Example Accounting/Financial Policies

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Example Accounting/Financial Policies"

Transcription

1 Example Accounting/Financial Policies TABLE OF CONTENTS INTERNAL CONTROLS... 2 ACCESS TO RECORDS BY MEMBERS... 3 ACCOUNTING COMPUTER FILE BACK-UP PROCEDURE... 3 ACCOUNTING METHOD... 3 AUDIT COMMITTEE... 3 BANK RECONCILIATIONS... 3 BARTERING PROHIBITED... 3 BID REQUIREMENTS... 4 CHART OF ACCOUNTS... 4 CHECK DISBURSEMENTS... 4 CHECK ENDORSEMENT/STAMP... 4 CHECK SIGNERS... 4 CLEARING ACCOUNTS... 5 COMPUTER PASSWORDS... 5 CONTRACT SIGNING AUTHORITY... 5 CONTRIBUTIONS... 5 CONTROL OVER CHECKS AND CASH... 5 CPA FIRMS... 5 CREDIT CARDS... 6 DATE- AND TIME-RECEIVED STAMP... 6 DEPRECIATION... 6 ENDOWMENT FUNDS... 6 FEDERAL IDENTIFICATION NUMBER... 6

2 FINANCIAL STATEMENT PREPARATION AND DISTRIBUTION... 6 FRINGE BENEFITS... 6 INDEPENDENT CONTRACTORS... 6 INVESTMENT POLICY... 6 LEASES... 7 LOANS PROHIBITED... 7 LOGO... 7 LONG-TERM DEBT... 7 MAILING LIST POLICY... 7 MANDATORY VACATIONS/LEAVE... 7 NONSUFFICIENT FUNDS CHECKS... 7 PAYROLL... 7 PETTY CASH FUND DISBURSEMENTS... 7 RECORDS RETENTION AND DESTRUCTION... 8 REFUNDS... 8 REQUESTS FOR NEW POLICIES AND PROCEDURES... 8 SEGREGATION OF DUTIES... 8 TEMPORARY EMPLOYMENT AGENCIES... 8 TIME SHEETS... 8 TRAVEL ADVANCES... 8 VOIDED CHECKS... 9 Internal Controls Use of prenumbered Checks Checks are matched against open invoice files

3 Bank Statements reconciled on a monthly basis by an employee Treasurer of the Board independent of writing checks Separation of Duties Monthly Financial Statements to Board of Trustees Checks over $1,000 $ require two signatures; monthly cash disbursement journals reviewed by two board members Payroll services and tax preparation carried out by independent agent. Annual audit by independent CPA firm. Access to Records by Members It is the policy of the organization to allow members and the general public to inspect the following records of the organization: 1. IRS Form Original applications for tax-exempt status 3. Audited financial statements Accounting Computer File Back-Up Procedure It is the policy of the organization to maintain a computer file back-up system for accounting records as follows: At the end of each business day, every employee s computer files will be backed up. The employee will place one copy of the back up in the fire safe. Accounting Method It is the policy of the organization to use the accrual basis of accounting that recognizes revenues when they have been earned and expenses when they have been incurred. Audit Committee It is the policy of the organization that the Finance Committee of the Jackson Nonprofit Support Center Board of Trustees will serve as the audit committee. The treasurer will chair the committee, ensure corrective action is taken when necessary, and report on audit committee action to the board of trustees. Bank Reconciliations It is the policy of the organization to address bank statements to the executive director, Treasurer of the Board who will do an initial review of checks that cleared during the prior month. Within 24 hours, the executive director Treasurer of the Board will forward the bank statement to the administrative assistant Executive Director responsible for bank reconciliations. This individual cannot be a check signer. The bank reconciliation will be distributed with the internal financial statements and will include documentation of voided checks. Bartering Prohibited It is the policy of the organization to prohibit entering into bartering agreements with members whereby dues are forgone in exchange for goods or services provided by the member. Any other type of bartering agreement in any form is also prohibited.

4 Bid Requirements It is the policy of the organization to require bids for the following expenditures: Printing Three bids are required for all printing expenditures exceeding $500. Capital Purchases Three bids are required for all capital purchases exceeding $1,000. Inventory Purchase Three bids are required for all inventory purchases exceeding $500. Professional Services Professional services, including CPA firms and law firms, will be evaluated every three years, and requests for proposals will be prepared and sent to qualified firms in the same field. Other All other expenses exceeding $500. The decision to approve a vendor will be made by the executive director. Chart of Accounts It is the policy of the organization to maintain a chart of accounts. All employees involved with accounting coding responsibilities or budgetary responsibilities will be issued a chart of accounts based on the uniform chart of accounts from the state, and the chart of accounts must be updated on a routine basis. Check Disbursements It is the policy of the organization to keep unused check supplies safeguarded under lock and key. Signed checks that have not been mailed or distributed will be put under lock and key at the end of each day. Check Endorsement/Stamp It is the policy of the organization to endorse checks with a stamp(s) as follows: For Deposit Only Full Organization Name Bank Name Account Number Check Signers It is the policy of the organization to give check-signing authority to the following positions: Executive Director Chair, Board of Trustees Treasurer, Board of Trustees Checks issued for payment of the organization s debts over $ will require two signatures of individuals. Monthly cash disbursement reports will be reviewed by no less than two (2) board trustees. Additionally, individuals involved with check preparation and bank reconciliations are prohibited from having check-signing authority.

