Funding and Reserves Policies
Reserves Policy
The Association of Mixed Race Irish (AMRI) recognises the need to hold reserves to ensure the financial stability of the organisation. In particular, AMRI recognises that the organisation is dependent on project funding, which is restricted to specific projects.
In order to mitigate the risks associated with its income, it is the policy of the organisation to hold sufficient unrestricted reserves to fund its operating activities for 12 months. The Board reviews this policy on an ongoing basis to ensure that it continues to be appropriate for the financial stability of the organisation.
AMRI also ensures that restricted reserves are utilised for particular or designated purposes or projects, such as grant income to fund specified projects. Projects are undertaken which meet and further the objectives of the organisation. Restricted reserves, are classified within retained reserves as restricted reserves at the balance sheet date. Unrestricted reserves are also disclosed separately within retained reserves in the annual accounts.
Funding Policy
Grant income is received through project grant applications. Funds received for specific projects are ring-fenced in the financial accounts and used specifically for the projects objectives and activities in accordance with grant agreements. Unutilised funds are either returned to the funder or are re-allocated to another project only with the express agreement and approval from the funder. Project funding and spend is monitored by the Board.
Our key funders in the United Kingdom are shown below:
