NWACUHO FINANCIAL GUIDELINES

Transcription

1 NWACUHO FINANCIAL GUIDELINES MISSION, VALUES, CORE PURPOSE Vision Statement Be the higher education housing industry s leading regional Association by providing professional enrichment that enhances the residential environment. Mission Statement To enrich the housing profession through the promotion of best practices, professional development, collaborative sharing of ideas, and the examination of future trends relating to the administration of the physical, financial, social and educational components of university and college housing programs. Core Purposes NWACUHO exists to: Promote best practices Encourage professional development Foster the collaborative sharing of ideas Examine future industry trends ORGANIZATION NWACUHO is legally incorporated as a mutual benefit nonprofit corporation in the State of Oregon, incorporated July 23, 2008, and is classified by the Internal Revenue Association as a 501(c)6 tax-exempt organization. The Association is governed by a volunteer Board of Directors comprised of elected members from across the region. The federal tax identification number of the Association is NWACUHO is a regional affiliate of the Association for College and University Housing Officers International (ACUHO-I). Information on ACUHO-I governance and board positions are available by clicking on the link. FINANCIAL PHILOSOPHY NWACUHO funds shall be used for normal operating expenses of the Association and to maintain adequate reserves to cover unforeseen financial shortfalls year-to-year. Funds will be utilized to meet the organizational mission through a variety of opportunities available to the membership, including the annual conference, webinars, drive-ins, mentorship opportunities, newsletters, workshops, and providing support to individuals in accomplishing these goals. FINANCIAL MANAGEMENT Federal Tax Identification Number: The NWACUHO Federal Tax Identification Number Fiscal Year: The NWACUHO fiscal year runs from July 1 to June 30 Business Forms& Documents: An Invoice or Check Request Form is required for all NWACUHO business transactions, with the exception of funds dispersed directly from an Association debit card on specific budget line item expenses. In this case, an itemized original or scanned receipt and documentation of the business purpose of the expense must be submitted to the Treasurer. This can be done by utilizing the Visa Expense Form.

2 Reserve Funds: NWACUHO will hold approximately $50,000 in reserve at all times. This is the estimated costs of running the business of the Association for one year. A Board of Directors vote is needed to access these funds. The Treasurer is responsible for reconciling the reserve account. Operating Funds: The Treasurer will be the primary authorizing signature for the operating funds. The Treasurer is responsible for reconciling accounts, monitoring bank and other fees, making deposits, distributing payments, and other business related to the release of funds. The Treasurer, President, and President-Elect are all signatories for the operating fund and will carry an Association debit card. Reconciliation of Accounts: The Treasurer will reconcile all Association accounts on a monthly basis and will send reconciliations to the President, President-Elect, and Past-President for review. The Past-President (who has no signatory authorization on the accounts) will have responsibility for reviewing the reconciliation for potential errors and conflict of interests. Financial Management Software: The NWACUHO Treasurer utilizes Quicken 2013 to log all financial transactions and decisions associated with the Association. This includes the recording of all revenues and expenditures, tracking investment accounts, creating monthly reports, and balancing the Association s annual budget. Quicken can be used to create accurate reports for financial reviews and annual tax forms. ACCOUNTS Association Business Checking Account (Wells Fargo # ) The primary account for which business is conducted. All revenues received through the merchant account, and all payments received for annual membership dues and the annual conference registration, are deposited into the business checking account. The balance fluctuates between $10,000 - $80,000 depending on the time of year. Association Business High Yield Savings Account (Wells Fargo # ) A holding account for short-term reserves of the Association. The balance typically holds at around $25,000 at any given point of the year. This account must maintain a minimum daily balance of $25,000 or an average collected balance of $50,000 to avoid a monthly $20 service fee. Association Time Account Certificate of Deposit (#Wells Fargo ) Initiated in 2008 with an initial balance of $50,000, the CD serves as the long term reserves of the Association. The maturity date is May 18, On the maturity date, the funds will be automatically rolled over into a new 5-year CD, unless the Association requests to close the account. Regonline Account (#247928) The online registration account established for the purposes of receiving credit/purchasing card payments for annual membership dues and registration for the annual NWACUHO conference. Typically, there is a $150 fee per registration event, a $4.75 fee per membership registration, and a $3.50 fee per conference registration. RegOnline is interfaced with the NWACUHO merchant gateway, allowing for credit/debit card payments to be deposited in the Association checking account. Account Transitions When a new Treasurer takes office, they will need to be added as a signer and given electronic access to all of the above-named accounts, and the outgoing Treasurer s access will be removed. During the transition between the presidential trio, the incoming President-Elect will be added to the Wells Fargo accounts, the incoming President will continue to have access, and the incoming Past-President will be removed from the Wells Fargo accounts. These transitions typically takes place immediately following the annual conference, and must occur no later than by the first board meeting after the conference.

