Write On, Door County Board Handbook 5.6.22

● Report the financial results of WODC operations on the schedule established by the Finance Committee, but at least quarterly. ● Pay all obligations and file required reports in a timely manner. ● Make no contractual commitment for bank loans, corporate credit cards, or for real estate lease or purchase without specific approval of the Board. ● Record fixed assets with a purchase price of $2,500. and above in accounting records as capital assets. Depreciation of capital assets will not exceed five years for furniture and equipment or three years for computer and other technology equipment. For further information on capital assets, see the Capitalization Policy. ● Limit vendor credit accounts to prudent and necessary levels. ● Obtain competitive bids for items or services costing in excess of $500 per unit. Selection will be based on cost, service and other elements of the contract. WODC may award the bidder to any provider and is not required to accept the lowest cost proposal. ● In collaboration with the Finance Committee, annually prepare all necessary documentation to support the 990 tax filing and the annual audit or review.

The Board of Directors shall: ● Review financial reports at each board meeting. ● Provide adequate training to members to enable each member to fulfill their financial oversight role.

FINANCIAL TRANSACTIONS TO INSIDERS No advances of funds to employees, officers or directors are authorized. Direct and necessary expenses including travel for meetings and other activities related to carry out responsibilities shall be reimbursed according to WODC policy. For specific information related to reimbursements, see the Travel & Reimbursement Policy.

BUDGET In order to ensure that planned activities minimize the risk of financial jeopardy and are consistent with Board-approved priorities, long-range organizational goals, and specific three year objectives, the Managing Director shall: ● Submit operating and capital budgets to the Finance Committee in time for reasonable approval of the Board prior to the start of each fiscal year. ● Use responsible assumptions and projection background, with a general goal of an unrestricted surplus.

GIFT ACCEPTANCE For information and practices of gift acceptance, refer to WODC’s Gift Acceptance Policy.

ASSET PROTECTION In order to ensure that the assets of WODC are adequately protected and maintained, the Managing Director shall: