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Can a charity borrow from restricted funds
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aroominyork
Posts: 3,312 Forumite
Is it permitted for a charity to use restricted funds for other purposes (without asking permission from the donor) if Trustees have personally guaranteed to repay the funds in time to deliver the activity for which the funds were donated?
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Comments
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I'd say not, but it may depend on the restrictions applied to the restricted funds.
What does the treasurer say? Have you asked the charity's auditors / independent examiners?
If the trustees are giving personal guarantees, why don't they make donations now and avoid the grey areas completely?
If in doubt, get proper advice ...Signature removed for peace of mind0 -
I think there's a clue in the word 'restricted'.0
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