5 Clearing Accounts It is the policy of the organization to use clearing accounts for fringe benefits expenses, photocopy expenses, telephone expenses, occupancy expenses, credit card payments, and rent payments. Computer Passwords It is the policy of the organization to assign unique computer passwords to each individual who has access to the computer system. Passwords of terminated employees will be canceled immediately. A master record of employee passwords will be maintained by the executive director. Contract Signing Authority It is the policy of the organization to grant authority to sign contracts to executive director, as long as the bid does not exceed the limits of a bid requirement and the financial implications of the contract are included in the organization's budget. If the financial implication of signing a contract is not included in the organization s budget, board of directors' approval is required before authority to sign the contract is granted. Contributions It is the policy of the organization to send thank you letters on the organization's letterhead acknowledging all contributions, regardless of the amount. The letters will indicate the dollar amount contributed. Control Over Checks and Cash It is the policy of the organization that all incoming mail will be imprinted with a date- and time-received stamp. Checks will be endorsed with the deposit only stamp. All checks received will be deposited within one week. CPA Firms Audited Financial Statements It is the policy of the organization to direct the chief executive officer to distribute the audited financial statements to the board of trustees. The decision to publish the statements or otherwise make them available to the membership will be made by the board at its meeting following the issuance of the statements. The Engagement Letter It is the policy of the organization to review the draft of the CPA engagement letter before it is signed to ensure it covers matters important to management. The Management Letter It is the policy of the organization to discuss the CPA management letter with representatives of the auditing firm and to direct staff as to the appropriate action required to correct deficiencies addressed. Distribution of the management letter to individuals or firms other than those entitled to a copy by contractual obligation is left to the discretion of the executive director. Selection of Firm It is the policy of the organization to contract with the CPA firm selected to audit the organization annually. A minimum of three bids will be sought to indicate the firm most qualified and cost effective.

6 Credit Cards It is the policy of the organization to issue a credit card to the Executive Director for business use only not to exceed $2,000.-should this be less? Date- and Time-Received Stamp It is the policy of the organization to stamp the mail with a date- and time-received stamp. Depreciation It is the policy of the organization to depreciate fixed assets other than real property and electronic equipment using the straight line method over a 10-year period. Real property will be depreciated using the straight line method over a 30-year period. Electronic equipment will be depreciated using the straight line method over a 5-year period. Capitalized repairs and improvements will be depreciated using the straight line method based on an analysis of the time the repair or improvement is expected to improve the property. Fully depreciated fixed assets will remain on the organization's statement of financial position until they are disposed of or otherwise deemed worthless. The Board of Trustees will approve disposal fo any fixed assets. Endowment Funds It is the policy of the organization to include endowment funds in a quarterly report of the organization s statement of financial position. Federal Identification Number It is the policy of the organization to have the organization s Federal Identification Number printed on its invoices, statements, and any other document that may trigger a customer's request for this information. Financial Statement Preparation and Distribution It is the policy of the organization to prepare and distribute monthly financial statements that will include the Statement of Financial Position. These statements will be prepared and distributed within 10 working days after the close of the month. The statements will be distributed to the board of trustees and the executive director. Fringe Benefits Fringe benefits include FICA taxes, unemployment taxes, employee insurance premiums, and pension payments. Independent Contractors It is the policy of the organization to evaluate criteria established by the IRS when assigning individual employee or independent contractor status. Individuals qualifying as independent contractors will sign an Independent Contractor Agreement and will be issued IRS Form 1099 if compensation is $600 or more in a single year. Investment Policy It is the policy of the organization to invest excess cash in the following list of approved investments:

7 Investment Vehicle Certificates of Deposit Bonds Necessary Rating (Note Rating) (Note Rating) The decision to invest cash in approved investments must be made jointly by executive director and the Finance Committee with reporting and approval to the Board of Trustees at the next scheduled meeting. Leases It is the policy of the organization to record leases as either capital leases or operating leases in the financial records, based on appropriate qualification criteria. Loans Prohibited It is the policy of the organization to prohibit loans to employees and members under all circumstances. Logo It is the policy of the organization to include the organization s logo on all forms used by the organization. Long-Term Debt It is the policy of the organization to include the current portion of long-term debt (the amount due to be paid within 12 months) with accounts payable on the financial records. Only the noncurrent portion of long-term debts will be included in the long-term debt section of the financial records. Mailing List Policy It is the policy of the organization to sell membership mailing labels as long as the product or service is of interest to the membership. A discount will apply if the purchaser is a member of the organization. Mandatory Vacations/Leave It is the policy of the organization to require employees to take annual leave due them. Leave is not carried forward. Nonsufficient Funds Checks It is the policy of the organization to include checks returned by the bank because of nonsufficient funds in the accounts receivable, nonsufficient funds account in the accounting records. If the checks in question are eligible for redeposit, the subsequent deposit will reduce the receivable account accordingly. If the checks in question are prohibited from redeposit, the organization s Bad Debts Policy will be implemented. Payroll It is the policy of this orgnization to engage Automatic Data Processing (ADP) as its payroll agent. Petty Cash Fund Disbursements It is the policy of the organization to maintain a petty cash fund of $150.

8 It is the responsibility of the Executive Director and that person's designee to ensure that the petty cash fund is under lock and key at all times. Disbursements from the petty cash fund may only be made for approved expenditures. A receipt must accompany every disbursement. The receipt must be signed by the person receiving the cash and the person disbursing the cash. The petty cash fund will be replenished as needed and at the end of every month. The petty cash fund replenishment check will be made out to the individual primarily responsible for maintaining the fund. The expenses will be reviewed and the resulting check will be signed by two other responsible parties. Records Retention and Destruction It is the policy of the organization to retain records as required by law and to destroy them when appropriate. Refunds Members requesting a refund for dues will be refunded a pro rata share of unused dues less an administrative fee of $50. Refunds are not available for workshops. Refunds for consulting arrangements will be prorated less an administrative fee of $150. Requests for New Policies and Procedures It is the policy of the organization to encourage employee involvement in keeping the Accounting and Financial Policies and Procedures Manual up to date. Employees requesting existing policy changes, addition of new policies, and elimination of existing policies should submit a request in writing to the executive director. Segregation of Duties It is the policy of the organization to work with the organization s independent CPA firm to ensure adequate segregation of accounting duties exist. Suggestions on improving controls through duty segregation will be given serious consideration, and employees will be required to participate in the interest of both the organization and the employee. Temporary Employment Agencies It is the policy of the organization to use temporary employment agencies to supplement the work force during peak periods. Fees paid to hire the employees of temporary employment agencies are included in the wages line item in the financial statements. Time Sheets It is the policy of the organization that all employees complete and sign time sheets for every pay period. Paychecks will not be distributed until approved time sheets have been submitted. Employees will note accurately all regular hours, overtime, and leave hours. Travel Advances It is the policy of the organization to issue travel advances to individuals who have secured the proper travel authorization.

