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Establishing an Alternate Host for a Standing/Repeating Event


I have a single user professional account. I want to establish a recurring, standing meeting every 2nd & 4th Thursday for a steering committee for a non profit with which I am associated. I'd like to define for it a standing alternate host so that if I'm a bit late or if I can't make one of the dates, the alternate can drive the bus, enable sharing, etc. It looks like this may not be possible as some help files I've seen suggest this can only be done if the alternate host is a member of the same account. Can anyone confirm this is the case and if so, is there any workaround in some fashion that doesn't require upgrading to a multi-user Pro account as this non profit has empty pockets at the moment for things like this.