How would financial arrangements – including budgets and fundraising – be managed?
By coming together, we would aim to reduce the administrative burden on local Friends by simplifying our systems, reducing the number of Treasurers and bank accounts necessary and having professional support from some paid staff.
Advised by the Finance Committee, the LAM would establish a budgeting process to cover central and local costs, including the costs of the London Meeting Houses and rented premises.
Friends/Attenders would be encouraged to contribute financially to the Area Meeting and (separately) directly to Britain Yearly Meeting (BYM). Designated Friends acting as “Collectors” for an LM or a group of LMs may be helpful to encourage giving. As currently with BYM, these Friends would be provided with materials, training and support by the professional staff. (see Qf&p 14.14)
What would happen to quotas?
An annual ‘quota’ may continue – a payment to the Area Meeting to cover building costs and other AM expenditure, with the amount each LM needs to raise proportionate to the number of members in that LM.
What discretion over financial decisions might be retained by LMs?
Most LMs would not have or need a treasurer, as all funds would be held and managed by the LAM. (This model works today for North East Thames AM.) These meetings would have an annual budget to cover normal local expenditure such as refreshments, library expenses, subscriptions, children meeting expenses, etc. If the LM required additional funds for a particular purpose, there would be a process to follow, probably requiring approval by the LAM Finance Committee, or for exceptional items, by the Area Meeting.
Some LMs might decide to retain a treasurer and have their own bank account to manage funds designated for that LM. The meeting would need to ensure that their financial records are properly kept and accounts are prepared annually, in a timely manner, to be consolidated into the LAM accounts.
LMs wishing to collect for a particular cause or charity would manage the collection and payment of such donations locally, or alternatively they could ask people to give directly to the charity concerned.
What impact would there be on the Legacy bequests which have been left to LMs or existing AMs for specific purposes?
All restricted funds currently held in AMs and LQPT would continue to be restricted, as currently, within the funds of the LAM charity. Currently designated funds could continue as currently, though it would be the responsibility of the Trustees, on
the advice of its Treasurer and Finance Committee, to review these arrangements regularly to ensure these designations continue to be in the best interests of the whole charity.