9 These advances are considered account receivables from the individuals, and the proper travel accounts are charged when reimbursements for travel expenses are paid. It is the policy of the organization to establish travel expense limitations and guidelines as follows: Travel Advances Travel advances will be issued if requested at least 30 days before the trip. Personal Mileage Employees will be reimbursed for use of their personal cars on organization business at a rate of per mile (or at the current rate of IRS reimbursement). Commuting mileage will not be reimbursed. Lodging Lodging facilities must be approved by the appropriate manager. Employees will be reimbursed entirely for the basic room charge and applicable taxes. Receipts are necessary. Meals Employees will be on a per diem basis for meals and tips. Current per diem rates are as follows: $6 Breakfast Out of State: $7 Breakfast $8 Lunch $9 Lunch $15 Dinner $20 Dinner These figures include applicable taxes. Receipts are necessary for meals. Tips should be noted on meal receipts. Taxi Actual taxi fares, including tips, will be reimbursed entirely. Receipts are necessary. Tips must be noted on taxi receipts. Tips Reasonable tips for baggage handling will be reimbursed. Receipts are not required. Tips for meals and taxis are discussed elsewhere under these guidelines. Parking and Tolls Parking fees and toll expenses will be reimbursed. Receipts are necessary. Car Rentals Car rentals will be reimbursed if approved in advance. Receipts are required. Travel expense reimbursements will be distributed or mailed within 30 days if properly pre-approved. Voided Checks It is the policy of the organization to maintain a Voided Checks Log and document every check that has been voided, regardless of the reason. If voided checks are physically available, they will be stamped VOID and filed in the organization's Voided Checks File. If voided checks are not physically available, the organization s copy of the bank's stop-payment order will be filed in a Stop-Payment Order File.

Sayre School Accounting and Financial Policies and Procedures Manual

Sayre School Accounting and Financial Policies and Procedures Manual Sayre School Accounting and Financial Policies and Procedures Manual Approved May 15, 2003 Updated 2009 Updated Summer 2011 Access to Records It is the policy of the school to allow the public to inspect

More information

SAMPLE FINANCIAL PROCEDURES MANUAL

SAMPLE FINANCIAL PROCEDURES MANUAL SAMPLE FINANCIAL PROCEDURES MANUAL Approved by (organization s) Board of Directors on (date) I. GENERAL 1. The Board of Directors formulates financial policies, delegates administration of the financial

More information

The policy and procedural guidelines contained in this handbook are designed to:

The policy and procedural guidelines contained in this handbook are designed to: BASIC POLICY STATEMENT The Mikva Challenge is committed to responsible financial management. The entire organization including the board of directors, administrators, and staff will work together to make

More information

Western Climate Initiative, Inc. Accounting Policies and Procedures

Western Climate Initiative, Inc. Accounting Policies and Procedures Western Climate Initiative, Inc. Accounting Policies and Procedures Adopted May 8, 2013 WESTERN CLIMATE INITIATIVE, INC ACCOUNTING POLICIES AND PROCEDURES Adopted May 8, 2013 Table of Contents I. Introduction...

More information

FISCAL POLICIES AND PROCEDURES

FISCAL POLICIES AND PROCEDURES FISCAL POLICIES AND PROCEDURES SECTION 1.1 FINANCIAL RECORDS AND REPORTING Colorado Nonprofit Association's fiscal period begins January 1 and ends December 31. The financial records of the organization

More information

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES FINANCIAL MANAGEMENT POLICIES AND PROCEDURES SAMPLE 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions,

More information

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY 1. Purpose The Dixon Montessori Charter School Board of Directors ( Board ) has reviewed and adopted the following policies and procedures to ensure

More information

FINANCIAL CONTROLS POLICIES AND PROCEDURES FOR SMALL NONPROFIT ORGANIZATIONS

FINANCIAL CONTROLS POLICIES AND PROCEDURES FOR SMALL NONPROFIT ORGANIZATIONS By Cindy Cumfer NOTE: These policies and procedures are designed for small nonprofits that do not have an administrator with financial expertise. They are set up to divide the fiscal control roles between

More information

NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL

NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL I. Financial Planning/Budget Systems 1. Organization has a comprehensive annual budget which includes all sources and uses of funds for all aspects of

More information

FIVE MANAGEMENT SYSTEM Policies and Procedures Checklist

FIVE MANAGEMENT SYSTEM Policies and Procedures Checklist FIVE MANAGEMENT SYSTEM Procedures Checklist Provided by: Navajo Nation Office of the Auditor General TABLE OF CONTENTS Introduction.........................................1 General Administrative Procedures...............................1

More information

This document outlines the travel and reimbursement policy for Adrian College employees.

