Financial Management Policies And Procedures (Sample) printable pdf download

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES

SAMPLE

GENERAL PURPOSE

The purpose of these policies is to establish guidelines for developing financial goals and

objectives, making financial decisions, reporting the financial status of the Agency, and

managing the Agency’s funds.

FINANCIAL RESPONSIBILITIES

It is the responsibility of the Board of Directors to formulate financial policies and review

operations and activities on a periodic basis.

The Board delegates this oversight responsibility to the Treasurer of the Board and the Finance

Committee of which the Treasurer is the Chair.

This responsibility is shared through

delegation with the Agency CEO and the Head of Finance (or CFO).

The Agency CEO acts as the primary fiscal agent, implementing all financial policies and

procedures. The Agency CEO, with oversight of The Finance Committee is responsible for the

coordination of the following: Annual budget presentation, management of the Endowment

and other fund investments, selection of the outside auditors, and approving revenue and

expenditure objectives in accordance with the Board approved long-term plans.

The Head of Finance with oversight by the Finance Committee has the day-to-day operations

responsibility for managing Agency funds, ensuring the accuracy of the accounting records,

internal controls, financial objectives and policies, financial statement preparation, and bank

reconciliation review and approval.

The Accountant is directly supervised by the Head of Finance and is responsible for the

preparation of the Chart of Accounts, Reporting Formats, Accounts Payable Processing, Payroll

input and Payroll processing, Cash Receipts input, Journal Entries for General Ledger, Form

1099 reporting, Form 5500 reporting, and Form 990 reporting as well as Bank Reconciliations.

CONFLICT OF INTEREST

Members of the Board of Directors are prohibited from activities that might present conflicts of

interest. The powers of directorship may not be used to personally benefit the Director at the

corporation’s expense. If a Director has a financial interest in a corporate transaction, the

Director must fully disclose the interest and abstain from voting. Loans to Directors are

prohibited.

BUDGETING PROCESS (

The entire Board must approve the budget.)

The Agency’s CEO, the Head of Finance, and the Treasurer shall be responsible for presenting

to the Finance Committee and other Board Committees an annual operating budget draft sixty

Financial Management Policies And Procedures (Sample)