Standard 17.7


Standard 17.7

 

17.7 Credit line is in place and maintained with a financial institution or institution has a segregated contingency reserve equal to at least 10% of the operational budget.

Compliance:

The Institution has a Line of Credit of $250,000 at KS Bank, Wendell, NC.  The 2016-2017 annual budget is $1,775,816; therefore, the line of credit exceeds the 10% required by TRACS.

Documentation:

Exhibit: Line of Credit Agreement

Exhibit: 2016 Budget

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