KOI Financial Policies and Procedures: Difference between revisions
JoshFreese (talk | contribs) m Resolved some comments in Credit Card Policy. |
JoshFreese (talk | contribs) m →Fund Management: Fixed typos, and added clarifications. |
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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. | ||