And this is relevant as well - passing along a communication from Susan Mythen:
Dear Round Table leaders,
At its October 2024 meeting, the ALA Executive Board adopted three measures related to the Operating Agreement, effective for the FY2026 budget process. The Executive Board approved the overhead model selected by a majority of the divisions and round tables:
1. Overhead Model: A new model based on net operating surplus (NOS) will be applied to all revenue-generating units.
2. Savings Plan: Units can invest 30% of their NOS for future use, with the rest placed in ALA's short-term investments.
3. Review Cycle: The overhead model will be reviewed before FY2029, with annual discussions and a three-year review cycle.
Special thanks to ALA Treasurer Peter Hepburn for his steadfast work and open communications with the Round Table leadership as they worked through this process. Please see the full document attached here and share it with your round tables.
Warm regards,
Susan
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Thomas Vose
Director
Ruth Enlow Library of Garrett County
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Original Message:
Sent: Nov 18, 2024 03:01 PM
From: Thomas Vose
Subject: Proposed budget
Hello, all - As promised, here's a proposed revised budget for next meeting based on our FY 24 year end numbers.
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Thomas Vose
Director
Ruth Enlow Library of Garrett County
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