Contingency Fund Law & Legal Definition
A contingency fund is a poll of money that can be used when certain conditions are met, emergency conditions exist, or to cover incidental expenses. Such funds exist in many different areas, such as government budgets, school budgets, and various private entites' budgets. The monies are typically kept separate from other funds and may be exempt from regulation under certain rules and statutes. Special interest rules may apply to such funds. Local laws should be consulted for specific requirements in your area.
For example, in Alabama, The Governor’s Contingency Fund, as outlined by the Code of Alabama, is intended to fund, among other purposes, “the ordinary expenses of the executive department, including but not limited to the expenses of the governor, the governor’s office and staff.”
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