This document outlines the travel and reimbursement policy for Adrian College employees. TRAVEL POLICY This document outlines the travel and reimbursement policy for Adrian College employees. Travel Expenses Institutional related travel expenses will be reimbursed to Adrian College employees

More information

Archdiocese of Chicago Parish Self-Assessment Checklist

Archdiocese of Chicago Parish Self-Assessment Checklist Self-Assessment Questions 1. Are written Parish Finance Council guidelines and norms defined, documented, and available to all Parish Finance Council members? 2. Are Archdiocesan best practices communicated

More information

Internal Controls Best Practices

Internal Controls Best Practices Internal Controls Best Practices This list includes the most common internal controls applied by small to medium sized businesses to their operations. It includes controls that apply to the processes most

More information

Financial Policies & Procedures Manual and Guidelines

Financial Policies & Procedures Manual and Guidelines Financial Policies & Procedures Manual and Guidelines POLICY STATEMENT: The Metrocrest Chamber of Commerce (the Chamber) is committed to responsible financial management. The entire organization including

More information

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Name of Organization & logo) ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Date) Note: this sample manual is designed for nonprofit organizations with the following staff involved with accounting

More information

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014 CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL February 2014 I. Introduction The purpose of this manual is to describe all accounting policies and procedures currently in use at The

More information

Guidelines for Congregations Internal Control Best Practices

Guidelines for Congregations Internal Control Best Practices Guidelines for Congregations Internal Control Best Practices A resource provided by the Office of the Treasurer of the Evangelical Lutheran Church in America Congregations should establish and maintain

More information

Accounting software & data

Accounting software & data Accounting software & data Accounting software and data should reside at church or be webbased where the data base can be accessed by multiple users Multiple people should be trained on software Software

More information

FINANCIAL POLICIES INDEX

FINANCIAL POLICIES INDEX FINANCIAL POLICIES INDEX Page Accounts Payable 2 Cash Receipts 6 Credit Cards 9 General Ledger Adjustments 10 Fixed Asset 11 Payroll Tax Reporting 13 Travel Reimbursement 14 Handling Mail 15 1 Accounts

More information

The purpose of this policy is to set expectations for a system for reimbursing employees for qualifying business expenses.

The purpose of this policy is to set expectations for a system for reimbursing employees for qualifying business expenses. Adopted: July 13, 2009 School Board Review August 25, 2014 (No Change) Contact Person: Executive Director of Finance and Support Services POLICY 412 I. PURPOSE The purpose of this policy is to set expectations

More information

c. Name of Accounts. All accounts of the Association, shall be in the Association s name.

c. Name of Accounts. All accounts of the Association, shall be in the Association s name. Approved 09/09/13 Financial Policies & Procedures It is the purpose of these financial policies and procedures to provide guidance for all financial activities of Connecticut Junior Soccer Association

More information

FAYETTEVILLE STATE UNIVERSITY ACCOUNTS PAYABLE AND TRAVEL POLICY

FAYETTEVILLE STATE UNIVERSITY ACCOUNTS PAYABLE AND TRAVEL POLICY FAYETTEVILLE STATE UNIVERSITY ACCOUNTS PAYABLE AND TRAVEL POLICY Authority: Category: Issued by the Chancellor. Changes or exceptions to administrative policies issued by the Chancellor may only be made

More information

A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000

A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 CHART OF ACCOUNTS A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 series and ending in 43000). This

More information

Governance & Policies

Governance & Policies Governance & Policies Effective: July 1, 2009 Administrative Policy TRAVEL EXPENSE REGULATIONS Approved: September 1, 2009 President s Cabinet General Policy These travel expense regulations are applicable

More information

BEDFORD PUBLIC SCHOOLS BUSINESS OFFICE PROCEDURES MANUAL

BEDFORD PUBLIC SCHOOLS BUSINESS OFFICE PROCEDURES MANUAL BEDFORD PUBLIC SCHOOLS BUSINESS OFFICE PROCEDURES MANUAL Revised 3-27-2014 TABLE OF CONTENTS Section 1: Section 2: Section 3: Section 4: Section 5: Section 6: Section 7: Section 8: Section 9: Cash Management

More information

OUT-OF DISTRICT EMPLOYEE TRAVEL DEE

OUT-OF DISTRICT EMPLOYEE TRAVEL DEE Employees shall be reimbursed for reasonable travel expenditures according to the policies and procedures outlined in this document. Prior approval for all out-of-district travel shall be obtained before

More information

SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES

SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES CASH MANAGEMENT I. Checks a. All checks are restrictively endorsed, using the endorsement stamp maintained by the building secretary.

More information

CHAPTER 9 PRESCRIBED FORMS, TAXES, AND GENERAL INFORMATION

CHAPTER 9 PRESCRIBED FORMS, TAXES, AND GENERAL INFORMATION 9-1 PRESCRIBED FORMS CHAPTER 9 PRESCRIBED FORMS, TAXES, AND GENERAL INFORMATION The State Board of Accounts is charged by law with the responsibility of prescribing and installing a system of accounting

More information

Accounting Policies and Procedures Manual

Accounting Policies and Procedures Manual Accounting Policies and Procedures Manual Kansas Association of Local Health Department October 28, 2013 Page 2 of 10 Contents I. Introduction... 4 II. Division of Responsibilities... 4 Board of Directors...

More information

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip)

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Section B. Sample Audit Committee Certificate Date To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Subject: (Audit Year) Audit of (Church Name) We have inspected the statement

More information

5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING IF ANY ARE NOT APPLICABLE, INSERT N/A AS YOUR ANSWER. FIRE DISTRICT YEAR UNDER AUDIT

5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING IF ANY ARE NOT APPLICABLE, INSERT N/A AS YOUR ANSWER. FIRE DISTRICT YEAR UNDER AUDIT 5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING AUDIT QUESTIONNAIRE FOR FIRE DISTRICT AUDITS EACH QUESTION MUST BE ANSWERED. PLEASE CIRCLE YES OR NO. IF ANY ARE NOT APPLICABLE, INSERT N/A

More information

S-Corporation Tax Organizer Form 1120-S

S-Corporation Tax Organizer Form 1120-S S-Corporation Tax Organizer Form 1120-S This organizer is provided to help you gather and organize information that will be needed in the preparation of your S-Corporation tax returns. If you are a first

More information

CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11)

CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11) CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11) Purpose This policy has been established in order to balance the need for financial control with the flexibility

