SPF vs Client Responsibilities

1. SPF is established as a pass through fund, and acts as the 501(c)(3) fiduciary agent for all entities using SPF.
2. SPF does not do the accounting for the individual projects or scholarships that use the fund.
3. Each project or scholarship is responsible for its own accounting.
4. The project or scholarship accounting must agree with the balance on hand with the SPF treasurer. In the event of a discrepancy, the treasurer of the project or scholarship and the SPF treasurer shall reconcile their records to determine and correct the difference.
5. All holders of the accounts maintained by the SPF must keep accurate records.

Each project or scholarship director/coordinator must file an annual report detailing the revenue and expenditures, the number of participants, and accomplishments within 30 days of its anniversary date