19. Policy – Financial Controls - Cheques

The CLO’s Board will ensure that internal controls on the use of cheques are implemented.

• There will be two authorized officers' signatures on all CLO cheques. One of the signatories must be a Board member of CLO.
• All cheques will be numbered and used in numerical order.
• All cheques, including blank unused cheques, will be kept in a secure location.
• All void cheques will be maintained on file.
• Cheques will not be issued to “cash” or “the bearer”
• Cheques will be written and attached to the supporting invoices before being given to the signing officers.
• All invoices and payroll entries will be reviewed by the signing officers and signed as "approved for payment" by one of the signing officers.
• Blank cheques should never be signed.
• The Executive Director will obtain the bank statements and cancelled cheques and review these on a monthly basis.

20. Policy – Financial Controls – Deposit of Funds

Funds received by our organization will be subject to internal controls.

Procedures

• Upon receipt, all funds received will be recorded in the appropriate journal.
• All funds will be kept in a secure location.
• A receipts journal will be kept. The journal will identify the date the funds are received, the source of the funds, the amount of the funds, the cheque number, and the initials of the person who received the funds.
• All funds will be deposited in the bank on a regular basis. Bank deposits will be compared to receipts issued to ensure that all funds are accounted for.
• Receipts will be issued where appropriate.

21. Policy – Financial Controls – Control of Credit Cards

Credit-card use will be strictly controlled according to the procedures established by CLO.

Procedures

• CLO’s board will authorize a CLO credit card in the amount of $1,000.
• The Board of Directors will authorize only one person at a time to have use of the credit card.
• The credit card will be secured by a GIC from CLO's reserve fund in the amount of $1,000.
• Directors will not be required to be personably liable for the credit card.
• Payment will not be made on the monthly credit card statement without individual bills for each purchase to verify the charges.
• The credit card may only be used strictly for authorized CLO business. Under no circumstances may personal items be expensed to the CLO credit card.