Control and Safeguards

Sample Statements

Each financial transaction and/or legal agreement must have two authorized signatures, one of whom is a board member.

No one individual shall be given sole authority over any financial transaction.

All cheques shall be stored in a locked location within the office.

Cash will not be accepted by this agency. Cheques or money orders are preferred.

Signed cheques shall not be issued “to cash,” “to the bearer,” or left blank.

Cheques will be used and recorded in numerical order.

Credit

Sample Statements

An agency credit card (with a $ limit) will be provided to one designated staff person, for use, only on agency business.

The staff and board of this agency are committed to not incur debt for the organization.

Expenses

Sample Statements

Expense and Travel Forms and original receipts will be required for payment of any expense or travel claim.

Mileage costs of $ per kilometre will be reimbursed to all staff on agency business.

The Finance Committee will review annually the list of eligible expense claims which will be reimbursed.

Expense claims must be submitted for reimbursement within one month.

The rates for mileage, parking and meal allowances will be set each year by the board, based on recommendations by the Finance Committee.

Expense claims will be processed every two weeks by the bookkeeper. Original receipts, signed by the immediate supervisor, are required.The Executive Director requires the signature of the Chair or Treasurer to validate a claim.

Expense limits will be consistent with MET guidelines.