St. Cloud Neighborhood Coalition

northcarolinasweekManagement

Nov 10, 2013 (3 years and 7 months ago)

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St. Cloud Neighborhood Coalition


Approved

4.1
6
.2009

Policy:
Financial Management

Financial Reports
: The contractor or staff member responsible for accounting will prepare financial
statements for the SCNC Board of Directors on a quarterly basis (at a minimum).
This will include a list
of monthly expenditur
es.

Contracts
: The SCNC Board will approve all
SCNC
contracts with consultants and vendors

over $500.


The

Treasurer will review and approve all expenditures from the approved

contracts on a monthly basis,
before payment is made.


Budget
: The SCNC Treasure
r and Finance Committee will prepare an annual budget for review and
approval by the SCNC Board of Directors.

Expenditures
: All SCNC expenditures will be reviewed by the contractor or staff member responsible for
accounting and determine if they are budget
ed in the approved SCNC budget.
Unbudgeted items require
approval by the
Executive Committee
. A
n expenditure over $500 requires approval by the Executive
Committee.

This does not include expenditures by member neighborhoods. Member neighborhoods will
f
ollow the SCNC Disbursement policy for their expenditures.

Bank Accounts
: The SCNC will open and maintain a checking account (and a savings account, if needed)

for disbursement of funds
. The account will have two signers from the Executive Committee.

Loan
s
: The SCNC will not make loans to its Board members, member neighborhoods, individuals,
consultants, or staff.

Regulations
: The SCNC will comply with all financial regulations, such as withholding and payment of
federal, state and Social Security taxes an
d the management and use of restricted funds.


IRS Form 990
: The SCNC will complete the annual IRS Form 990 in a timely, accurate manner and
include specific information about the relevant year’s activities and o
utcomes. The preparer will provi
d
e

a
copy of

the completed IRS Form 990.
Board members will discuss the Form 990 with their member
neighborhood organizations to ensure openness about the SCNC financial reporting.

Audit
: The SCNC Board of Directors will
designate an audit committee to hire the audit
or, oversee the
audit process, meet with the auditor to review the audit’s content and present the audit to the
B
oard for its
review and approval.

An audit may not be required until the SCNC revenues reach a specific level.

Use of Funds
: The SCNC will wor
k to avoid recurring deficits and to secure appropriate funding levels to
carry out its mission and activities. The Board of Directors will ensure that the assets are used solely for
the benefit of the SCNC and its member neighborhoods. SCNC funds will n
ot be used for personal or
other gains. The SCNC will expend funds responsibly in compliance with conditions attached to
funding.