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 exceed $1800.
     

  • 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.
     

Revised:
12 Mar 2015 02:47 PM

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