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BLUE SLOPE COUNTRY MUSEUM, INC.
FINANCIAL AND CONTROL POLICY

PURPOSE

The purpose of financial management in the operation of all Blue Slope Country Museum, Inc. (BSCM, Inc.) activities is to fulfill the organization's mission in the most effective and efficient manner, and to remain accountable to the membership and the community. In order to accomplish this, BSCM, Inc. commits to provide accurate and complete financial data for internal and external use by the Board of Directors.

AUTHORITY

  • The Board of Directors is ultimately responsible for the financial management of all activities.
  • The Treasurer is according to the BSCM, Inc. Bylaws Article IV Officers 4.9: The treasurer, with the knowledge and consent of the Board of Directors, may also delegate any one or more of these functions as deemed appropriate.
  • The Treasurer is authorized to act on the Board's behalf on financial matters when action is required in advance of a meeting of the Board of Directors.
  • The Treasurer is responsible for the day-to-day financial management of the organization.
    • The Board authorizes the Treasurer to pay bills, receive funds, and reconcile bank accounts.
  • The Treasurer is authorized to sign checks up to $2,500. Checks for amounts greater than $2,500 shall require the additional signature of the President or Vice President.
  • The Treasurer is authorized to enter into contracts for activities that have been approved by the Board as a part of budgets or plans. The Board of Directors must authorize any contracts outside of these parameters and all contracts with a financial value greater than $10,000 or greater.
  • The Treasurer is authorized to manage expenses within the parameters of the overall approved budget, reporting to the Finance Committee Chairman on variances and the reason for these variances.
  • The Board of Directors must approve any use of the Board designated cash reserve fund.


RESPONSIBILITIES
TREASURER
According to the BSCM, Inc. Bylaws Article IV Officers 4.9: The treasurer, with the knowledge and consent of the Board of Directors, may also delegate any one or more of these functions as deemed appropriate.

  • Is a BSCM Board member.
  • Provides oversight of BSCM bookkeeping, budget planning and other fiscal matters.
  • Reconciles BSCM checking account(s) on a monthly basis.
  • Presents financial reports to the Board at regularly scheduled meetings.
  • Provides advice to the Board, on hiring consultants regarding matters pertaining to insurance, investment, banking, and budget management.
  • Have custody of the BSCM funds and shall keep full and accurate accounts of receipts and disbursements.
  • Make payments of all just bills of BSCM.
  • Deposit all monies and all other valuable effects of the BSCM in such depositories as may be designated by the Board.
  • Signs when authorized by the Board any note, check, draft or bill of exchange, warrant or other order for payment of money and pay out and dispose of same and acquire receipts for them.
  • Render an account of all the transactions as Treasurer and of the financial condition of BSCM at the request of the Board and at the Annual meeting and exhibit such books and accounts to the President upon request. Maintains correct books of accounts of all transactions and such other books of accounts as the Board may require.
  • Disburse funds with the authority of the Board or as the bylaws prescribe.
  • Provides a written financial report for the annual meeting.
    • Pay all obligations and file required reports in a timely manner.
  • Make no contractual commitment for bank loans, corporate credit cards, without specific approval of the Board.
  • Obtain competitive bids for items or services costing in excess of $5,000 per unit. Selection will be based on cost, service and other elements of the contract. AMA may award the bid to any provider and is not required to accept the lowest cost proposal.
  • Sends out thank you notices for the annual appeal.
  • Fills out required appropriate IRS forms ie. 990E-Z.

The Treasurer shall:

  • Account for donor restricted and Board designated funds separately from general operating funds, and clearly define the restrictions applicable to these funds.
  • Report the financial results of AMA operations on the schedule established by the Finance Committee, but at least quarterly.
  • Pay all obligations and file required reports in a timely manner.
  • Make no contractual commitment for bank loans, corporate credit cards, without specific approval of the Board.
  • Obtain competitive bids for items or services costing in excess of $5,000 per unit. Selection will be based on cost, service and other elements of the contract. AMA may award the bid to any provider and is not required to accept the lowest cost proposal.


The BOARD OF DIRECTORS shall:

  • Review financial reports at each board meeting.
  • Provide adequate training to members to enable each member to fulfill their financial oversight role.
  • Plan and carry out suitable protection and maintenance of property, building, and equipment.
  • Avoid actions that would expose the organization, its Board, or staff to claims of liability.
  • Protect intellectual property, information and files from unauthorized access, tampering, loss, or significant damage.
  • Oversee the receiving, processing and disbursement of funds under controls that are sufficient to maintain basic segregation of duties to protect bank accounts, income receipts, and payments.



FINANCIAL TRANSACTIONS WITH INSIDERS

No advances of funds to employees, officers, or directors are authorized. Direct and necessary expenses including travel for meetings and other activities related to carrying out responsibilities shall be reimbursed. In no case shall BSCM, Inc. borrow funds from any employee, officer, or director of the organization without specific authorization from the Board of Directors.

BUDGET

In order to ensure that planned activities minimize the risk of financial jeopardy and are consistent with Board approved priorities, long-range organization goals, and specific five-year objectives, the finance committee chairman shall:

  • Submit operating and capital budgets to the Board in time for reasonable approval prior to each fiscal year end.


GIFT ACCEPTANCE

BSCM, Inc. will accept stock or other negotiable instruments as a vehicle for donors to transfer assets to the organization. Transfer and recording the value of the asset shall be done in a consistent manner and in compliance with accounting standards. Gifts of stock or other market instruments shall be retained or disposed of at the discretion of the Board or its designates.

BSCM, Inc. shall accept contributions of goods or services other than cash that are related to the programs and operations of BSCM, Inc. Any other contributions of non-cash items must be reviewed and approved by the Board of Directors before acceptance.




Blue Slope Country Museum, Inc. Board of Directors approved this policy on September 18, 2012


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