[CRNMC] Consolidated Draft financial policy
bodhirobin at pacific.net
bodhirobin at pacific.net
Fri Aug 15 23:19:44 PDT 2014
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Draft Financial Policy of the Community
Rights Network of Mendocino County
Purpose
The purpose of
financial management in the operation of all CRNMC activities is to
fulfill the organization's mission in the most effective and efficient
manner and to remain accountable to stakeholders, including members,
voters, working groups, funders, volunteers, and the community. In order
to accomplish this, CRNMC commits to provide accurate and complete
financial data for internal and external use by the Finance Team and all
volunteers.
Responsibilities
The Finance Team is
ultimately responsible for the financial management of all
activities.
The Treasurer shall:
●
Account for the movement of all funds.
●
The Treasurer is responsible for the day-to-day financial
management of the organization.
●
Assistant Treasurers will notify the Treasurer by email, phone, or
in person, of any check written including check number, amount, payee, and
item purchased prior to writing the check. Clearly labeled receipts can be
scanned and emailed, or placed in the mail to the Treasurer.
●
The Treasurer will be the repository of all receipts regarding
money spent for this campaign.
●
Assistant Treasurers will notify the Treasurer by email, phone, or
in person of any deposit made, the source of the funds, the name and
address of specific donors or either money or goods, and if any expenses
were paid with the cash before the remainder was deposited. If $100 or more was received from
one donor, the Treasurer will need to know the donor’s occupation
and employer.
●
If one donor gives $1000 or more, the Treasurer or Assistant
Treasurers will file a Form 497 within 24 hours.
●
Report the financial results of CRNMC operations monthly to the
Core Committee meeting, and provide annual reports.
●
Pay all approved obligations and file required reports, i.e. CA
Form 460, and amended CA Form 410, 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 Point Committee.
●
Record fixed assets with a purchase price of $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.
●
Keep a minimum balance of
$50 in the account in case of emergency.
Authority
● The Treasurer or
Assistant Treasurers are authorized to act on the CRNMC’s behalf on
financial matters when action is required in advance of a meeting of the
CRNMC Point Committee.
● The Treasurer is
authorized to pay bills, receive funds, and maintain bank accounts.
● The Treasurer is
authorized to open a PayPal account and transfer the revenues to our
credit union account.
● The Point Committee
shall pre-approve any expense greater than $50.
● The Treasurer or
Assistant Treasurers are authorized with consent from one other Finance
Team member to sign checks up to $50 in an emergency. Checks for amounts
greater than $50 shall require the advanced approval of the majority of
the Point Committee at either a regular meeting or by email.
● The Treasurer and
Assistant Treasurers must all have access to the accounts for proper
fiscal oversight.
● The Treasurer or
Assistant Treasurers are authorized to manage expenses within the
parameters of the overall approved budget, reporting monthly to the Point
Committee on variances and the reason for these variances.
● The Finance Team must
approve reimbursement of any out-of-pocket expenses used for furthering
the mission of CRNMC at the semi-monthly Team meeting. All out-of-pocket expenses incurred
from the date of the ratification of this policy must be pre-approved
unless it is planned for in-kind donation.
The Point Committee shall:
●
Review financial reports at each meeting.
●
Approve all anticipated expenses greater than $50 and communicate
it to the Finance Team Point Person.
Financial Transactions
with Insiders
No personal advances of
funds are authorized. Advances
of expenses shall be authorized only when the exact amount and payee is
known; check shall be made payable to the vendor. Direct and necessary expenses
related to carrying out responsibilities and mission shall be reimbursed
as funds become available.
In no case shall CRNMC
borrow funds from any employee, officer, or director of the organization
without specific authorization from the Core Committee.
Budget
In order to ensure that
planned activities minimize the risk of financial jeopardy and are
consistent with Member-approved priorities, long-range organization goals,
and specific objectives, the Treasurer shall:
● Submit a budget to the General membership for approval by the Core
Committee prior to each fiscal year.
● Use responsible assumptions and projection background, with a
general goal of breaking even.
Gift Acceptance
CRNMC will accept stock
or other negotiable instruments as a vehicle for donors to transfer assets
to the organization. Transfer and recording the value of the asset shall
be done in a consistent manner and in compliance with accounting
standards. The Treasurer shall sell any stock given to the organization
immediately upon receipt by the organization.
CRNMC shall accept
contributions of goods or services other than cash that are related to the
programs and operations of CRNMC. Any other contributions of non-cash
items must be reviewed and approved by the Core Committee before
acceptance.
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