Monthly news updates

 

November, 2006

Protecting the Assets of

Clubs and Special Interest

Groups

By Carl Maroney, Special Services Director as

appearing in the November 2006 AMA Insider national

 

One of the advantages afforded a club, chapter, or Special Interest Group (SIG) associated with the Academy of Model Aeronautics is the presence of

various levels of insurance protection.

The major portion of this protection is directed toward liability concerns primarily arising from incidents associated with flying activities. There are, however, other areas of concern that each of these groups should

address, whether they are incorporated, have officers, or written bylaws.

While some clubs, chapters, or SIGs do not maintain large balances in their treasuries, others do. This may

be the result of the creation of a flying site development or acquisition fund, or because of monies which are to be dispersed later for community projects or major

events. The protection of those funds is very important, therefore, the group should consider various operational

and insurance protection procedures.

1. That the checking and/or savings accounts be established in the name of the group.

2. That more than one officer or director’s name be on the account and/or that more than one signature be required on checks written, especially over a specific

dollar amount.

3. That the treasurer be required to provide regular financial reports, preferably at least quarterly.

 

December 8, 2006

Dave Brown  is up and about...he even attended the FAI meeting in Muncie!  His game plan is to continue to get well and then look to have his back surgery which will hopefully occur sometime in the first quarter of 2007.  He still plans on attending the AMA convention in Jan, but is confined to a wheel chair.
 
Mark