3 BUDGET STRUCTURE Annual Budget Process Budget preparation for the fiscal year shall take place between October and February of the previous fiscal year. The initial annual operating budget is drafted by the Treasurer and reviewed by the Board of Directors at the Fall Board meeting. The proposed operating budget is then presented to the general membership at the annual conference. It is then finalized and approved by the Board of Directors at the spring board meeting. Upon final approval, the Treasurer will oversee the administration of the budget utilizing Quicken software. Conference Budget Process The President-Elect is responsible for drafting a conference budget for the following year s conference (where they will preside as President). The proposed conference budget will be presented by the President-Elect to the Board of Directors at the spring board meeting. Net revenue from the annual conference is utilized to support the annual operating budget or subsidize future year s conferences. Upon final approval, the Treasurer will synchronize the conference budget with the operating budget and oversee the administration of the overall master budget via Quicken software. INCOME NWACUHO sources of income include institutional membership dues, corporate membership dues, income generated from the annual conference, individual donations for scholarships, and interest generated from savings and time accounts. All checks, cash, and credit card payments should be deposited directly into one of the Association accounts within one week of receipt of payment. Institutional/Individual Membership Dues o The Board of Directors will review the membership dues annually. Any proposed changes to membership dues will be voted on by the Association in accordance with the provisions of the NWACUHO bylaws. o 2014 Annual Dues Structure Institutional Annual Dues Housing Capacity $ $ $ $ $ Individual $40.00 o Membership is open to qualified institutions in the states of Alaska, Oregon, and Washington, and the provinces of British Columbia and Alberta, Canada, and by special invitation of the Board of Directors to similarly qualified institutions in adjoining states and provinces o Individuals in the region from non-member institutions who are affiliated with student housing may join as individual members. o The membership year runs from January 1 to December 31. o Membership dues will be solicited by State and Provincial Representatives and collected by the Treasurer (via cash/check sent to Treasurer s mailing address or via credit card payment on Regonline) Corporate Membership Dues o The Board of Directors will vote annually to establish membership levels. o 2014 Corporate Membership Levels

4 Membership Annual Dues Levels* Bronze $ Silver $ Gold $ Platinum $ *Corporate membership level benefits are outlined at: a o The membership year runs from January 1 to December 31. o Membership dues will be solicited by the Products and Services Coordinator and collected by the Treasurer (via cash/check sent to Treasurer s mailing address or via credit card payment on Regonline) Conference Revenue o Net revenue collected by conferences shall be deposited into the Association account and considered a part of the annual master budget, or be utilized in subsidizing future conference budgets. o Revenue is received in the form of institutional member registration, non-member registration, day-only registration, student registration, exhibitor registration, additional banquet tickets, and late fees. o The Treasurer is responsible for updating and reconciling all payments received related to the annual conference. Cash/check payments will be deposited into the Association bank accounts by the Treasurer. Credit card payments are automatically deposited daily into the Association bank accounts from Regonline account. EXPENSES NWACUHO expenses can be divided into three main areas: 1) annual Association operations; 2) conference expenses; 3) joint expenses (shared expenses between 1 and 2). Association Operation Expenditures Detailed: Meetings & Travel Expenditures Attendance ACUHO-I President & President-Elect ACUHO-I Regional Reception Attendance: AIMHO Conference Regional Drive-In Legal Fees Explanation Expenditures (meals, rooms, rental costs) related to in-person board meetings and other approved board travel throughout the year. Expenses related to attendance at the ACUHO-I annual conference and exposition for the President and President-Elect. Expenses related to regional reception at ACUHO-I annual conference, typically split with WACUHO and/or AIMHO. Expenses related to attendance at the AIMHO conference for the President or designee. Expenses related to drive-in conferences that occur throughout the year. Fees associated with retaining legal counsel and maintaining business registrations.

