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Board clarifies bond coverage: $100,000 figure confirmed for personnel coverage
Summary
Board members discussed language in the official undertaking bonds item and confirmed that the coverage for 'other personnel and members' should read $100,000 (not $1,000,000), explaining how bonding and indemnification operate for signatories and central treasurer duties.
During review of the official undertaking bonds, a board member noted that the packet mistakenly showed $1,000,000 for certain personnel coverage but that policy indicates a $100,000 limit. The board discussed why the larger figure appeared and confirmed the correct $100,000 figure for the specified roles, explaining that bonding protects against theft and that certain positions (treasurer, central treasurer) are bonded to reflect the sums they handle.
Board members also discussed the practical operation of bonding: the central treasurer manages extracurricular funds and would be bonded for those responsibilities; the board president signs certain bond-related documents when necessary. The board left open the option to alter indemnity levels in the future but confirmed current policy controls the figure included in the undertaking documentation.
