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9.11 – Fiscal Policy Statements
- All cash accounts owned by Open Door will be held in financial institutions which are federally insured and have received a favorable CRA (Community Reinvestment Act) rating.
- All capital expenditures which exceed $ $500 will be capitalized on the books and records of Open Door.
- Employee paychecks and/or personal checks will not be cashed through the petty cash fund of Open Door.
- No salary advancement will be made under any circumstances (refer to Best Practices).
- No travel cash advancements will be made except under special conditions and preapproved by the Director. Reimbursements will be paid upon full expense reporting using the official Open Door form within the normal disbursement schedule (refer to “Forms” for Administrative Expense & Mileage Report).
- Any item whose value exceeds $50, received via donation, will be recorded in the books and records of Open Door under the fundraising account.
- Accounting Department personnel are required to take annual vacation which will not interfere with fiscal procedures. Variance to this policy shall be made in special circumstances, with written permission from the Operations Director.
- All volunteer time shall be recorded in the books and records of the Human Resources Department.
- It is the policy of Open Door to reimburse out of pocket expenses only when supporting documentation has been presented for approved costs incurred. Prior approval must be obtained for any out of the norm expense before an employee pays for any expenses out of pocket.
- It is the policy of Open Door to establish pay rates which equal or surpass the federal and/or state minimum wage.
- It is the goal of Open Door to maintain a positive bank balance to accommodate for operating cash flow.
- The Director and Operations Director are signors of all Open Door banks accounts. Two signatures are required for all disbursements and any disbursement exceeding $25,000 must be approved by one of the Board of Trustees with signature authority.
- Bank statements will be reconciled monthly in order to account for any outstanding or lost checks.
- Expense reports will be maintained to disclose the nature of expenses and the dates incurred.
- Separate files will be maintained for each bank account and each vendor. Files will be kept separately for each fiscal year.
- The services of a Certified Public Accountant will be engaged to prepare a formal financial audit of the Open Door fiscal year-end.
- Correction fluid should never be used in preparing any accounting documents.
Last Revised: 8/25/21