.09 Perform monthly reconciliations between general ledger in the accounting system and bank accounts to ensure correct postings. .10 Investigate any noted differences on a timely basis. .11 Make regular reports to leadership and Ministry members concerning incoming funds to show fiscal integrity and build confidence in how gifts are received and receipted. .12 Require an external financial audit annually. .13 Safeguard and ensure the privacy of financial records by maintaining them in a place where they will not be destroyed or altered. 3.0 INTEGRATED AUXILIARY MINISTRIES .01 All integrated auxiliary ministries will be accounted for through the general operating bank account and their own separate bank accounts and reported in the monthly financial statements of XYZ, Inc. Integrated auxiliary ministries at Teen Challenge include each center and the Administration office, as well as related ministries at each center. .02 It is important to remember that the individual centers fall under the corporate status of XYZ, Inc. and are not separately established entities. Thus, it is important for the Executive Directors of these centers to understand that their center must follow all fiscal oversight, operational policies and procedures, and systems of internal controls of XYZ, Inc. as a whole. Section B. Date Approved/Revised: Approved By: RELEASE OF FINANCIAL INFORMATION Statement of Policy: The release of financial information must be in accordance with standards established by XYZ, Inc. and under the approval of the CFO. The Human Resources Manager will evaluate all personnel-related requests.
.09 Perform monthly reconciliations between general ledger in the accounting system and bank accounts to ensure correct postings. .10 Investigate any noted differences on a timely basis. .11 Make regular reports to leadership and Ministry members concerning incoming funds to show fiscal integrity and build confidence in how gifts are received and receipted. .12 Require an external financial audit annually. .13 Safeguard and ensure the privacy of financial records by maintaining them in a place where they will not be destroyed or altered. 3.0 INTEGRATED AUXILIARY MINISTRIES .01 All integrated auxiliary ministries will be accounted for through the general operating bank account and their own separate bank accounts and reported in the monthly financial statements of XYZ, Inc. Integrated auxiliary ministries at Teen Challenge include each center and the Administration office, as well as related ministries at each center. .02 It is important to remember that the individual centers fall under the corporate status of XYZ, Inc. and are not separately established entities. Thus, it is important for the Executive Directors of these centers to understand that their center must follow all fiscal oversight, operational policies and procedures, and systems of internal controls of XYZ, Inc. as a whole. Section B. Date Approved/Revised: Approved By: RELEASE OF FINANCIAL INFORMATION Statement of Policy: The release of financial information must be in accordance with standards established by XYZ, Inc. and under the approval of the CFO. The Human Resources Manager will evaluate all personnel-related requests.
Financial_procedures.docx