King City Civic Association Resolution: Finance 2012-403
EXPENSE MANAGEMENT PROCEDURES POLICY
CC&Rs Article VI, Section 1 thru 4; Bylaws Article III ORS 94.630; 94.595
General Expense Management
All purchases require a requisition. Prior to all purchases, a requisition shall be completed and approved at the appropriate signature level. The items purchased must match the items on the original requisition.
All receipts for approved purchases made by employees must be turned in for reimbursement before the end of the month of purchase.
If the Association has any debit cards, the cards will be stored in the Administrator's office and checked out and in by employees. All expenditures must have a printed receipt submitted at the time of the return of the card. No personal use of a debit card is allowed. The Administrator will keep track of the amounts spent and available on such accounts.
Office, cleaning and pool supplies and laundry items are to be purchased through purchase agreements with the supplier qualified to provide the best value to the Association.
Heating/cooling and pest control maintenance agreements are to be established with well-qualified suppliers who provide the best value to the Association.
All checks are to be signed by the Treasurer and the Administrator. If either is not available within a reasonable time, the President, Vice President or Secretary may sign.
All checks must have supporting documentation including an invoice and signed requisition (when one is required).
Each month the Administrator will explain to the Finance Committee and the Board all income and expense items that are 5% plus or minus their budgeted amounts.
The Administrator will recommend corrective action to bring the actual income and expenses into line if at any time during the year the income/expense statement shows a loss.
Signature Authority for Operating Expenses
The Administrator has a $500 signature authority. Payroll, utilities and other related items are excluded. All requisitions exceeding $500 are to be reviewed and approved by the Treasurer prior to purchase. If the Treasurer is not available within a reasonable time, the President, Vice President or Secretary may sign.
The Greens Superintendent has purchase authority for all operating budget items related to turf management and a $200 signature authority for items related to facilities maintenance. The Superintendent must keep the Administrator informed of purchase decisions. All requisitions in excess of $200 are to be reviewed by the Administrator prior to purchase.
The Pro Shop Manager does not have purchase signature authority. All Pro Shop requisitions are to be reviewed and approved by the Administrator.
Reserve Management and Expenditures
All reserve projects and funding required must be approved by the Board.
The Finance Committee will review all project proposals and recommend Board action.
The Administrator and the Treasurer are authorized to approve project expenditures exceeding the amount approved by the Board up to 10%.
All project expenditures expected to be greater than 10% over the original amount approved will be returned to the Board for approval or denial.
Each month the Administrator will provide a detailed status report of the reserve fund to the Finance Committee The status report will include the current fund balance, funds expended year-to-date by project, funds approved but not expended by project, expected completion dates of project in process, year-to-date funds received and pending escrows.
IT IS RESOLVED this ___ day of February 2012 by a majority vote of the Board of Directors and effective upon distribution of the Association's March 2012 Newsletter
King City Civic Association
By Terry Shane, President By Maxine Van Dyke, Secretary
Adopted 02/21/06
Reviewed 07/17/07
Revised and Restated 02/14/12