KOI Financial Policies and Procedures: Difference between revisions
JoshFreese (talk | contribs) →Organization Budgeting: Added extra language regarding budget amendments and re-forecasts. |
Brycecantell (talk | contribs) m →Purpose, scope, and definitions: Undoing tutorial edit |
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Adopted by Board of Directors of KOI on: TBD | Adopted by Board of Directors of KOI on: TBD | ||
Review cadence: Semi- | Review cadence: Semi- | ||
== Purpose, scope, and definitions == | == Purpose, scope, and definitions == | ||
=== Purpose === | === Purpose === | ||
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* For compliance with grants | * For compliance with grants | ||
* For compliance with audits | * For compliance with audits | ||
* For reference by KOI | * For reference by KOI | ||
=== Recognition of Capitalism and Harm === | === Recognition of Capitalism and Harm === | ||
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== Fund Management == | == Fund Management == | ||
=== Fund Policy === | === Fund Policy === | ||
As a 501(c)(3), KOI is responsible in dividing the net assets into dedicated funds. The IRS | As a 501(c)(3), KOI is responsible in dividing the net assets (equity) into dedicated funds. The IRS requires KOI to track expenses by funds, and to report expenses per funds in a statement of functional expenses on the tax return document the 990. The spending of expenses per fund is made transparent to the public on the 990 and on Washington State's Secretary of State's website. | ||
KOI is required to keep track of only three Funds: Management, Fundraising, and Programs. However, to properly operate KOI keeps track of additional funds as need be. | KOI is required to keep track of only three Funds: Management, Fundraising, and Programs. However, to properly operate KOI keeps track of additional funds as need be. | ||
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===== Programs (undesignated) Fund ===== | ===== Programs (undesignated) Fund ===== | ||
Programs is | Programs is the general fund that allows KOI to do the work for the mission. Unless otherwise stated, these funds are unrestricted. There can be restricted funds that are sub-funds of the Programs Fund. | ||
All Evacuee Expenses come from the programs fund. Any other expense that is for the mission of KOI also comes from the Programs Fund. | All Evacuee Expenses come from the programs fund. Any other expense that is for the mission of KOI also comes from the Programs Fund. | ||
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Credit card holders may attach the credit card to a peer-to-peer (P2P) monetary service such as Venmo, Cash App, Paypal, etc. | Credit card holders may attach the credit card to a peer-to-peer (P2P) monetary service such as Venmo, Cash App, Paypal, etc. | ||
Credit card holders may use the credit card for recurring expenses, | Credit card holders may use the credit card for recurring expenses. These expenses need approval for the first instance. Afterwards, no further authorization is needed barring changes in the purpose of the transaction, amount, or timing.<!-- Recommend "only need approval for the first instance" or similar. Also perhaps add something about needing re-authorization if the cost of the recurring expense changes beyond a set percentage of the primary amount. | ||
Josh - Good point. I rephrased it. --> | |||
If there is an unknown, and/or unauthorized, transaction on the card, the card holder must notify the signatories within 24 hours of the posting date. | If there is an unknown, and/or unauthorized, transaction on the card, the card holder must notify the signatories within 24 hours of the posting date. | ||