Accepted: November 12, 2017 


The purpose of the Reserve Policy is to ensure that the Chapter has the financial means to continue to provide critical support to its members in both the short and long-term. Specific objectives of the Policy include sustaining basic operations and core member services during a short-term economic downturn, providing a source of capital to cover unanticipated temporary revenue shortfalls, and creating the ability to fund long-term strategic initiatives. “Reserves” are defined as the sum of unrestricted operating cash, short-term investments including certificates of deposit, and long-term investments, less any liabilities. Reserves shall be measured as of December 31 each year for the purposes of this policy. The target level for reserves is herein set to be an amount equal to 24 months of budgeted expenses. This policy shall be reviewed by the Finance Committee, and Board of Directors at intervals not to exceed two years.

1. Chapter reserves are to be utilized for the following purposes:

  • When required to continue basic operations of the Chapter
  • In a financial crisis
  • To pay for unanticipated legal expenses incurred by the Chapter
  • To cover any uninsured loss of the Chapter
  • When the Chapter is faced with a crisis threatening the stability of the Chapter or the profession of marriage and family therapy in California
  • To pay for mid-long-term capital expenditure, which exceeds the Chapter’s operating fund abilities
  • To be used as venture capital or seed money for new programs or services necessary for organizational growth and for appropriate multi-year programs and services

2. Chapter reserves can only be utilized with the approval of two-thirds (2/3) of the Board of Directors.

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San Fernando Valley Chapter —
California Association of Marriage & Family Therapists (SFV-CAMFT)

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