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Rotary Code of Policies 428 January 2013 67.050. Capital Expenditures Note: The Board regularly reviews and amends, where necessary, the “RI Policy on Financing Capital Expenditures and Projects,” which is as follows: A. Purpose The purpose of this policy is to identify those circumstances under which financing capital projects or equipment with debt or through capital leases is appropriate. The policy also establishes limits for the level of permitted indebtedness and capital leases and stipulates the approvals required to incur debt or enter into a capital lease. B. Scope This policy applies to the financing of Rotary International's capital expenditures and projects. C. Policy 1. The incurrence of debt will be considered under the following circumstances: a) If spending available cash on capital project(s) will impede the organization's ability to attain or maintain RI's general surplus reserve policy, and b) The project being financed is expected to generate incremental income in future years that can be used to offset future debt payments. 2. The entering into a capital lease will be considered under the following circumstances: a) The equipment being acquired is of a nature that technological advances will make the equipment obsolete over relatively short periods of time, and b) The effective lease rate is less than the expected rate of return on investments over the term of the lease. 3. The amount of permitted debt plus capital leases is subject to the following: a) Total debt and capital leases shall not exceed 15% of RI's fund balance. b) Income available for debt service should be equal to or greater than two times the annual debt service (principle and interest) and lease payments. Income available for debt service equals revenues less adjusted operating expenses. Adjusted operating expense equals operating expenses less depreciation, amortization, interest expense, and any extraordinary items. D. Authority The Board must approve any incurrence of debt. The general secretary may approve capital leases in amounts not to exceed $100,000 in any fiscal year. Amounts in excess of $100,000 in any fiscal year must be approved by the Board. (June 2008 Mtg., Bd. Dec. 290) Source: June 1996 Mtg., Bd. Dec. 341; Amended by June 2008 Mtg., Bd. Dec. 290
Rotary Code of Policies 429 January 2013 67.050.1. Threshold for Capital Items The general secretary is authorized, after prior consultation with the treasurer or the chair of the RI Finance Committee, to adjust the capitalization threshold as appropriate. (June 2007 Mtg., Bd. Dec. 315) Source: June 2007 Mtg., Bd. Dec. 315 Cross References 29.010.3. Expenses of Advance Committee Meetings 30.050.3. Liaison Directors’ Expenses 30.110. Committee Finances 40.030. New Structured Programs
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CHAPTER I

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