[Wikimedia-l] Mid-Year Financial Statements

[ENWP Pine]

Thomas, I agree with you that it would make sense to have a more
thoroughly defined reserve policy, but I also caution against
micromanaging the reserve. I believe that I said in my previous 
email directed to Erik that I'm wondering what the downside is
of having some underspend for payroll due to hiring that happens
later than planned. Unless the underspend is significant enough
that it should impact the targets used by the Annual Fundraiser
in a significant way, believe that the underspend isn't much of
a concern. The issue that worries me about delayed hiring is the 
possibility of delays or disruptions to program schedules.

Pine