Policy #6 – Financial Controls

 

The Board of Directors wishes to insure that control of NECSI funds is secure and that at least two responsible parties (typically the Executive Secretary and the Treasurer) shall review payments made to any vendor.  We are committed to prompt payment of invoices as long as expenses fall within budget guidelines.

 

  1. Routine payments shall be made by the Executive Secretary and listed on the monthly report given to the Treasurer and Board of Directors.  Expenses included in this category are:  (a).  Monthly administrative fees adopted in the budget (b) Quarterly fees for Newsletter Editor and Webmaster (c) Monthly phone bills within 25% of normal (d) Reimbursement of postage expense mailing to members and prospective members.
  2. Vendor payments that do not fall in any of the above categories, but included in the budget shall be submitted by the Executive Secretary to the Treasurer for approval.   The Treasurer shall provide written direction via Email to the Executive Secretary who shall make arrangements for payment to take place in a manner acceptable to the Vendor and NECSI.  The Executive Secretary shall file such written approval with the invoice to verify that approval was obtained.
  3. Payments requested that are in excess of the budget or not included in the budget shall be submitted to the full board for approval. 
  4. No board member shall have the authority to incur any debts or obligations without approval of the Treasurer.
  5. Travel expense reimbursement shall be submitted directly to the Treasurer, who will review the expense claims submitted with receipts to make sure that expenses are compatible with the current NECSI travel policy and then forward to the Executive Secretary for processing payment in a manner agreeable to both parties.
  6. The Executive Secretary in consultation and approval by the Treasurer, shall invest NECSI funds only in secure (fully insured by the US Government) investment account and shall report from time to time to the Board of Directors on funds invested and rate of return.
  7. The current status of NECSI finances shall be posted on the NECSI web site Members Only area at all times and kept up to day within at least 30 days.
  8. The treasurer shall have access to the NECSI account by electronic means to see the current transactions, authorize payments etc.