SPORT NZ TEMPLATE FINANCIAL POLICIES AND PROCEDURES SECTION 6: TREASURY POLICY 1: BANK ACCOUNTS Policy Rationale [organisation] will ensure its bank accounts are operated in a manner that ensures controls are in place over cash funds and the authorisation of any banking transactions. Policy Statement(s) bank accounts will be operated in accordance with the [organisation]’s following: New bank accounts can only be opened following approval from Board [organisation]’s Any amendments to bank credit limits and / or overnight clearing facilities may only be actioned following approval from Board [organisation]’s Signatories for the bank accounts must be approved by the Board [organisation]’s Two signatories are required to authorise any payments from the bank accounts, including both electronic and manual organisation’s payments [organisation] is permitted to pay recurring invoices and payments by either direct debit or automatic payment. These authorities are to be authorised by two signatories are to be signed or issued under any No “blank” cheques circumstances All cheques issued are to be crossed “not transferable” Payments in the form of cash cheques or cash are to be avoided, with the exception of petty cash payments All cheques for funds that [organisation] receives must be crossed and banked to a [organisation] bank account “not transferable” Any cheques which remain outstanding for a period greater than 6 months should be reviewed and written back where necessary All banking must be done at least [weekly / daily] and more frequently if amounts of money held are significant
SPORT NZ TEMPLATE FINANCIAL POLICIES AND PROCEDURES SECTION 6: TREASURY POLICY 1: BANK ACCOUNTS Policy Rationale [organisation] will ensure its bank accounts are operated in a manner that ensures controls are in place over cash funds and the authorisation of any banking transactions. Policy Statement(s) [organisation]’s bank accounts will be operated in accordance with the following: New bank accounts can only be opened following approval from [organisation]’s Board Any amendments to bank credit limits and / or overnight clearing facilities may only be actioned following approval from [organisation]’s Board Signatories for the bank accounts must be approved by the [organisation]’s Board Two signatories are required to authorise any payments from the organisation’s bank accounts, including both electronic and manual payments [organisation] is permitted to pay recurring invoices and payments by either direct debit or automatic payment. These authorities are to be authorised by two signatories No “blank” cheques are to be signed or issued under any circumstances All cheques issued are to be crossed “not transferable” Payments in the form of cash cheques or cash are to be avoided, with the exception of petty cash payments All cheques for funds that [organisation] receives must be crossed “not transferable” and banked to a [organisation] bank account Any cheques which remain outstanding for a period greater than 6 months should be reviewed and written back where necessary All banking must be done at least [weekly / daily] and more frequently if amounts of money held are significant
6-1-Bank-Accounts-Policy.docx