More information

Procedure 20345: Moving and Relocation Expenses

Procedure 20345: Moving and Relocation Expenses Procedure 20345: Moving and Relocation Expenses The university may reimburse moving and relocation expenses in accordance with the Commonwealth of Virginia and Internal Revenue Service (IRS) policies and

More information

Internal Control Guidelines

Internal Control Guidelines Internal Control Guidelines The four basic functions of management are usually described as planning, organizing, directing, and controlling. Internal control is what we mean when we discuss the fourth

More information

CONTRACTOR S ACCOUNTING HANDBOOK

CONTRACTOR S ACCOUNTING HANDBOOK CONTRACTOR S ACCOUNTING HANDBOOK Table of Contents INTRODUCTION... 4 A. ACCOUNTING AND FINANCIAL REPORTING... 4 1.0 Basis of Accounting... 4 1.1 Cash Basis... 5 1.2 Accrual Basis... 5 1,3 Accruals... 5

More information

INTERNAL CONTROL QUESTIONNAIRE OFFICE OF INTERNAL AUDIT UNIVERSITY OF THE VIRGIN ISLANDS

INTERNAL CONTROL QUESTIONNAIRE OFFICE OF INTERNAL AUDIT UNIVERSITY OF THE VIRGIN ISLANDS Cabinet Member or Representative responsible for completing this form: INSTRUCTIONS FOR COMPLETING THIS FORM: Answer each question by placing an X in the either the Yes, No,, or Applicable () column. Provide

More information

Partnership & LLC s Tax Organizer Form 1065

Partnership & LLC s Tax Organizer Form 1065 Partnership & LLC s Tax Organizer Form 1065 This organizer is provided to help you gather and organize information that will be needed in the preparation of your partnership tax returns. If you are a first

More information

Office of the State Controller. Self-Assessment of Internal Controls. Purchasing/Accounts Payable Cycle. Objectives and Risks

Office of the State Controller. Self-Assessment of Internal Controls. Purchasing/Accounts Payable Cycle. Objectives and Risks Office of the State Controller Self-Assessment of Internal Controls Purchasing/Accounts Payable Cycle Objectives and Risks Agency Year-End Objectives All requests for goods and services are initiated and

More information

Audit Guidelines. The Annual Church Audit. by Dan Busby. Key Concepts. Idea! Use this document as a checklist for your annual audit.

Audit Guidelines. The Annual Church Audit. by Dan Busby. Key Concepts. Idea! Use this document as a checklist for your annual audit. The Annual Church Audit by Dan Busby Audit Guidelines Church board members have a long list of responsibilities. Among these is the responsibility for the money that flows through the church. Included

More information

Guidelines for Congregations Internal Control Best Practices

Guidelines for Congregations Internal Control Best Practices Guidelines for Congregations Internal Control Best Practices A resource provided by the Office of the Treasurer of the Evangelical Lutheran Church in America In order to exercise good stewardship and care

More information

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED

More information

S Corporation Tax Organizer

S Corporation Tax Organizer S Corporation Tax Organizer CLIENT INFORMATION S Corporation Name: Email: Date of Incorporation: EIN#: Best Phone#: Corporate Address: Tax Period City: State: ZIP Code: What date was the corporation first

More information

FINANCIAL MANAGEMENT MANUAL

FINANCIAL MANAGEMENT MANUAL LAKE MICHIGAN AIR DIRECTORS CONSORTIUM FINANCIAL MANAGEMENT MANUAL This manual is the exclusive property of Lake Michigan Air Directors Consortium 9501 West Devon Avenue, Suite 701 Rosemont, Illinois 60018

More information

Travel Policy. Finance and Accounting

Travel Policy. Finance and Accounting Finance and Accounting Policy No.: FA. 02-03-002 Effective Date: Supersedes: Publication Date: 11/17/2014 All Previous Versions 07/16/2014 1.0 Purpose This document describes the requirements for San Jose

More information

MEMORANDUM INTERNAL CONTROL REQUIREMENTS FOR NON-PROFITS

MEMORANDUM INTERNAL CONTROL REQUIREMENTS FOR NON-PROFITS DIVISION OF CHILD CARE AND EARLY CHILDHOOD EDUCATION HEALTH AND NUTRITION UNIT P O BOX 1437, SLOT S 155 501-320-8982 FAX: 501-682-2334 TDD: 501-682-1550 TO: NON-PROFIT INSTITUTIONS FROM: HEALTH AND NUTRITION

More information

Pitt County Schools Individual School Accounting. Internal Controls and Responsibilities Fiscal Year 2009-10

Pitt County Schools Individual School Accounting. Internal Controls and Responsibilities Fiscal Year 2009-10 Individual School Accounting Internal Controls and Responsibilities Fiscal Year 2009-10 Individual School Accounting Internal Controls and Responsibilities Fiscal Year 2009-10 Contents Page Principal Statement

More information

Chapter 5 Business Expenses

Chapter 5 Business Expenses Chapter 5 Business Expenses Key Concepts Trade or business expenses must be ordinary, necessary, and reasonable in amount to be deductible. Accrual-basis taxpayers deduct their expenses when the all-events

More information

ADMINISTRATIVE PROCEDURE San Mateo County Community College District

ADMINISTRATIVE PROCEDURE San Mateo County Community College District CHAPTER 8: Business Operations ADMINISTRATIVE PROCEDURE NO. 8.55.1 (AP 7400) ADMINISTRATIVE PROCEDURE San Mateo County Community College District Subject: AP 8.55.1 Domestic Conference and Travel Expenses

More information

Fiscal Procedure Sequence page number

Fiscal Procedure Sequence page number Table of Contents Fiscal Procedure Sequence page number Treasurer Responsibilities Maintenance of General Ledger Financial Statements Financial Signature/Review Policy Insurance Protection Payroll Procedures

More information

Travel Policy Philosophy Purpose Scope Guidelines Auditing and Internal Control

Travel Policy Philosophy Purpose Scope Guidelines Auditing and Internal Control Travel Policy Philosophy Travel and entertainment related expenses will be paid by the Association if they are deemed to be reasonable, appropriately documented, properly authorized and within the guidelines

