Fulton County Industrial Development Agency - We Incentivize Development Opportunities
+ 518-736-5660 1 East Montgomery Street | Johnstown, NY 12095

POLICY 13: Discretionary Funds Policy

Applicability and Purpose:

  1.  This Discretionary Funds Policy shall apply to all Agency directors, officers and employees. The purpose of this Policy is to regulate the expenditure and use of Agency discretionary funds.

Definitions:

  1. Agency: Fulton County Industrial Development Agency
  2. Discretionary Funds: Funds, from any source, that may be allocated or expended at the discretion of the Agency directors and staff who have the authority to approve such spending.

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3. Use of Discretionary Funds:

  1. Discretionary funds must be expended on uses that relate to an enumerated power, duty or purpose of the Agency.
  2. Discretionary funds shall be used to advance the Agency’s mission and public purposes.
  3.  Discretionary funds shall not be used in a manner that primarily benefits an Agency director or staff.

4. Prior Approval:

  1. All expenditures of discretionary funds shall be approved by the Agency prior to the expenditure.

5. Guidance on Certain Expenditures:

  1. Membership Dues:
    1. Membership dues paid by the Agency to belong to a professional peer organization shall be a permissible use of discretionary funds.
    2. Individual membership costs for board Agency directors and staff to belong to a professional, social or fraternal organization whereby the membership is of the primary benefit to the individual rather than the Agency shall not be a permissible use of discretionary funds.
  2. Charitable Contributions & Sponsorships:
    1. The utilization of discretionary funds on such sponsorship or charitable contribution shall depend on whether the proposed expenditure relates to the powers, duty and purposes of the Agency and whether such expenditure will advance the Agency mission and public purpose.
  3. Food & Beverages:
    1. Food and beverages purchased during business travel as provided in the Agency’s Policy No. 3: Travel, food and beverages purchased for or during the conduct of Agency business shall be a permissible use of discretionary funds.
    2. Food and beverages purchased when conducting Agency business shall be a permissible use of discretionary funds.
    3. Food and beverages purchased for the personal consumption of Agency directors and staff shall not be a permissible use of discretionary funds.
  4. Professional Training, Certification and Licensing:
    1. Paying the costs for Agency directors and staff to attend training to maintain certifications or licenses, or to attend professional conferences shall be a permissible use of discretionary funds.
  5. Marketing:
    1. Expenses incurred in the course of marketing the Fulton County region to new or prospective businesses and developing and maintaining relations with existing businesses and supporting partners in the furtherance of the Agency’s mission shall be a permissible use of discretionary funds.

Adopted:    June 6, 2013

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