Fund Distribution
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In non-profit corporations' fund usage, it is the recommended practice for a 65%/35% ratio to exist comparing "programs" to G&A and fundraising. Golden Key's ratio for 2008 was 84/16, in 2009 88/12, in 2010 85/12 and in 2011 86/14; thus the Society is currently utilizing its funds in a way that is well above and beyond the "recommended practice." Golden Key publishes its annual reports every year in August and makes them available online. In addition, Golden Key is a certified member of the Association of College Honor Societies. ACHS is the nation's only certifying agency for college/university honor societies. Golden Key is one of 63 organizations that have met the high standards of ACHS.
Questions were asked over a decade ago about the amount of money spent on giving out scholarships. Articles in the University of British Columbia student newspaper the Ubyssey claimed to have examined the society's finances and scholarship practices. The Ubyssey noted that in 1997 salaries, management and general expenses totaled almost 47 percent of the total expenditures. The old information printed in the Ubyssey is outdated and not the practice of the Society today. The society is continually increasing their scholarship offerings and currently awards over $1,000,000 annually in scholarships and awards. All recent financials since 2008 have been made publicly available on their website and are audited by third party auditors. Golden Key has an A+ rating with the Better Business Bureau.
Each local chapter receives funding from Golden Key headquarters and may use this money as they see fit to run various events and community service projects. A variable amount (minimum $100) of additional funds are allocated for in-house chapter cash scholarships. The amount given for these local scholarships is based on the number of members inducted, which is then distributed by the local chapter in accordance with their determined criteria. Some criteria may include active participation in chapter service projects and meeting attendance. Most chapters divide their available chapter scholarships into three awards: one each for Sophomore, Junior and Senior students.
Read more about this topic: Golden Key International Honour Society
Famous quotes containing the words fund and/or distribution:
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)
“The question for the country now is how to secure a more equal distribution of property among the people. There can be no republican institutions with vast masses of property permanently in a few hands, and large masses of voters without property.... Let no man get by inheritance, or by will, more than will produce at four per cent interest an income ... of fifteen thousand dollars] per year, or an estate of five hundred thousand dollars.”
—Rutherford Birchard Hayes (1822–1893)