Regional contingency funds are a self-insurance fund for regions. Requests to access the regional contingency fund must be made through the contingency fund (self insurance) Regional Representative, and the workshop must have the appropriate documentation to be considered NIRSA sponsored or endorsed.
All income earned in excess of authorized expenses will be returned to NIRSA HQ with 100% of the remittance devoted to a self-insurance fund for the respective region. Hosts of NIRSA endorsed state/provincial events conducted within states/provinces with state/provincial associations, remit 25% of any excess income (profit) to their regional fund, with the remaining 75% being deposited into their state/provincial association fund. When a regional contingency fund reaches a total of $4,000, monies in excess of $4,000 (minimum base fund) may be allocated for purposes that include the professional, educational, and social programs or student scholarships at NIRSA national, regional, or state/provincial conferences or workshops. Criteria for student or professional scholarship programs must be approved by the Board of Directors before implementation. Any use of regional funds outside the region must be approved by a majority vote of the regional membership at their regional conference meeting, or at their regional meeting at the Annual Conference. The regional funds may also be available for financial assistance if a subsequent NIRSA endorsed state/provincial or regional workshop results in authorized expenditures exceeding actual revenues.
How to Access Money from a Regional Contingency Fund
NIRSA endorsed events are eligible to draw from regional contingency funds. In order to utilize money from a regional contingency fund to cover expenses during the planning of a NIRSA endorsed event (e.g., hotel deposit) a request must be submitted in writing to the appropriate Regional Representative explaining what the money will be used for. The Regional Representative will then forward a written request to the Director of Special Projects, Mary Callender at NIRSA HQ for processing. Allow 10 business days for processing.
Following an event, requests to access regional contingency funds to cover financial losses must be made in writing to the appropriate Regional Representative, who will forward the request to the Director of Special Projects, Mary Callender at NIRSA HQ. The Regional Representative will consider disbursement requests based on the event’s proposed budget, and available money in the contingency fund. If the contingency fund is at the base level, or if event expenses exceeded those given in the proposed budget due to the addition of line items not included in the proposed budget, the hosting institution may be required to cover the deficit.