The Board of Directors, its Staff, and independent contractors (e.g. accounting firms) hired for such purpose shall monitor and manage the Dallas Makerspace and its assets.
Capital equipment
Dallas Makerspace deems any of its property that costs one-thousand dollars ($1,000.00) or more to be a capital item. Capital equipment is recorded in the accounting system at historical costs. When property is contributed to the corporation that has a value more than one-thousand dollars ($1,000.00), the donation will be valued by the corporation then recorded as a capital asset on the corporation’s books at the donated value.
Cash management and investments
Except for petty cash, all cash will be deposited at a federally insured depository institution (i.e. FDIC insured bank or NCUA insured credit union). Cash can be deposited into checking, savings, money market savings, certificates of deposit, or any combination of these accounts. To maintain full depository-insurance coverage or to maximize yields, Dallas Makerspace may maintain accounts at more than one federally insured depository institution.
Because Dallas Makerspace does not presently maintain any investments outside of insured depository accounts, all non-cash and non-capital asset donations will be converted to cash and the proceeds deposited into corporation accounts. Likewise, cash donations will be deposited into corporation accounts as soon as reasonably possible.
With prior Board approval, the Dallas Makerspace may invest cash in other investments types after completing reasonable due diligence that considers risk-of-loss and other relevant factors in short- and long-term liquidity needs.
