Fiscal Policies and Procedures for NSCDA-IL Finance Committee January 24, 2022, revised 2-22-22
FISCAL POLICIES AND PROCEDURES
Cash receipts and cash disbursements
- Cash receipts are sent to the NSCDA-IL accountant (the Accountant) who is a non-
member and is paid to maintain the Society’s books. The Accountant deposits all receipts into the Society’s checking accounting. The President, Treasurer and Second Vice President can view the checking account to monitor the account balances.
- Requests for reimbursement (with proper receipts) or invoices from the Officers, Standing Committee Chairs or the Committee Head of a specific project who is responsible for a specific budget line item are sent in writing (email is acceptable) to the Accountant. The requester indicates the account to which an expense is to be charged. The Accountant prepares the disbursement check and provides for signing by either the President, Treasurer, Second Vice President or designated person who has check signing authority.
- Invoices for payment for recurring items such as annual insurance, Fortnightly annual contribution and program events are sent directly to the Accountant. The Accountant records the disbursement in the appropriate budget line item and prepares a check for disbursement per above.
- To be reimbursed for travel to a National Conference, Biennial Council, or National House Museum Board meetings, an NSCDA-IL member sends supporting receipts directly to the Accountant. The Accountant prepares the disbursement per above. The President will send the Accountant the names of the Conference and Council attendees.
- If the reimbursement is to one of the authorized checking account signers, the check shall be signed by one of the other authorized signers.
Contracts
Per Article V, Section 2 of the NSCDA-IL Bylaws, the President “shall sign all official documents on behalf of the Illinois Society.” However, the President may delegate authority to sign contracts to specific Officers, Standing Committee Chairs, or the Committee Head of a specific project as deemed appropriate due to that person’s responsibility for negotiating and overseeing performance under the contract. Such delegation shall be made in writing with a copy to the Accountant. The President may delegate authority to sign a contract for a specific amount or for the line item that has been approved by the Board. For example, the Program Chair could be authorized to sign all speakers’ contracts within the budget line item.Expenditures not in the budget or which vary from budget equal to or greater than the lesser of $500 or 10% of a line item
- Time sensitive requests for a budget increase or for an item not provided for in the budget may be approved by the President as requested by a Committee Chair or the Treasurer. These expenditures must be ratified by the Board within 30 days.
- New initiatives and budget increases equal to or greater than the lesser of $500 or 10% of a line item must be approved by the Finance Committee and the Board before any financial commitments can be made.
Investment Funds
- The Finance Committee shall establish a written Investment policy for each of the
investment funds. These policies are subject to Board approval. These policies shall be
reviewed at least every two years. Changes shall be approved by the Board.
- Only the Treasurer, President and Second Vice President may direct investment
decisions or request a transfer of funds from the investment account to another account such as the General Operating checking account.
Society financial reporting
- The Accountant prepares quarterly compilations which are reviewed by Finance
Committee. The compilations are sent to the Board at the next board meeting along with
any commentary regarding budget variances.
- The IRS Form 990 shall be linked on members area of the NSCDA-IL website.
Risk management
The finance committee shall conduct an annual insurance review and risk management assessment.
