Amount of Time to Decide to use Monies From Building Fund
We have a small church (about 125 in attendance). We don't have any building projects in progress or any planned for the future presently. But sometimes people give monies designated for the building fund. Since we did some building improvements during the past few years (refurbished the sanctuary, replaced the HVAC units, etc.) and we didn't use the building fund for those purposes, can we remove the money now if we decide that we need it for other purposes?
My thought is that the accounts are now closed. We cannot now decide to retroactively use the money from the building fund. Am I correct? If I can retroactively use it, then how would I record the transaction?
Thanks for you help.Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!