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Changes to legacies and over £10k spend

We’re changing the way we handle legacies received for groups and the approval process for over £10k spend by groups. The aim is to make it easier for you to receive and spend these monies.

In summary, from now on:

1) The first £20k of a legacy received for a group will go straight to the group providing they don’t hold excessive reserves. In this context ‘excessive reserves’ will be defined as 24 months’ expenditure held as reserves at the end of last financial year. (That’s actually twice the limit a group is allowed to hold under our financial rules but we’re keen groups get access to these funds quickly).

The next £20k of the legacy will be released automatically in May of the following year providing the group’s reserves were within the level set in the MS Society’s financial rules (e.g. not more than 12 months’ expenditure held as reserves) as at the last financial year.

Each May another £20k is released providing the group’s reserves are within the level set in the financial rules until the funds held are exhausted.

2) Groups can still request monies held at MS National Centre by completing a simple form. Requests will be accepted if the group can demonstrate it doesn’t have sufficient reserves for the next 12 months given what it plans to spend.

3) The process for obtaining approval for over £10k spend is to be simplified. As at present, if you want to spend £10k on one item or service or if the contract value isgreater than £10k then you must seek approval first. We’ve simplified the approvals process to hopefully make that quicker.

If you have any questions on what is changing or would like to see more detail (or copies of forms) please contact the Finance team.

This article is taken from Teamspirit 219 - July 2018