Revised February10th, 2006
1. Fills out 990EZ in a timely
manner
2. Gives treasury report to
board including a balance sheet and profit and loss cover sheet for monthly
meeting.
3. Reconciles bank statements
monthly and in case of discrepancies, informs board chair.
4. Updates signature card at
the bank annually.
5. Assists in the compilation,
review or audit of St. Laurence.
6. Reports on all fundraising
receipts and disbursements.
7. Assists with annual budget.
8. Will review
contribution/donation log on a quarterly basis.
1. The board of directors
determines who has the authority to write and sign checks and does so by formal
resolution. The corporate resolutions are
held at all banking institutions.
2. Authorized check signers are
treasurer, secretary, and designated board member.
3. Checks can be written by
authorized check signers, but cannot be signed by the payee. The business manager can write but not sign
checks.
4. Checks over $1000 need two
signatures and approval from board chair.
5. Keep
copies of all checks, both received and written.
6. Money is deposited in bank
by those authorized to sign checks or designee.
7. Bank statement is reconciled
monthly by treasurer, then reviewed and signed off by the Executive Director.
8. All payroll reports are
given to treasurer monthly.
9. All checks are logged into
regular checking account register kept by the business manager or treasurer.
10. Upon receipt of donation
report, development director ensures that all required recordkeeping is
performed.
11. All expenses /invoices for
payment are submitted to the business manager or treasurer.
Items are scanned for reasonableness of expenses. A
check is written. Please see # 3 of policy and procedures above. Business
manager or treasurer keeps all invoices, payments and receipts filed
appropriately in St. Laurence file.
12. Board chair in conjunction
with staff prepares an operating budget annually for presentation to and
approval of the board. The executive director creates the operating budget for
the school with the finance committee.
13. With all contributions and
donations the development director receives .
·
A hardcopy of donor check
·
An electronic and/or hardcopy of Quickbooks report giving name of
donor, address, amount given, restrictions on money.
·
Thank you letters are sent out within 15 days of receipt of donation in
a timely manner.
·
Treasurer will review these donations on a quarterly basis.
14. Grant checks should be copied and placed in individual grant file.
15. Those participating in sponsorship receive a
Thank You for the first check, and at the end of the calendar year accounting
for their total of giving for that calendar year.
16. The proposed version of the
operating budget is presented to the Board of Directors by the treasurer prior
to the beginning of the new fiscal year.
The process assumes that the Board members may propose changes to the
budget. The treasurer and/or the board chair will then amend the budget and
submit this revised budget to the entire board for approval.
·
Once all proposed changes to the budget have been made, the operating
budget is presented for approval of the board before the beginning of the next
fiscal year.
17. Saint Laurence maintains its financial records
in accordance with generally accepted accounting principles.
18. Financial records are kept in Quickbooks for
non-profits.
19. Currently Paychex prepares payroll
records. Information is supplied to Paychex
by authorized personal.
20. We have a fixed asset schedule in place and it
will be maintained by the treasurer and reviewed by the chair board or designee
on a quarterly basis.
·
Depreciation is adjusted at fiscal year end.
21. All asset acquisitions over $1000 require
approval from board chair or designee.
22. Blank checks are kept in a secure place with
treasurer and in St. Laurence file.
1. The business manager or
treasurer approves invoices or requests for payments.
·
The president of the organization approves board chair expenses. The
business managers’ signature should be recorded on the invoice or expense
report.
2. The business manager or
treasurer prepares a check.
a.
In the event that prompt payment
is required, electronic payments may be made to know vendors with the verbal or
electronic approval of designated check signers.
Any contracts that bind the organization need to be approved by the board of directors and reviewed by legal council at the board’s discretion.
Entertainment
Entertainment costs will be allowed in the best interest of Saint Laurence.
For recording of fixed assets of property and equipment, threshold amount consideration any amount over $1000. Property and equipment, including donations, with a useful life greater than one year are capitalized and are stated at cost or fair value if contributed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets.
Donated Services and Rent
Consideration to examine donated services, material and rent, by board chair and treasurer on quarterly basis. (Treasurer to book entry if required) Follow-up with year-end thank you letter in a timely manner.