5 STARS College Scholarship NHTI Scholarship Best of the Northwest Web Hosting ACUHO-I Foundation Software/Webinars Insurance Taskforces Support Initiative Funding Requests Conference Expenditures Detailed: Expenditures Conference Lodging Conference Scholarships Conference Food & Beverage Pipe and Drape Conference Giveaways/Committee Wear Meeting Room Rentals Hospitality Suite Rentals Awards Recognition A/V Equipment Expenses set aside to split among STARS College participants in the region. Expenses set aside to split among NHTI participants in the region. Funds set aside to cover additional expenses associated with sending Best of the Northwest winner to present at the ACUHO-I conference that are NOT covered by ACUHO-I. Website annual fees. Yearly contribution made to the ACUHO-I Foundation. One-time software expenses, annual fee for webinar hosting site, and costs associated with individual webinar presentations. Yearly insurance premium Funds set aside for incidental costs associated with task force efforts. Funds set aside for funding requests that are not considered drive-ins. Explanation Lodging for annual conference to cover cost of AIMHO President, ACUHO-I Representative, and NWACUHO President. Funds set aside for various scholarship recipients to attend conference. Costs of all food-related expenses at annual conference (including banquets, snack breaks, receptions, and F&B fees). Fees for providing pipe and drape services at exhibitor area during annual conference. Conference attendee give away and attire for Board of Directors and host committee to wear on check-in day of conference. Rental costs for all room rentals at annual conference. Cost for renting hospitality suite. Funds set aside for awards administration at annual conference (engraving, plaque purchases, gift cards, mailing, etc). Funds set aside for Presidential recognition, keynote speaker recognition, and host recognition Costs for LCD, PA, Screens, and sound for individual conference programs and large-group presentations.

6 Guest Speakers/Presenters Entertainment Fees Host City Non-Profit Donation Joint Expenditures Detailed: Expenditures Printing & Mailing Supplies Transaction Fees Regonline Fees Honorarium to be paid to keynote and other presenters, as well as travelrelated expenses. Fees to be paid for entertainment as secured by host committee. Donation made to local non-profit organization selected by host committee Explanation Any posting or shipping cost for association business (includes conference promotion) Miscellaneous administrative and office supplies (includes conference-related expenses) Transaction costs associated with electronic funds transfers and credit card fees Administrative costs associated with managing registrations for membership or the annual conference. FISCAL PROCEDURES As a non-profit corporation, NWACUHO is committed to fiscal responsibility and expects that all expenses be reasonable and necessary, be supported with appropriated documentation and receipts, and comply with the following guidelines. EXPENDITURE PROCESS Expenditure of NWACUHO funds is only to be made by authorized individuals, for approved purposes, following the process defined below. Approved Individuals o Per the design of the Board of Directors, the following positions are authorized through an annual resolution to make financial commitments on behalf of the Association: President, President-Elect, and Treasurer. All contracts and other future or ongoing financial commitments shall be executed by one of these individuals. o Through the annual budgeting process, expense authorization is delegated to individual board members and conference planners within set parameters. Approved Purchases o Once the annual master budget (operating and conference) is set, expenses within defined budget categories are approved for items that are appropriate and related to that program or service. Management of designated budget line items may be delegated to board members, taskforce chairs, or conference planners so long as they do not overspend a category. Upon reconciliation each month, the Treasurer will audit all purchases to confirm they are appropriate and related to the programs and services of the Association. Non-compliance will be addressed by the President and may result in reimbursement to the Association or termination of position. o Board approval and a budget revision must be provided prior to exceeding any Operations budgeted expense category by 5% or more. Conference budget expense categories may be exceeded only when there is a corresponding adjustment to anticipated revenue. The Treasurer will monitor each budgeted expense category and

