Field Club of Longmeadow – Century Fund Policy
Purpose
The purpose of the reserve fund for the Field Club of Longmeadow (“Field Club”) (“Century
Fund”) is to help ensure the long-term ability of the organization to meet its purpose. The Field
Club will maintain the Century Fund to achieve the following objectives:
• To maintain financial flexibility to pay for one-time, nonrecurring capital expenses that
are not covered by the organization’s operating budget; and
• To provide a sustainable and meaningful vehicle for members of the Field Club and
community to donate to the Field Club.
The Century Fund is not intended to replace a permanent loss of funds or eliminate an ongoing
budget gap. The Field Club intends for reserves to be used in keeping with the parameters set
forth in this Field Club Century Fund Policy (“Policy,”) using funds from the Century Fund to
lessen the need for assessments of the membership and to keep Field Club membership as
affordable as possible.
Governance Structure
The Field Club Century Fund is defined as funds set aside by action of the Board of Governors
(“Board”). Its ongoing operation and oversight is the responsibility of the Board, in consultation
with the Capital Committee (“Capital Committee”) and the Field Club Century Fund Committee
(“Century Fund Committee”), whose responsibilities are outlined in Schedule A of this Policy. In
governance of the FCCF, the Board shall comply with this Policy
Target Minimum Amount
The Board annually will set a target minimum amount for the Century Fund as an amount
sufficient to contribute meaningfully to capital project needs. This annual exercise will ensure
the Board is appropriately coordinating with the Capital Committee and Century Fund
Committee on understanding capital project needs and fundraising needs, as well as
appropriately planning Board contributions to the Century Fund.
Funding
The Century Fund will be funded through a combination of dollars raised through annual
fundraising especially by the Century Fund Committee, and through budget planning by the
Board. The Board will contribute to the Century Fund annually at a meaningful level targeting
2%-10% of the Field Club operating budget as feasible. Board contributions will draw from
funding sources it designates from time to time, for example the membership initiation fee and
any surplus unrestricted operating funds designated by the Board. Any contributions to the
Century Fund from non-members (e.g., former members, family members of members, or
others who are inclined to donate) must be approved by the Board to ensure compliance with
applicable regulatory requirements.
Investing Reserves
The Century Fund will be funded and available in cash or cash equivalent funds, in accordance
with the risk preferences, liquidity needs and investment objectives of the organization. The
Century Fund will be maintained in a segregated bank account and/or investment fund. Policies and procedures for handling deposits, reconciling statements, safeguarding access, etc. will be
the same as for any of the organization’s other bank accounts.
Accounting for Reserves
The Century Fund will be listed separately on the Field Club’s balance sheet per fund
accounting.
Using Reserves
The Board will determine reasons for accessing the Century Fund in consultation with the
Capital Committee and the Century Fund Committee, per these committees’ respective
responsibilities outlined in Schedule A of this Policy. Uses of the Century Fund must be
consistent with this Policy. To demonstrate this consistency, the Board will set forth for every
expenditure instance a summary of the following (in meeting minutes is sufficient):• Consultation with the Capital Committee and Century Fund Committee;
• Assessment and evaluation of the availability of various funding sources for the
expenditure;
• Evaluation and determination of the time period that the Century Funds will be
required; and
• A plan to continue funding the Century Fund following the expenditure.
To safeguard sustainability of the Century Fund, the following should apply to Century Fund
uses:
• No more than 50% of any given capital project may be funded by the Century Fund; and
• No more than 35% of the Century Fund may be used in any given fiscal year.
Report and Monitor Use of Funds
The Board is responsible for ensuring that the Century Fund is maintained and used only as
described in this Policy. Upon approval for the use of Century Fund, the Board will maintain
records of the use of funds, in consultation with the Capital Committee, and a plan for
replenishment of the Century Fund following the expenditure, in consultation with the Century
Fund Committee. The Board will provide regular reports to the Century Fund Committee and
annually to the Field Club membership regarding use of the Century Fund.
Review of Policy
This Policy will be reviewed by the Board in consultation with the Capital Committee and
Century Fund Committee every other year at a minimum, and sooner if warranted by internal
or external events or changes. Changes to the Policy will be adopted by a two-thirds majority
vote of the Board.
Schedule A
Description of Relevant Bodies’ Roles in Governance of the Field Club Century Fund
Board of Governors (“Board”)
• Field Club fiduciary governance body performing the functions stated in the
organization’s Bylaws, including appointment and delegation of authority to
committees.Oversees the Century Fund, pursuant to Century Fund Policy.
• Contributes to Century Fund on an annual basis, pursuant to Century Fund Policy.
• Consults the Capital Committee and Century Fund Committee on decisions regarding
uses of Century Fund, pursuant to Century Fund Policy.
• Reports regularly to the Field Club membership regarding uses of Century Fund.
Century Fund Committee
• A committee of the Board, made up of members of the Board and may include other
Field Club members.
• Leads voluntary fundraising initiatives for the Field Club.
• Advises Board on decisions regarding uses of Century Fund.
• Regularly reports to the Board and, as called upon by the Board to do so, Field Club
membership regarding fundraising efforts and status of Century Fund.
Capital Committee
• A committee of the Board, made up of members of the Board and may include other
Field Club members.
• Evaluates capital needs, develops costs, prioritizes capital projects, and assists the Board
in overseeing execution of capital projects at the Field Club.
• Consults the Century Fund Committee and the Board on prioritization of capital projects
at the Field Club.
• Advises Board on decisions regarding uses of Century Fund.
• Regularly reports to the Board and, as called upon by the Board to do so, Field Club
membership regarding capital projects at the Field Club.
(Policy Adopted by the Board of Governors March 2026)