SJVCEO Accounting Policies & Procedures

Page 1

Accounting Policies and Procedures These policies and procedures were adopted by the Board of Directors on July 16, 2008. I. Written Authorizations, Check Signing A. Prior written approval is required for all financial transactions. The Executive Director or an Officer of the Board of Directors can approve financial transactions. 1. The Chair of the Board shall approve all payments made to the Executive Director. 2. The Executive Director shall approve all other payments unless the Executive Director is not available in which case, an Officer of the Board can approve payments B. Financial transactions that are contained in an approved budget do not require additional approval from the Board of Directors but must be reviewed and approved by the Executive Director. C. Transactions that are not contained in an approved budget require written authorization from a member of the Executive Committee. D. The selection of banks, investments (including the types of investment and use of an investment company or money manager), CPA firms, the number of signatures required on checks, and similar decisions require written approval of the Board of Directors E. The transfer of money between general checking and savings accounts, certificates of deposits, or money market accounts requires written approval from a member of the Executive Committee 1. To the extent that funds are available, SJVCEO shall maintain at least 3 months of operating expenses in its general checking account. Excess funds above the 3months of reserves level shall be invested in interest-bearing instruments and/or accounts. 2. If reserves exist and the general checking account drops below the 3-months of reserves level, the Executive Director is authorized to initiate the transfer of funds from reserves into the general checking account to insure that expenses can be processed and paid. The Executive Director shall report the transfer out of reserves at the very next Board of Directors meeting. F. Board meeting minutes, resolutions, or other written authorization must be signed by an Officer of the Board of Directors. G. Checks over $5,000 require two signatures.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.