Finance Policies

Ledger Maintenance:

  1. Treasurer will maintain a current ledger for each ADC account
  2. All expenditures require supporting documentation (i.e. recipet)
  3. All expenditures are logged in the apprpriate account ledger
  4. Receipts are attached to the correponding check stub (if applicable)
  5. All reciepts and check stubs are attached to the corresponding bank statements
  6. ledgers will be reconciled with their corresponding bank statements on a monthly basis
  7. A copy of the Summary of all accounts is attached to each bank statement
  8. A member of the Executive Committee (not the Treasurer) is required to compare the ending balance of the bank statements and the ADC summary of accounts.  The Executive Committee member is to initial both the bank statement and the summary to indicate the balance match
  9. Treasurer will maintain the statements in a secure location.  A back-up of the ledgers will be secured on disk.  One disk is provided to another member of the Executive Committee for safety
  10. A copy of the ADC ledger is forwarded to each Board Member when reconciliation of the ledger and bank statements is complete
Expenditure Authorization

  1. Expenditures exceeding $100 requires board approval.  All expenditures under $100 require the Executive COmmittee approval
  2. Only members of the Executive Committee (i.e. President, Vice-President, Treasurer, and Secretary) will have check signing authority or authority to access ADC accounts
  3. A check signer is unauthorized to sign a check endorsed to themselves or an individual or entity in which the signer would directly or indirectly benefit from
  4. Dual signatures are required for checks $100 or higher