7 alert the board when 5 or more expense categories are over budget (including those within the 5% exception) so the board can discuss at the next meeting. o Expenses not included in an approved budget category must be approved by the Board prior to being made. o In certain budget categories such as drive-in conferences, the Board may require a Funding Request Form to ensure funds within the approved category are allocated based on the priorities of the Association. This process is defined in the Funding Request Process section. Expenditure Process o Approved purchases may be made directly from Association funds using the debit card or checking account by the Treasurer, President, or President-Elect. This is a preferred option and should be coordinated directly between the purchaser and one of the officers noted. Checks may be requested to utilize for approved expenses by completing the Check Request Form and submitting it to the Treasurer. All uses of the NWACUHO debit card shall be documented with an itemized original or scanned receipt and documentation of the business purpose of the expense. This can be done by utilizing the Visa Expense Form. Documentation should be submitted to the Treasurer. o Individuals may make approved purchases with personal funds and request reimbursement through the process defined in the Reimbursement Process section. o For all Association expenses, a detailed, itemized invoice or receipt must be submitted to the Treasurer. DEPOSIT PROCESS Incoming funds to the Association are to be tracked and managed by the Treasurer, with audit confirmation provided on a monthly basis by the Past-President. All funds received should have a matching invoice issued to the payer. Cash generally should not be accepted by NWACUHO. In limited cases where it may be appropriate to accept cash (such as drive-in conferences with low registration fees), prior notice should be provided to the Board for accountability purposes. Receipts shall be issued for all cash received by the Association. Check payments to NWACUHO should be made out to NWACUHO or the Northwest Association of College and University Housing Officers. Funds received as a result of credit card payments are directly deposited into the Association bank account. All funds received must be recorded in the Association accounting software (Quicken) prior to deposit. Checks and cash are to be deposited into Association accounts by the Treasurer at least once per week. Deposit receipts should be stored with the Association financial records. When a deposit shows as cleared on the Association bank statement, it shall be reconciled in Quicken. REIMBURSEMENT PROCESS Reimbursements to individuals shall only be made for expenses that are authorized as described in the Expenditure Process section. All requests for reimbursement shall be documented on the NWACUHO Check Request Form, indicating the individual requesting the reimbursement, reason for expenditure, and attestation of business appropriateness of the expense.

8 Reimbursement requests must include an original, itemized receipt. If at all possible, receipts should not include items that are not related to NWACUHO business. In cases where personal and Association purchases are shown on one receipt, it should be clearly marked which expenses are NWACUHO-related. In no case will reimbursement be made for expenses not approved or related to Association business. The Treasurer, President, and President-Elect should avoid making NWACUHO purchases with personal funds as reimbursing individuals who have Association debit cards and access to the NWACUHO bank accounts presents heightened risk for impropriety and audit scrutiny. o In rare cases where an Association card-holder must utilize personal funds for Association expenses, disclosure should be provided to the Board via . o The Treasurer, President, and President-Elect shall not approve reimbursement or issue a check to themselves. Approval and check issuance must be provided by another authorized individual in these cases. Upon clearing on the bank statement, reimbursement payments shall be reconciled in Quicken. FUNDING REQUEST PROCESS NWACUHO provides funding for various programs on a regional, national, and international level including drive-in conferences, professional development activities, and other initiatives that support the mission and values of the Association. These funding requests often fall within budget categories that have been approved as part of the annual budgeting process; however, at times they may reflect requests for funding in addition to budgeted funds. All funding requests by members of the Association (who do not have delegated responsibility for a budget category as defined in the Expenditure Process section) shall be documented on the Funding Request Form. Funding Request Forms shall be submitted to the NWACUHO Treasurer via . The Treasurer will acknowledge receipt of the funding request within 10 days of submission. Funding requests are reviewed by the Board of Directors at monthly board meetings. In deciding whether or not to approve a funding request, the Board of Directors will utilize the Fund Request Evaluation Form to ensure the requests meets the goals and mission of the Association. The President will communicate to the requester to the Board decision regarding the funding request, and if approved, will refer the requester to the Treasurer to make arrangements for funds to be received. Upon approval, refer to the Expenditure Process section for the mechanics of expending the funds. Funding requests for drive-in conference support are applied to the Regional Drive-In budget line of the master budget. Funding requests for all other initiatives are applied to the Initiative Funding Requests budget line of the master budget. Approved funding requests require the recipients to either write an advertisement for The Soundings or an article about the initiative after the event. EXCESS REVENUE POLICY In the event that the association has excess revenue at the end of the fiscal year, the Board of Directors will decide where to allocate excess funds. In general, the board will distribute funds between the following areas: 1. Future Annual Conference Reserve 2. Additional Scholarship Award Funding

