Financial Management Policies And Procedures (Sample) (Page 4 of 9) in pdf

10.

RECEIPTS TO DONORS

The Vice President of Fund Development shall ensure that all donors and contributors shall

receive proper acknowledgement of their contributions in accordance with IRS Guidelines.

11.

EXPENDITURES PROCEDURES

All expenditures shall be approved by the Agency’s CEO or a Vice President. All expenditures

shall be coded by account number using the Agency’s Chart of Accounts.

The Accountant maintains standard accounting records containing all aspects of the Agency’s

financial operations. They include but are not limited to: A general ledger, a check register,

and a payroll register.

Invoices shall be approved by either the Agency’s CEO or a Vice President. Following the

review and approval, check payment vouchers shall be prepared and the invoices shall be

distributed to the Agency’s Accountant for check payment preparation. Upon payment of a

bill, a copy of the check or duplicate of stub shall be stapled onto the bill and payment date and

check number shall be printed on the invoice. The paid invoices shall be filed alphabetically

according to company/individual name and shall be kept on a fiscal year basis on file.

12.

SIGNATURE POLICY

The Agency CEO and the Head of Finance (two signatures) shall unless otherwise decided by

the Board, sign all checks, drafts, or orders for payment of money, contracts, and commitments

for services issued in the name of the Agency. In the absence of either individual, the signature

of the Chair of the Board must be obtained.

13.

COMPENSATION AND PAYROLL

(Important point: Ensure Board approval of CEO salary and

salary ranges.)

Payroll is executed periodically.

Paychecks or direct deposits will be provided to each

employee by the Accountant.

Monthly payroll expenses shall be verified by the accountant against payroll reports and direct

deposit reports and reconciled with checking account reports.

The compensation of the Agency’s CEO shall be determined by the Board of Directors or their

designees and CEO compensation is based on a board-approved process that considers

comparable data and CEO performance.

The salaries of all other employees shall be

determined by the Agency’s CEO. Compensation ranges for all staff positions shall be

approved by the Agency’s CEO. No employee of the Agency may be compensated outside of

the approved range, without the approval of the Agency CEO.

14.

LOCAL TRAVEL AND EXPENSE REIMBURSEMENTS

Employees must abide by the Agency’s Travel and Expense policy. Travel and expense reports

for mileage, meals, hotel, supplies, etc., will be maintained by each employee and then

submitted to the supervisor for approval and payment on a weekly basis by the Accountant.

Financial Management Policies And Procedures (Sample) Page 4