Policy on the Use of Funds in Technical Section Accounts
The mission of the society is the dissemination of technical knowledge rather than generating surplus funds. All funds generated by the technical sections should be used for the overall benefit of the membership and to further the mission of the society. Programs should be self-sufficient and budgeted to break even.
To safeguard SPE’s mission and adhere to its not for profit status, SPE technical sections must not retain unnecessary funds.
If the funds are too substantial in relation to the actual exempted activities, SPE’s tax exempt status could be jeopardized. Income generated from sponsorships must be used for the specific intention stated in the agreement and used within a reasonable timeframe. Earmarking funds indefinitely for a future purpose is prohibited.