9 3. Association wish list items (defined as non-essential, one-time expenses that enhance the delivery of services by the association ie. Software, subscriptions, equipment, internship opportunities, etc). During the October in-person board meeting, the Board of Directors will decide what percentage of the previous year s excess funds will be allocated to each item listed above and will update the current fiscal year s budget to reflect the changes. INTERNAL CONTROLS NWACUHO has created a series of procedures to ensure the integrity of its financial and accounting information. These internal controls are designed to provide reasonable assurance that the organization achieves the goals of safeguarding Association assets, maintaining reliable financial reports, ensuring compliance with applicable laws, rules, bylaws, and procedures, and accomplishing the goals and objectives of the Association. These controls are integrated into fiscal procedures, and include: Financial Transactions: The President, President-Elect, and Treasurer are the only members of the Association with signatory authority for direct financial transactions on behalf of the organization. This is done through Wells Fargo debit cards and the Association checking account. The Treasurer maintains the Association checkbook and signs all checks. In the rare case that the Treasurer is requesting reimbursement, the President or President-Elect must sign the check. All purchases, whether via direct or reimbursement process, must be pre-approved in advance by board vote or through the annual budget approval process (whereas the expense is in a defined budget category). Reconciliation/Separation of Duties: The Past-President (who has no signatory authorization on the accounts) will have responsibility for reviewing the reconciliation all financial transactions for potential errors and conflict of interests. Documentation: In preparing monthly reports, the Treasurer will include all documentation relevant to the approval and recording of each transaction. These may include: Check Request forms, Funding Request forms, Visa Justification forms, approvals, receipts, reimbursement logs (mileage, per diem, etc). All reports, records, and receipts for the Association will be secured in the Treasurer s (or designee s) office location. Reports: The Treasurer shall produce monthly budget status reports for board review, as well as an annual report for the membership at the February conference. Annual Review: Following the end of the Fiscal Year (June 30), Association financial records for the year are submitted to a Finance Committee for review. The financial review protects the Treasurer and Board of Directors as well as the financial interests of the Association. Retention Period: The Association will maintain all records and documents as detailed in the NWACUHO Document Retention and Destruction Policy. Documents outside of the retention period will be confidentially recycled. TRAVEL POLICIES NWACUHO business requires periodic travel of the Board of Directors and others on official Association business. NWACUHO requests that reimbursement requests be submitted to the treasurer within 30 days of the last day of travel. The NWACUHO Board of Directors typically meets in person three times throughout the fiscal year: Fall Board Meeting (at the conference location), Winter Board Meeting (at the annual conference), and the