More information

INTERNAL ACCOUNTING CONTROLS CHECKLIST FOR NTMA CHAPTERS

INTERNAL ACCOUNTING CONTROLS CHECKLIST FOR NTMA CHAPTERS P R E C I S I O N INTERNAL ACCOUNTING CONTROLS CHECKLIST FOR NTMA CHAPTERS Presented at NTMA 2004 Annual Convention Palm Springs, CA February 2004 National Tooling & Machining Association 9300 Livingston

More information

APPLICANT PROPOSAL For Non-Emergency Medical Transportation (NEMT) Coordination Services

APPLICANT PROPOSAL For Non-Emergency Medical Transportation (NEMT) Coordination Services 1 APPLICANT PROPOSAL For Non-Emergency Medical Transportation (NEMT) Coordination Services INSTRUCTIONS: If you want to be considered to provide services in response to the Request for Proposals for NEMT

More information

1. SEGREGATION OF DUTIES IS ESSENTIAL

1. SEGREGATION OF DUTIES IS ESSENTIAL The way a church handles money can present a positive or negative witness. Churches need to be diligent in handling money to encourage integrity and positive Biblical stewardship. Every step should be

More information

TOPIC NO. 20330 TOPIC PETTY CASH December 2008 Table of Contents

TOPIC NO. 20330 TOPIC PETTY CASH December 2008 Table of Contents Table of Contents Overview... 3 Introduction... 3 Policy... 3 Non-Routine Purchasing... 3 Routine Purchasing... 3 Small Purchases Charge Card... 3 Use of EDI for Repayment... 3 Definitions... 4 Change

More information

Paw Paw Public Schools. Business Office. Procedures Manual

Paw Paw Public Schools. Business Office. Procedures Manual Paw Paw Public Schools Business Office Procedures Manual Updated August 2013-1 - TABLE OF CONTENTS Section 1 General Section 2 Cash Management Section 3 Expenditures Purchasing Section 4 Expenditures Accounts

More information

NEW YORK STATE DEPARTMENT OF ENVIRONMENTAL CONSERVATION DIVISION OF ENVIRONMENTAL REMEDIATION

NEW YORK STATE DEPARTMENT OF ENVIRONMENTAL CONSERVATION DIVISION OF ENVIRONMENTAL REMEDIATION NEW YORK STATE DEPARTMENT OF ENVIRONMENTAL CONSERVATION DIVISION OF ENVIRONMENTAL REMEDIATION TECHNICAL ASSISTANCE GRANTS STATE ASSISTANCE CONTRACT RECORD KEEPING AND PAYMENT GUIDE 1.0 ACCOUNTING SYSTEM

More information

Fiscal Policies and Procedures Handbook. Crown Preparatory Academy

Fiscal Policies and Procedures Handbook. Crown Preparatory Academy Fiscal Policies and Procedures Handbook Crown Preparatory Academy TABLE OF CONTENTS Cover Page...i Table of Contents.ii Overview... 1 Annual Financial Audit... 1 Purchasing... 2 Petty Cash... 2 Contracts...

More information

Audits of Automobile Body and Repair Shops

Audits of Automobile Body and Repair Shops Audits of Automobile Body and Repair Shops If you are in certain retail businesses, industry specific audit procedures may be performed by the IRS in addition to the standard procedures performed during

More information

Eastern Michigan University

Eastern Michigan University Eastern Michigan University TRAVEL PROCEDURES Page 1 TABLE OF CONTENTS I. Administration 2 A. Authorization to Travel B. Travel Reimbursements C. Travel Advances D. Sponsored Travel E. Student Travel II.

More information

FINANCIAL MANAGEMENT GUIDE FOR NON-PROFIT ORGANIZATIONS

FINANCIAL MANAGEMENT GUIDE FOR NON-PROFIT ORGANIZATIONS FINANCIAL MANAGEMENT GUIDE FOR NON-PROFIT ORGANIZATIONS NATIONAL ENDOWMENT FOR THE ARTS OFFICE OF INSPECTOR GENERAL SEPTEMBER 2008 Questions about this guide may be directed to the National Endowment for

More information

TABLE OF CONTENTS. Purchasing Department. Accounts Payable

TABLE OF CONTENTS. Purchasing Department. Accounts Payable TABLE OF CONTENTS Purchasing Department a. Purchasing Policies b. DPS-Distributed Purchasing System c. Internet Purchases d. Purchase Orders e. Vendors f. Damaged Goods g. Contracts h. Principles i. Budget

More information

BOARD TRAVEL AND EXPENSE POLICY

BOARD TRAVEL AND EXPENSE POLICY BOARD GOVERNANCE POLICY BOARD TRAVEL AND EXPENSE POLICY Introduction System assets, including operating funds and property, must not be left unprotected, inadequately maintained or exposed to unnecessary

More information

Internal Controls over Cash for Small Nonprofits

Internal Controls over Cash for Small Nonprofits Internal Controls over Cash for Small Nonprofits Internal controls may be a sensitive issue in small nonprofit organizations. These organizations are built on the concepts of honesty, truthfulness, and

More information

Checks and Balances Internal Controls. West Virginia State Auditor s Office Chief Inspector Division

Checks and Balances Internal Controls. West Virginia State Auditor s Office Chief Inspector Division Checks and Balances Internal Controls West Virginia State Auditor s Office Chief Inspector Division POP QUIZ Internal Controls Internal Controls The auditor will test the effectiveness of your internal

More information

E D M O N T O N ADMINISTRATIVE PROCEDURE

E D M O N T O N ADMINISTRATIVE PROCEDURE DEPARTMENT DELEGATED AUTHORITY CONTACT FINANCIAL SERVICES CHIEF FINANCIAL OFFICER, FINANCIAL SERVICES DEPARTMENT TRAVEL COORDINATORS DEFINITIONS Account Coding A defined list of SAP cost elements used

