Although the term "slush fund" signals secret money stashed for illicit purposes, Congress has authorized public money in a fund set aside to pay settlements. Congress has a "slush fund" from which it has paid $17 million to women who accused members of sexual harassment or abuse.
Full Answer
What was the slush fund used for?
A slush fund is a fund or account that is not properly accounted, such as money used for corrupt or illegal purposes, especially in the political sphere.
What is a legal slush fund?
Slush Fund is money that is set aside for undesignated purposes such as bribery, payoffs, personal use without proper accounting, or for other improper or illegal purposes.
How much should you have in slush fund?
Aim for a slush fund of around $1,000 to $1,500. After you have this locked down, you should then move on to putting as much money towards your credit card balances as possible (it's expensive to finance your life at 20%!)
What is another word for a slush fund?
What is another word for slush fund?grafthush moneyboodleinducement
What do you mean by petty cash fund?
Petty Cash Fund Definition – A small cash fund used to make incidental purchases where normal purchasing methods are not practical. Special care must be taken to protect such funds from theft or misuse.
What means sinking fund?
A sinking fund is a fund created specifically to save or set aside money to pay off a debt or a bond. A company may face an immense outlay when the time comes to pay off debts and bonds issued in the past. In this case, a sinking fund helps soften the impact of this large cost.
What are contingency funds?
A contingencies fund or contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises.
What is a reserve fund?
What is a reserve fund? A reserve fund is a savings account or other liquid asset managed by a condominium, business or individual for anticipated future expenditures, such as major repairs and improvements. Reserve funds usually are set aside in an account separate from the general operating funds.
Prioritizing What Matters
The way people organize how their money is spent, putting funds where they matter to them, is at the heart of budgeting (whether using the 50/30/20 or other budget method ).
Reaching Savings Goals
If you want to create a fund just for fun, good for you. Enjoying hard-earned money may be a nice counterbalance to responsible bill-paying. To help reach your savings goals, here is a six-step process to consider:
The Takeaway
All business and no pleasure can sap a budgeter’s will to … budget. A slush fund, a term with fatty origins, can be a fun and meaty part of a savings plan.
What Is A Slush Fund?
Slush funds have slightly different meanings depending on the setting. But in general, we call a slush fund to money without a designated purpose.
Slush Funds: Legal Or Illegal?
If you invest in a company that has a slush fund, and part of your money goes there, you’ll never know how they’ll use it. Nor the proportion. You could be financing a scam without knowing it.
Personal Slush Fund: The Four Rules
In personal finance, slush funds can motivate you to earn more. And if you don’t want to fall for frugality or overspending, you must know these rules:
Context
Usually, when the federal government reaches a settlement in a case against an institution like a large bank or corporation, the money goes one of two places: either to the injured party (or parties), or otherwise the U.S. Treasury.
Sponsor and status
Sponsor. Representative for Texas's 5th congressional district. Republican.
Position statements
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History
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