10 Spring Board Meeting (in a major city within the region). Allowable travel expenses for all meetings of the Board of Director s are as follows: Winter Board Meeting (in conjunction with the annual conference): o Transportation i. NWACUHO does not cover transportation expenses for this meeting as it is in conjunction with the annual conference. Costs are the responsibility of the traveler or their sponsoring institution. o Lodging ii. NWACUHO does not cover lodging expenses for this meeting. Costs are the responsibility of the traveler or their sponsoring institution. o Meal Expenses: iii. NWACUHO will directly pay for actual meal expenses and gratuity for the meals during the period of the board meeting. This typically includes Friday dinner, Saturday breakfast, lunch, and dinner, and Sunday breakfast and lunch. iv. During the period of the board meeting, in rare cases where the board cannot eat at one location, the Treasurer may issue a meal per diem to each board member. The meal per diem rate will be calculated from the current US Federal Per Diem Rates as released by the General Services Administration and/or the US Department of State based on location. v. Alcohol is not an allowable meal expense. o Miscellaneous Travel Expenses: Incidental expenses are the responsibility of the traveler or their sponsoring institution. All Other Board Meetings: o Transportation: NWACUHO does not cover transportation for board meetings. o Lodging: i. NWACUHO will pay directly for actual lodging expenses for board members the night before the meeting begins as well as the night in between the meeting days. Board members will typically share accommodations with other board members. Any additional lodging expenses will be the responsibility of the traveler. ii. In seeking accommodations, NWACUHO will attempt to secure lodging at a cost equal or less than the current US Federal Per Diem Rates as released by the General Services Administration and/or the US Department of State based on location. For the Fall and Winter meetings, the conference hotel will be utilized at the conference rate. o Meal Expenses: i. NWACUHO will pay directly for actual meal expenses for the meals in conjunction with board meetings, typically consisting of the following: Dinner the night before the meeting; breakfast, lunch, and dinner on the first day of the meeting; and breakfast on the final day of the meeting. ii. During the period of the board meeting, in rare cases where the board cannot eat at one location, the Treasurer may issue a meal per diem to each board member. The meal per diem rate will be calculated from the current US Federal Per Diem Rates as released by the General Services Administration and/or the US Department of State based on location. iii. Alcohol is not an allowable meal expense. o Miscellaneous Travel Expenses: Incidental expenses are the responsibility of the traveler or their host institution. Board Meeting Travel Expenses During Travel Freezes: o Should a member of the Board of Directors experience a travel freeze at their sponsoring institution after election to the board and receipt of a letter of support from the supervisor, the NWACUHO Board of Directors will consider the circumstances on a case-by-case basis to determine whether additional Association support can be given to accommodate

11 board meeting travel. Considerations will include fiscal constraints of the Association, time of year, time left in term, and anticipated removal of the travel freeze. Other Approved Travel: The following expenses will be authorized for members of the NWACUHO Board of Director s traveling on Association business, as approved through the annual budgeting process or by vote of the Board of Directors. NWACUHO requests that reimbursement requests be submitted to the treasurer within 30 days of the last day of travel. If the traveler has been issued an Association debit card (President, President-Elect, and Treasurer), that card may be used for authorized travel expenses although the user must retain and submit to the Treasurer Visa Justification Forms and itemized receipts for all purchases. o Standard approved trips (subject to annual budget and/or board approval): i. ACUHO-I: Expenses related to attendance at the ACUHO-I annual conference and exposition for the President and President-Elect. Typical expenses will include transportation, conference registration, and meals & incidental expenses that are not covered by the board member s host institution. ii. AIMHO: Expenses related to attendance at the AIMHO conference for the President or designee. Typical expenses will include transportation and meals & incidental expenses. Conference registration and lodging is provided by AIMHO. iii. PACURH: Expenses related to attendance at the PACURH conference, if it is in the NWACUHO region, by the President or designee. Typical expenses will include transportation, meals & incidental expenses, and lodging. Conference registration is provided by PACURH. iv. Conference Site Visits: Visits to the conference location as necessary by board members to facilitate the delivery of the annual conference. Allowable Expenses o Transportation: i. Air Transportation: Travelers are responsible for making their own reservations as soon as possible in advance of the date of approved travel. When making travel arrangements, travelers are requested to book the lowest reasonably available roundtrip coach airfare, while maintaining reasonable flight times. Prior to booking, the traveler should approve the rate with the Treasurer or Past- President, if the Treasurer is the traveler. Travelers making first-class, last minute, or similar arrangements will be responsible for the difference in cost. Cancellations or penalties assessed for ticket exchanges are not eligible for reimbursement and are the sole responsibility of the traveler unless due to unanticipated changes to NWACUHO s program schedule. ii. Other Modes of Transportation: 1. Travel by train or bus will be reimbursed for the face value of the ticket. 2. Travel by personal vehicle will be reimbursed based on mapped distance for the trip according to the current IRS mileage guidelines. 3. Travel by rental vehicle will be reimbursed for the actual cost of the vehicle rental plus actual expenses for fuel. 4. The level of reimbursement associated with these alternative modes of transportation should not exceed the amount of the lowest available round trip coach airfare to and from the same site. iii. Ground Transportation: Travelers should use complimentary hotel shuttles, flatrate airport shuttle services, or public transit when possible. Taxis or economical chauffeur services will be reimbursed if other forms of ground transportation are not reasonable. o Lodging:

