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Charles N Wyble
2025-03-04 14:02:29 -06:00
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src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md
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@@ -1344,11 +1344,28 @@ Known Element Enterprises (series) LLC and The Campus Trading Company (series) L
g. Regularly adjust pricing to maintain cost-only status. g. Regularly adjust pricing to maintain cost-only status.
3. **Reserve Requirements**: Cost-only series may maintain reasonable reserves only for: 3. **Reserve Requirements**: Cost-only series may maintain reasonable reserves only for:
a. Equipment replacement and upgrades; a. Equipment replacement and upgrades;
b. Facility maintenance and improvements; b. Facility maintenance and improvements;
c. Emergency funds; c. Emergency funds;
d. Research and development directly related to service improvements; and d. Research and development directly related to service improvements; and
e. Training and professional development for personnel. e. Training and professional development for personnel.
All reserves shall be:
f. Clearly documented in financial statements;
g. Subject to annual review and approval by the Audit and Finance Committee;
h. Limited to a maximum of 15% of annual operating expenses unless specifically approved by the Board;
i. Maintained in segregated accounts; and
j. Reported quarterly to all service users with explanation of purpose and utilization plans.
4. **Transparency Obligations**: Cost-only series must: 4. **Transparency Obligations**: Cost-only series must:
a. Provide detailed cost breakdowns to all service users; a. Provide detailed cost breakdowns to all service users;