More information

RELOCATION AND MOVING EXPENSE FOR NEW EMPLOYEES

RELOCATION AND MOVING EXPENSE FOR NEW EMPLOYEES EMPLOYEE RELATIONS RELOCATION AND MOVING EXPENSE FOR NEW EMPLOYEES POLICY STATEMENT Relocation and moving expenses for deans and administrative staff (at the Director level and above) may be provided up

More information

NRP Training Series 2001 Financial Record Keeping

NRP Training Series 2001 Financial Record Keeping NRP Training Series 2001 Financial Record Keeping Copyright 2001 Minneapolis NRP - All Rights Reserved What is the role of the Treasurer? Generally, the treasurer is responsible for compiling and keeping

More information

Wellsville Area Chamber of Commerce, Inc. Financial Policies and Procedures

Wellsville Area Chamber of Commerce, Inc. Financial Policies and Procedures Wellsville Area Chamber of Commerce, Inc. Financial Policies and Procedures The Wellsville Area Chamber of Commerce is committed to responsible financial management. All members of the organization (compensated

More information

Booster Club and Exempt Organizations Audit Committee General Information

Booster Club and Exempt Organizations Audit Committee General Information Booster Club and Exempt Organizations Audit Committee General Information General Information Each organization is required to have an audit committee conduct an annual review of the organization s revenues

More information

Nonprofit Fiscal Policies & Procedures: A Template and Guide

Nonprofit Fiscal Policies & Procedures: A Template and Guide Nonprofit Fiscal Policies & Procedures: A Template and Guide Developed by June 2012 Guide to the Fiscal Policies & Procedures Template Establishing good fiscal policies and procedures is more of an investment

More information

Internal Controls: Best Practices for Political Campaigns in New York City

Internal Controls: Best Practices for Political Campaigns in New York City Internal Controls: Best Practices for Political Campaigns in New York City This document describes standard financial controls and procedures that can help you protect and manage your campaign s assets

More information

Managing Research Subject Payments Draft

Managing Research Subject Payments Draft UNIVERSITY OF OREGON Managing Research Subject Payments Draft Rob Freytag, Brett Giles, Dan Patten, Martha Schumacher, Teri Rowe, Lynette Schenkel, Beverly Morehouse, Olivia Pierce, Marisa Zuskar THIS

More information

Vance County Schools Individual School Accounting

Vance County Schools Individual School Accounting Individual School Accounting Internal Controls and Responsibilities Individual School Accounting Internal Controls and Responsibilities Contents Page Principal Statement of Understanding 3 Treasurer Statement

More information

Listowel Wingham Hospitals Alliance

Listowel Wingham Hospitals Alliance Listowel Wingham Hospitals Alliance =============================================================== TITLE: Business & Travel Expense Reimbursement Policy Statement: The Business Expense & Travel Reimbursement

More information

TABLE OF CONTENTS CHAPTER 9

TABLE OF CONTENTS CHAPTER 9 TABLE OF CONTENTS CHAPTER 9 Purpose...1 Balance Sheet Accounts...1 Assets...1 Cash...1 Accounts Receivable...2 Accounts Receivable Allowances...4 Loans and Notes Receivable...4 Loans and Notes Allowances...5

More information

Internal Controls and Political Committees

Internal Controls and Political Committees Internal Controls and Political Committees Under the Federal Election Campaign Act (FECA) and the Commission s regulations all political committees are required to file accurate and complete disclosure

More information

Management and Chief Financial Officer Policy Coordinator. Vice-President Finance, Information. Management and Chief Financial Officer POLICY

Management and Chief Financial Officer Policy Coordinator. Vice-President Finance, Information. Management and Chief Financial Officer POLICY Administrative Manual Number: ADM-F-4 Section: Financial Management Prepared by: Endorsed by: Issued by: Vice-President Finance, Information Management and Chief Financial Officer Policy Coordinator Senior

More information

Accounts Payable Manual

Accounts Payable Manual Accounts Payable Manual P a g e 2 January 2015 P a g e 3 Table of Contents Introduction... 4 Accounts Payable... 5 Vendor Payments... 7 Paperless Invoice Process... 13 Imprest Accounts and Petty Cash Funds...

More information

Cash Receipt and Banking Internal Controls

Cash Receipt and Banking Internal Controls Chapter 4 Cash Receipt and Banking Internal Controls A major asset of parishes is its cash and cash equivalents, including marketable securities and other highly liquid assets readily convertible into

More information

Policies And Procedures

Policies And Procedures Alaska Council of School Administrators Policies And Procedures Purpose The purpose of the Alaska Council of School Administrators shall be to unite educational leaders in the promotion of continuous improvement

More information

COUNTY EMPLOYEE TRAVEL EXPENSE POLICY TABLE OF CONTENTS. Statutory Authority... 1. Applicability... 1. General Policy... 1

COUNTY EMPLOYEE TRAVEL EXPENSE POLICY TABLE OF CONTENTS. Statutory Authority... 1. Applicability... 1. General Policy... 1 COUNTY EMPLOYEE TRAVEL EXPENSE POLICY TABLE OF CONTENTS Statutory Authority... 1 Applicability... 1 General Policy... 1 Use of County Credit Cards... 1 Direct Billing of Expenses... 1 Transportation Expenses...

More information

ADMINISTRATIVE PRACTICE LETTER

ADMINISTRATIVE PRACTICE LETTER ADMINISTRATIVE PRACTICE LETTER SUBJECT: PETTY CASH Section I - E Issue 6 Page 1 of 2 Effective 7/10/07 GENERAL Each petty cash fund is in the sole custody of a business manager who is responsible to the

More information

Contents. General Information.Page 2. Check Requests.Page 3. Purchase Requisitions.Page 4. Travel Authorizations.page 6. Travel Advance.

