Basic Financial Procedures Policy

1. Receipts (Cash, Checks, and Charge Slips)

A. Cash

(Note: We do not accept cash in the office. However, if cash must be accepted, adhere to the following procedures:)

1. Issue a receipt containing: a. Date; b. Amount received; c. Received from; d. Received by; and e. Two signatures.
2. Make an entry in the receipts log containing: a. Date; b. Description (e.g., Women’s Motorcycle, T-shirt purchase, donation); c. Payer; d. Amount; e. Receipt number (from the receipt book); and f. Account distribution.
3. Keep receipts, receipt log, and cash locked in the petty cash box when not in use until deposited.

B. Checks

1. Endorse all checks immediately for deposit into the organization’s account.
2. When a check is for payment of an application: a. Make two photocopies of the check; b. Deliver the original check, one photocopy of the check, and a photocopy of the application to the Accountant for deposit; and c. Attach the second photocopy of the check to the back of the original application.
3. When a check is for any other type of payment: a. Make one photocopy of the check, attach it to the original check, and deliver both to the Accountant for deposit.

C. Charge Receipts

1. Verify the card expiration date.
2. Complete the charge slip with: a. Date; b. Description; c. Amount, including surcharge; d. Total amount; and e. Staff initials.
3. Call for authorization on amounts over $50.00 and record the authorization number on the charge slip.
4. Obtain the payer’s signature.
5. Provide the payer with the customer copy.
6. Retain remaining copies with cash receipts.
7. Enter the transaction into the receipts log following the cash receipts procedure.

2. Deposits

A. General

1. Deposits should be made weekly or when cash receipts exceed $100.
2. Verify the receipts log by comparing the totals column to the sum of all account distribution columns.
3. Complete bank deposit slips in duplicate and initial.

B. Cash and Checks

1. Fill out a deposit voucher with: a. Date; b. Description; c. Amount per account distribution; and d. Total amount (matching the deposit slip total).
2. Attach photocopies of the deposit slip, all checks, and related applications or documentation to the voucher.
3. Deliver the deposit to the bank and return the duplicate deposit slip to the office.
4. Attach the duplicate deposit slip to the file copy, verifying that the encoded bank deposit amount matches the deposit slip total.

C. Charges

1. Charge deposits must be processed separately from cash and check deposits.
2. Complete a charge deposit batch header.
3. Create a deposit voucher containing: a. Date; b. Description; c. Amount per account distribution; and d. Total amount.
4. Attach a copy of the deposit slip, the merchant copy of the batch header, and all merchant charge slips to the voucher.
5. The bank deposit package must include the deposit slip, batch header, and bank copies of each charge slip.
6. Return the duplicate deposit slip to the office and verify the encoded amount against the slip total.

3. Disbursements

A. Non-Payroll Disbursements

1. Each invoice, reimbursement request, or payment must include an Expense Voucher containing: a. Vendor or Payee name, mailing address, and contact phone number; b. Description of request; c. Amount due per account distribution; d. Requester’s name, title, and contact phone number (must be a designated budget holder); e. Date of request; and f. Due date.
2. Attach the invoice, receipt, or backup documentation to the voucher and submit it to the Accountant at least five (5) working days prior to the due date.
3. Forward the expense to the Executive Director and a member of the Executive Committee for approval.
4. Upon approval, enter the voucher into Accounts Payable. Vouchers shall not be entered without proper authorization.
5. Issue checks in time to meet the due date.
6. Each check requires two signatures meeting the following criteria: a. One signature must be an Executive Committee member; b. The other signature must be the Executive Director; and c. Where a check is payable to the Executive Director, it must be signed by two members of the Executive Committee and not the Executive Director.

B. Payroll

1. Timesheets for hourly workers must be submitted to the Executive Director on the 15th and last day of each month.
2. The Accountant prepares payroll vouchers for salaried and hourly employees and submits them to the Executive Director for approval.
3. Payroll checks are disbursed on the 15th and last day of each month.

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Approved by the Board: 1998