable financial accounting standards, as they may be amended from time to time
(f) Property and Equipment. The Association shall comply with Statement of Financial Accounting Standards No. 121, “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of”, as it may be amended from time to time, conduct an annual physical inventory of all property and equipment for comparison with accounting records and write-off of any non-recoverable assets. Fully depreciated assets that cannot be located shall be written off the books. The standard to use as the estimated useful life of the furniture and equipment shall be 7 to 10 years.
(g) Financial Statement Groupings. The Association shall adopt and coordinate internally generated financial statement groupings and audit standards groupings so that they materially correspond and best reflect the Executive Director’s and Boards' desired output.
7.14 OLYMPIC SAILING COMMITTEE FUNDS
The General Board Designated Fund, which originated in the surplus paid to US SAILING after the 1984 Olympic Games, shall be managed for total investment return and protection from loss of value through inflation. The Executive Committee shall have full authority and responsibility to carry out this policy, including the hiring of professional investment managers. Through the US SAILING budget process, the Board of Directors shall transfer to the US SAILING Olympic Sailing Committee operating funds, an amount it chooses (currently $100,000) which it determines not to affect the total investment return. The funds shall be expended solely for the support of Olympic and Olympic Development including associated department and organizational overhead.
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