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The Board handles or delegates these functions to ensure public funds are being managed according to rules, regulations, and Board actions.
6.1.1 Finance Committee
The Cooperative shall have a Finance Committee as defined in the Cooperative bylaws. The Board Treasurer shall be the Chair of this committee.
6.1.2 Financial Reports
Review of financial reports shall take place at each regular Board meeting. Board members shall have an opportunity to comment on the reports.
6.1.3 Annual Review of Policies
Annual review and revision of financial and investment policies shall be a regular activity of the Finance Committee.
6.1.4 Audits
The
6.1.5 Purchases
The Director (or designee) is authorized to make all purchases. Prior approval of the Board is required for the purchase of individual items where the cost per item is $5,000 or more unless pre-approved by the Board as part of the regular budget process.
6.1.6 Compliance
The Finance Committee shall be responsible for verifying compliance with all investment and financial policies.
6.2.1 General
The Director is responsible for handling all cash and assets of the Cooperative and shall comply with applicable policies and Board actions. The Director shall be responsible for adopting adequate procedures to ensure the proper authorization of transactions; the appropriate segregation of duties; the proper recording of transactions and events; and adequate safeguards regarding access to and use of assets and records.
6.2.2 Cash Receipts
All receipts shall be handled in a timely manner. Under normal circumstances, deposits shall be made at least weekly.
6.2.3 Deposits
The Director (or designee) shall make all deposits and create a record of all such transactions.
6.2.4 Purchases
The Director (or designee) shall purchase all goods and services. All receipts and proofs of purchase shall be attached to the invoice.
6.2.5 Receipt of Goods
The Director (or designee) shall have the responsibility to receive and inspect goods and services prior to authorizing payment of invoices.
6.2.6 Approval of Vouchers and Invoices
The Director (or designee) shall approve all vouchers and invoices. All vouchers and invoices shall be appropriately documented.
6.2.7 Authorization of Payments
Prior to making any payments, a list of proposed payments shall be printed and approved. Two signatures shall be required on all such lists, one of which may be that of an authorized Cooperative employee or an officer of the Board; the other shall be an officer of the Board. At the discretion of the Director, two authorized signatures may be used to authorize payments of less than $100.
6.2.8 Disbursements by Check
Two signatures shall be required on all checks issued by the Cooperative, one of which shall be that of an authorized Cooperative employee or an officer of the Board; the other shall be an officer of the Board. At the discretion of the Director, two authorized staff signatures may be used on checks of less than $100. Documentation of all expenditures, such as an invoice or voucher, shall be available to check signers for all disbursements.
6.2.9 Disbursements by ACH
When determined to be in the Cooperative’s best interest, disbursements may be made via ACH transactions. All such transactions shall fully comply with applicable Board Policies. No automatic ACH payments shall be allowed. Two signatures shall be required before processing ACH payments, one of which may be that of an authorized Cooperative employee or an officer of the Board; the other shall be an officer of the Board. At the discretion of the Director, two authorized signatures may be used to authorize ACH payments of less than $100. Documentation of all expenditures shall be available to signers for all disbursements.
6.2.10 Recording of Transactions
The Director (or designee) shall be responsible for recording all transactions. These transactions are subject to review at any time by the Finance Committee and the Board.
6.2.11 Mailing Checks
The Director (or designee) shall be responsible for mailing all signed checks in a timely manner.
6.2.12 Automated Financial System
The Director (or designee) shall be responsible for the operation of the automated financial system, ensuring that only authorized persons shall have access to the financial files.
6.2.13 Security
Arrangements shall be made to ensure against physical damage to financial data.
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