Acevo to spend £20,000 of its reserves

Finance | Gareth Jones | 24 Feb 2009

The Acevo board has agreed to take £20,000 from its reserves to spend on “bolstering services and advice for members facing crisis”, according to chief executive Stephen Bubb.

Bubb (pictured) added: “We will unveil these plans next week. They will be exciting and show how we are there to build the capacity of our sector to cope with the recession.

“They will help support the essential leadership role of the chief executive.”

Acevo's decision comes amid calls for charities to make use of their reserves to combat the recession.

Mike Hudson, author of Managing Without Profit and director of the Compass Partnership management consultancy, said the third sector is better placed to weather the downturn than the private sector due to its business model being based on reserves rather than borrowing.

"Board members and managers must recognise that reserves exist to cushion rganisations when times are tough,” Hudson said.

“If income is one of the determinants of a reserves policy and the organisation is anticipating a temporary fall, then reserves can be dipped into to ensure long-term success."

Directory: Association of Chief Executives of Voluntary Organisations (ACEVO)
Who's Who: Gareth Jones | Mike Hudson | Sir Stephen Bubb

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