The Executive Board approved a change in AVMA fiscal policy to increase the contingency amount from $200,000 to $300,000 per year, beginning with the 2006 budget year. The contingency fund is the annual money budgeted for the board to fund recommendations. The Budget and Financial Committee submitted the recommendation because it believes the increase will allow the Association more flexibility in addressing increasingly complex issues facing the veterinary profession.
"[The contingency fund] has become less useful because of the dollar amount. I think this is appropriate," said AVMA Treasurer James F. Peddie during the board's discussion.
Since 1995, the only change to the $200,000 contingency fund was in November 2001 when the fund was increased to $400,000 per year. Then in April 2002, the fund was decreased back to $200,000.