Contents. General Information.Page 2. Check Requests.Page 3. Purchase Requisitions.Page 4. Travel Authorizations.page 6. Travel Advance. Contents General Information.Page 2 Check Requests.Page 3 Purchase Requisitions.Page 4 Travel Authorizations.page 6 Travel Advance.page 7 Transportation-Air page 9 Transportation-Ground page 10 Lodging.page

More information

Liberty County School District Purchasing Card Procedures

Liberty County School District Purchasing Card Procedures PURCHASING CARD POLICY All purchases made using the Purchasing Card must be for official school business and in accordance with the District procurement code. The card must not be used for personal expenditures

More information

SAMPLE NPO Fiscal Policies & Procedures

SAMPLE NPO Fiscal Policies & Procedures SAMPLE NPO NOTE: The most important part of developing policies and procedures is that they are discussed and agreed upon within the organization. This template is designed to be used in conjunction with

More information

University Health Network Policy & Procedure Manual Administrative Expense Reimbursement

University Health Network Policy & Procedure Manual Administrative Expense Reimbursement University Health Network Policy & Procedure Manual Administrative Expense Reimbursement Policy At University Health Network (UHN), standards and processes are in place governing reimbursement for expenses

More information

Procurement Card. Procedures Manual

Procurement Card. Procedures Manual Procurement Card Procedures Manual By: Cindy Lambeth, Purchasing Agent Purchasing Department Santa Rosa County School District (850)983-5130 Updated 09/28/15 1 General Guidelines.....................................3

More information

Accounts Payable Policies and Procedures

Accounts Payable Policies and Procedures Accounts Payable Policies and Procedures In order to aid the campus community in understanding Accounts Payable policies and in the prompt and effective processing of forms/requests, the following policies

More information

2014 Business Tax Organizer. Limited Liability Companies, S Corporations, C Corporations & Sole Proprietors

2014 Business Tax Organizer. Limited Liability Companies, S Corporations, C Corporations & Sole Proprietors 2014 Business Tax Organizer Limited Liability Companies, S Corporations, C Corporations & Sole Proprietors 1553 W. Todd Dr., Suite 112 Tempe, AZ 85283 (480) 517-0988 January 2015 Good Afternoon! We have

More information

CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS

CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS PART 6 6-1 CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS CLASSIFICATION OF CLEARING ACCOUNTS In an accounting system maintained on a cash basis, it becomes necessary to establish certain ledger accounts

More information

1. Taking an earlier flight and incurring additional travel expenses results in a cost savings to the District, and

1. Taking an earlier flight and incurring additional travel expenses results in a cost savings to the District, and COMPENSATION AND BENEFITS: DEE (R) EXPENSE REIMBURSEMENT Employees of the District shall be reimbursed in whole or in part for appropriate reasonable business expenses incurred in the performance of their

More information

City of Brentwood. Thomas A. Schweich Missouri State Auditor FOLLOW-UP REPORT ON AUDIT FINDINGS. October 2013 Report No. 2013-109

City of Brentwood. Thomas A. Schweich Missouri State Auditor FOLLOW-UP REPORT ON AUDIT FINDINGS. October 2013 Report No. 2013-109 Thomas A. Schweich Missouri State Auditor FOLLOW-UP REPORT ON AUDIT FINDINGS City of Brentwood October 2013 Report No. 2013-109 http://auditor.mo.gov Follow-Up Report on Audit Findings Table of Contents

More information

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form):

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): For New Clients only - please submit with your forms and documentations TAX RETURN QUESTIONNAIRE - TAX YEAR 2014 Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): Phone

More information

Corporate Travel Policy. Proposed January 30, 2010

Corporate Travel Policy. Proposed January 30, 2010 Corporate Travel Policy Proposed January 30, 2010 TABLE OF CONTENTS Statement of Purpose... 1 JRC-DMS Travel Policies... 1 Responsibilities and Enforcement... 1 Travel Arrangements... 2 Air Travel... 2

More information

NOTICES. [41 Pa.B. 5849] [Saturday, October 29, 2011]

NOTICES. [41 Pa.B. 5849] [Saturday, October 29, 2011] MEMO NOTICES Guidelines for Retention of Records by Insurers and Other Entities Subject to Examinations Conducted by the Insurance Department; Notice No. 2011-10 [41 Pa.B. 5849] [Saturday, October 29,

More information

COUNTY OF TRINITY CASH HANDLING PROCEDURES

COUNTY OF TRINITY CASH HANDLING PROCEDURES COUNTY OF TRINITY CASH HANDLING PROCEDURES Prepared by the Trinity County Auditor/Controller s Office Revised October 1, 2009 TABLE OF CONTENTS I. Introduction--------------------------------------------------------------------1

More information

PARTNERSHIP/LLC TAX ORGANIZER FORM 1065 (LONG VERSION)

PARTNERSHIP/LLC TAX ORGANIZER FORM 1065 (LONG VERSION) PARTNERSHIP/LLC TAX ORGANIZER FORM 1065 (LONG VERSION) Enclosed is an organizer that I (we) provide to our tax clients to assist in gathering the information necessary to prepare the current year tax returns.

More information

SAMPLE INDIRECT COST PROPOSAL FORMAT FOR NONPROFIT ORGANIZATIONS

SAMPLE INDIRECT COST PROPOSAL FORMAT FOR NONPROFIT ORGANIZATIONS SAMPLE INDIRECT COST PROPOSAL FORMAT FOR NONPROFIT ORGANIZATIONS A. INTRODUCTION Name of Organization (nonprofit) is a nonprofit located in Anytown, USA. The nonprofit administers a variety of programs

More information

FINANCIAL MANAGEMENT POLICY

FINANCIAL MANAGEMENT POLICY FINANCIAL MANAGEMENT POLICY 1. INTRODUCTION The Minerals, Metals, & Materials Society, Inc. (TMS) recognizes that it has many characteristics of a business and operates in a competitive environment. Thus,

More information