Activity, Event, & Retreat Cash Advances Activity, event, and retreat cash advances must be approved by the and must be requestor’s supervisor, accounted for according to Our Accountable Reimbursement Plan. Ministry’s Bank Accounts Establishing New Checking Accounts Our preference is to manage as few checking accounts as possible; preferably only Ministry’s Board’s one. The Board has authorized the Treasurer to determine the number and type of cash management accounts necessary to support Our cash management needs. All bank and investment accounts Ministry’s must be recorded on Our financial statements and be reconciled monthly. Ministry’s Designation of Authorized Check Signatures The Finance Committee will recommend to Our Board persons authorized to sign checks for Ministry’s each account held. Those authorized will generally include the Chief Financial Officer and two or more other members of the Finance Committee. Those prohibited from being authorized check signers include the CEO or Senior Pastor and any others (not including the Chief Financial Officer) who have access to the general ledger. Check Signer Responsibilities Check signers, prior to signing, are to verify that the expenditure is appropriate. This is measured by asking the following five questions (a yes response to each question is required for each check): Is the check request signed by the person responsible for the general ledger expense account being charged? Is there supporting documentation, such as an invoice? Is the expenditure reasonable, both as to amount and items being purchased? Is the request for the expense account being charged within its approved budget? Is there sufficient cash on hand to cover the expenditure and still meet Our other fixed Ministry’s obligations? Cash Reserves Though Our Board would prefer to have at least one quarter of annual operating expenses and all Ministry’s designated funds in reserve, Our Board has determined that the minimum cash reserve level is one Ministry’s twelfth of annual operating expenses and all designated funds. Board approval is required before allowing reserves to fall below this minimum. Investments The Chief Financial Officer will manage Our funds so as to maximize earnings within a Ministry’s conservative cash environment. When cash reserves exceed twice the preferred amount specified in the Cash Reserves policy, the Treasurer may invest those funds in medium risk investments to yield higher returns. Long-Term Debt Unless otherwise specified in Our founding documents (Articles of Incorporation, Constitution, or Ministry’s By-Laws) all notes and leases must be approved by the Finance Committee.
Activity, Event, & Retreat Cash Advances Activity, event, and retreat cash advances must be approved by the requestor’s supervisor, and must be accounted for according to Our Ministry’s Accountable Reimbursement Plan. Bank Accounts Establishing New Checking Accounts Our Ministry’s Board’s preference is to manage as few checking accounts as possible; preferably only one. The Board has authorized the Treasurer to determine the number and type of cash management accounts necessary to support Our Ministry’s cash management needs. All bank and investment accounts must be recorded on Our Ministry’s financial statements and be reconciled monthly. Designation of Authorized Check Signatures The Finance Committee will recommend to Our Ministry’s Board persons authorized to sign checks for each account held. Those authorized will generally include the Chief Financial Officer and two or more other members of the Finance Committee. Those prohibited from being authorized check signers include the CEO or Senior Pastor and any others (not including the Chief Financial Officer) who have access to the general ledger. Check Signer Responsibilities Check signers, prior to signing, are to verify that the expenditure is appropriate. This is measured by asking the following five questions (a yes response to each question is required for each check): Is the check request signed by the person responsible for the general ledger expense account being charged? Is there supporting documentation, such as an invoice? Is the expenditure reasonable, both as to amount and items being purchased? Is the request for the expense account being charged within its approved budget? Is there sufficient cash on hand to cover the expenditure and still meet Our Ministry’s other fixed obligations? Cash Reserves Though Our Ministry’s Board would prefer to have at least one quarter of annual operating expenses and all designated funds in reserve, Our Ministry’s Board has determined that the minimum cash reserve level is one twelfth of annual operating expenses and all designated funds. Board approval is required before allowing reserves to fall below this minimum. Investments The Chief Financial Officer will manage Our Ministry’s funds so as to maximize earnings within a conservative cash environment. When cash reserves exceed twice the preferred amount specified in the Cash Reserves policy, the Treasurer may invest those funds in medium risk investments to yield higher returns. Long-Term Debt Unless otherwise specified in Our Ministry’s founding documents (Articles of Incorporation, Constitution, or By-Laws) all notes and leases must be approved by the Finance Committee.