funds can be transferred into the organization’s checking account to cover future
debit transactions. As soon as practicable, but no later than ten business days
following the use of a debit card, the debit card user shall send supporting
documentation for each debit card transaction to the Management Company.
VII.! Expense Verification. Before signing any check, all check signatories shall
review invoices and supporting documentation to verify that it is a legitimate
expense of the organization. The Management Company shall verify vendor
invoices for accuracy in quantities ordered and received, prices charged, and
overall clerical accuracy. All paid invoices and supporting documentation shall
be stamped “paid” to avoid duplicate payment and shall include the date of
payment and number and amount of the check. Invoices from unfamiliar or
unusual vendors shall be reviewed and approved by the Treasurer before payment.
VIII.! Expense Reimbursements. Requests for reimbursement of expenses incurred by
organization officers, directors or members on behalf of the organization shall be
checked for mathematical accuracy and reasonableness before approval. All
requests for reimbursement shall be supported by receipts or other appropriate
documentation and shall include a statement of the purpose for which the expense
was incurred.
IX.! No Cash Transactions. Checks shall not be made out to “cash” nor shall checks
be signed in blank.
X.! Voided Checks. Voided checks shall be defaced and kept on file.
XI.! Prepaid Expenses. Expenses related to meetings and conferences to be held in
future periods will be classified as prepaid expenses and will be recognized as
expenses in the period during which the meeting or conference occurs.
XII.! Unpaid Invoices: Unpaid invoices shall be maintained in an unpaid invoice file.
BOOKS AND RECORDS; FINANCIAL REPORTING
I.! Chart of Accounts. The organization’s financial reporting will be consistent with a
Chart of Accounts attached as Appendix A.
II.! General. The Management Company shall create and maintain all financial books
and records. All such books and records shall be open to review by the Treasurer,
other members of the board, and other authorized agents of the organization at all
times.
III.! Monthly Financial Reports. On a monthly basis as soon as practicable after receipt
of the monthly bank account statement and reconciliation of the internal financial
records to the bank account statement, the Management Company shall provide to
the Treasurer the following reports, who shall, in turn, promptly report in writing on
the state of the organization’s finances to the board:
a.! A Statement of Activities showing monthly financial activity and reflecting
beginning account balances, a detailed list of all cleared checks and other debits,
a detailed list of all cleared deposits and other credits, ending account balances, a