Thomas, I agree with you that it would make sense to have a more thoroughly defined reserve policy, but I also caution against micromanaging the reserve. I believe that I said in my previous email directed to Erik that I'm wondering what the downside is of having some underspend for payroll due to hiring that happens later than planned. Unless the underspend is significant enough that it should impact the targets used by the Annual Fundraiser in a significant way, believe that the underspend isn't much of a concern. The issue that worries me about delayed hiring is the possibility of delays or disruptions to program schedules.
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