LOPSA Policies/Financial - Revision history

Pat at 00:59, 24 April 2007

2007-04-24T00:59:59Z

Pat at 02:40, 11 February 2007

2007-02-11T02:40:57Z

Pat at 02:11, 11 February 2007

2007-02-11T02:11:31Z

New page

[[Category:Policy]]
[[Category:Finance]]

{{policy approved|11 December 2006}}

= Financial Policies =

== Annual Fiscal Period ==
The annual fiscal period of the organization shall be the annual calendar year from January 1st to December 31st.

== System of Accounting ==
The finances accounting system of the organization shall conform to Generally Accepted Accounting Principles (GAAP) and shall be accrual-based.

== Annual Budget ==
The Finance Committee, along with the Executive Director, shall be responsible for developing an annual budget. The annual budget must be approved by the Board. The approved budget will serve as spending authority to the organization Executive Director and staff for all line item budgeted items.

== Budget Amendments ==
The Finance Committee will be responsible for recommending to the Board amendments to the annual budget as may be appropriate based on changing situations. Line item adjustments of 10% or less of the initial line item's amount shall not require amendment.

== Non-budgeted Initiatives ==
Any non-budgeted organizational activity with a projected cash-flow of $10,000 or greater must be reviewed and recommended by the Finance Committee before being presented to the Board for approval. Non-budgeted initiatives of less than $10,000 may be presented to the board for approval without review by the Finance Committee. A Board member may motion for a non-budgeted initiative to be brought before the entire board, over the objection of the Finance Committee.

← Older revision		Revision as of 00:59, 24 April 2007
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	{{policy approved\|11 December 2006}}		{{policy approved\|11 December 2006}}
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−	~~=== Financial Policies ===~~

	==== Annual Fiscal Period ====		==== Annual Fiscal Period ====

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-[[Category:Policy]]
+{{policy|Financial}}
 {{policy approved|11 December 2006}}
-= Financial Policies =
+=== Financial Policies ===
-== Annual Fiscal Period ==
+==== Annual Fiscal Period ====
 The annual fiscal period of the organization shall  be the annual calendar year from January 1st to December 31st.
-== System of Accounting ==
+==== System of Accounting ====
 The finances accounting system of the organization shall conform to Generally Accepted Accounting Principles (GAAP) and shall be accrual-based.
-== Annual Budget ==
+==== Annual Budget ====
 The Finance Committee, along with the Executive Director, shall be responsible for developing an annual budget.  The annual budget must be approved by the Board.  The approved budget will serve as spending authority to the organization Executive Director and staff for all line item budgeted items.
-== Budget Amendments ==
+==== Budget Amendments ====
 The Finance Committee will be responsible for recommending to the Board amendments to the annual budget as may be appropriate based on changing situations.  Line item adjustments of 10% or less of the initial line item's amount shall not require amendment.
-== Non-budgeted Initiatives ==
+==== Non-budgeted Initiatives ====
 Any non-budgeted organizational activity with a projected cash-flow of $10,000 or greater must be reviewed and recommended by the Finance Committee before being presented to the Board for approval.  Non-budgeted initiatives of less than $10,000 may be presented to the board for approval without review by the Finance Committee.  A Board member may motion for a non-budgeted initiative to be brought before the entire board, over the objection of the Finance Committee.