Policy on Check Writing
C-7A Caribou Association
(Amended 11 March 2015)
Purpose: To establish the authorities
for issuing checks and requirements for approving expenditures.
The Treasurer, Reunion Planner, and
Members of the Board who have signed signature cards are authorized
to individually issue checks. Normally, before a check is written, a
receipt, invoice and/or written, verifiable documentation of the
requested amount will be provided to the approving authorities for
review as a condition of approval. In unusual circumstances, verbal
approvals may be permitted and a written explanation will be
provided within 7 working days, for the record.
All expenditures on behalf of the
Association require prior approval, as follows: Checks under $500, two
Board members who have signature authority. Checks of $500 and above
require a motion of the Board. Expenditures
for printing and mailing two newsletters and reunion flyer are excluded
from the requirement for a Board motion, provided that each does not
Payments will be made directly to the
vendor or provider of goods or services whenever possible. The check
writer will provide an email to the Board stating the amount, purpose,
and the names of the authorizing Board members. Receipts, invoices, and
verifiable documentation for goods or services will be kept as permanent
records in both the secretary’s and treasurer’s files, as specified in
the Policy on Permanent Records.
A separate account may be established for
reunions. Expenditures for reunions are funded by prepayment specifically
for that event; checks written at the reunion for amounts under $500 may be
issued with approval of 2 members with signatory authority; checks $500 and
above may be issued by the Treasurer or reunion planner with the approval of
the President or COB. Receipts, invoices and verifiable documentation for
reunion related expenses will be provided for the records.