KOI Financial Policies and Procedures: Difference between revisions
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If a card is approaching the spending limit, the card holder may request a signatory to complete an early payment. The board treasurer can confirm if there are cash reserves available for such a payment. | If a card is approaching the spending limit, the card holder may request a signatory to complete an early payment. The board treasurer can confirm if there are cash reserves available for such a payment. | ||
Credit card holders may attach the credit card to a peer-to-peer (P2P) monetary | 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, and may<!-- 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. --> only ask for approval once due to the consistent nature of the expense. | Credit card holders may use the credit card for recurring expenses, and may<!-- 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. --> only ask for approval once due to the consistent nature of the expense. | ||
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Only the board treasurer, the board chair, and the executive director<!-- Recommend noting more explicitly that all three are required. --> can make the decision to cease use of a credit card for a credit card holder. No vote is required out of the three, but disclosure must be made. No veto regarding such a decision can be made. | Only the board treasurer, the board chair, and the executive director<!-- Recommend noting more explicitly that all three are required. --> can make the decision to cease use of a credit card for a credit card holder. No vote is required out of the three, but disclosure must be made. No veto regarding such a decision can be made. | ||
Once there is a decision to remove the credit card from the credit card holder, the decision must be disclosed to the credit card holder, the evacuees depending on the credit card, the finance committee, and to the bank. A bank signatory will then close | Once there is a decision to remove the credit card from the credit card holder, the decision must be disclosed to the credit card holder, the evacuees depending on the credit card, the finance committee, and to the bank. A bank signatory will then close the card. | ||
Further consequences can include: | Further consequences can include: | ||