The following policy was adopted by the Board of Directors on May 19, 1991.

1. Accountability
Accountability for fiscal matters is stated in the ASA Bylaws as follows (Article III, Section 10):
"...The Executive Secretary shall have charge and custody of, and be responsible for, all the funds of the Corporation, under the supervision of the Treasurer, the President, and the Board of Directors. The Executive Secretary shall keep or cause to be kept and shall be responsible for the keeping of accurate and adequate records of the assets, liabilities, and transactions of the Corporation."

2. Appropriateness of donors/funders
Contacts for solicitation of individual or corporate gifts must be cleared in advance with the Secretariat. The Executive Director will keep a record of contacts made and responses received. Should a question arise as to the suitability of the individual or corporation to be contacted, the Executive Director will consult the Solicitation Committee for advice. The Solicitation Committee's current members are the ASA President, the Chair of the Development Committee and Iris Berger.

3. Uses of Endowment Funds
Designated uses are:
a. African studies public outreach, particularly targeting precollegiate education
b. International contacts among scholars in African studies
c. African studies publications
d. Support for excellence in African scholarship.

4. Processes
The following procedures are to be observed by all individuals and groups who solicit funds for any purpose using the name of the African Studies Association.

a. All written fund-raising proposals must be submitted in advance to the Secretariat. Should the Executive Director consider that a proposal is not in keeping with the mission of the Association, that it duplicates other fund-raising efforts, or that if for some other reason is inappropriate, s/he will circulate the proposal to the members of the Executive Committee and request a decision on the proposal's suitability. The proposal writer (PI) may be asked to revise or otherwise alter the proposal. Because adherence to deadlines is important in solicitation of funds, the review of proposals will be done in a timely fashion. Written proposals must be submitted under a cover letter signed by the Executive Director certifying that the ASA is accountable as the sponsoring organization.

b. All budgets for projects to be undertaken in the name of the Association (except Endowment requests) must include a figure for administrative overhead. Such a sum must not be less than 10 percent of the total grant requested unless administrative overhead is waived by the Executive Committee of the Board. No portion of the administrative overhead shall be allocated to direct expenses associated with grant activities.

c. Responsibility for the financial administration of the grant lies with the Executive Director of the ASA. All other responsibilities and activities associated with projects funded in the name of the Association will be carried out at the home institution of the PI except as arranged with the Board and Secretariat. The Secretariat will reimburse expenditures or provide advances for services, supplies or other grant expenditures according to the budget figures provided in the grant proposal and approved by the funding agency. Funding agencies should be informed of these arrangements at the time pro posals are submitted.

d. Narrative reports at the en d of grant periods will be prepared by the PI. The Secretariat will provide final financial reports. Copies of both reports will remain in the permanent records of the Association.