First, Carol went over the Projection of Year End Fund Balance. Carol reminded the committee that there are two sources to the funds available to SFAC, and the document depicts the projected impact of the current commitments for each fund source. The left side of the page shows the revenue from the Registration Fee, and the right side shows the funds provided by the Office of the President in lieu of a fee increase. For each fund source, the impact is shown for both temporary and permanent funding. Carol reviewed the difference between temporary and permanent funds.
Temporary funds are available for a one-time use only.
Permanent funds represent an income stream into the future. She gave an example based on an employee s paycheck. The monthly paycheck, which is automatically given to the employee every month for the duration of their employment, is permanent funding. If the employee gets a bonus of extra money in one month, that is temporary funding, because it is not automatically repeated nor is it a raise in the monthly amount. If the individual gives a one-time gift to another, it is a temporary commitment.