12 i. NWACUHO will reimburse actual lodging expenses beginning with the night prior to the start of the official NWACUHO business and commencing with the night the business ends. ii. In seeking accommodations, traveler should attempt to secure lodging at a cost equal or less than the current US Federal Per Diem Rates as released by the General Services Administration and/or the US Department of State based on location. For lodging associated with conference travel, the negotiated conference rate is allowable and should be utilized. o o Meals & Incidental Expenses: i. NWACUHO Travelers will be provided a meals & incidental expenses per diem calculated from the current US Federal Per Diem Rates as released by the General Services Administration and/or the US Department of State based on location. ii. Travelers will only receive the per diem for meal periods during the travel time in which a full meal was not provided as part of a conference, meeting, or other engagement. iii. Travelers are eligible for the per diem rate for meal periods in which a complimentary meal was provided as part of a hotel stay or flight. iv. The daily per diem rate will be allocated as follows: Breakfast, 25%; Lunch, 25%; Dinner, 50%. For example, if the daily authorized per diem rate is $45, breakfast would be $11.25, lunch would be $11.25, and dinner would be $ Miscellaneous Travel Expenses: i. Reimbursement for incidentals would typically involve parking (at non-valet rates where self-park is an option), commuter tolls, and tips for baggage handlers, housekeeping and other service personnel, and related travel expenses. Except as otherwise noted, expenses in excess of $50 per day require the approval of the President or Treasurer. ANNUAL CONFERENCE BUDGETS The President will communicate with annual Conference Host Committee chair to discuss the conference budget and expectations for managing all funds associated with the conference. A conference host committee budget will be provided for the incoming host committee along with the most recent conference host budget report. The annual conference registration fee is initially determined by the President, then confirmed by the Board of Directors at the October business meeting. In 2014, the annual registration costs were as follows: 2014 Rates (Edmonton, Alberta) NWACUHO Member $ Non-Member $ Student (undergrad/grad) $ One Day Registration $ Exhibitor Booth $ Banquet Only $65.00 Conference registration payments can start being received as early as late October, but most are received mid-january to mid-february. Conference registration payments can be made with a credit card at the conference registration site (via Regonline) or by check mailed to Treasurer. The Treasurer will deposit conference registration checks on a weekly basis during conference season and will monitor/reconcile all credit card payments made through Regonline. The Treasurer receives an each time there is a transaction on the conference registration site. The Treasurer will provide monthly updates and profit and loss projections to the Board of Directors beginning in November.

13 Refund Policy: Full refunds are available if participants cancel before the refund deadline (noted in the registration information). After the deadline has passed, refunds will no longer by given, though participant substitutions will be allowed. INSURANCE NWACUHO shall maintain general liability and director and officer liability insurance. The insurer shall issue a Certificate of Additional Insured to conference venues upon request, included as a provision of the policy. The Association will purchase additional event insurance when an institution or location hosting a NWACUHO event or activity requires it. General Liability Policy Information: Liberty Mutual Insurance, Policy # 01-CH Policy Period: January 24, 2014 January 24, Directors and Officers Policy Information: Unified Insurance Group, LLC, Policy # , Account #NWACU-1. Policy Period: July 28, 2014 July 28, 2015 TAXES NWACUHO is a 501(c)(6) tax-exempt organization. The Internal Revenue Service (IRS) requires the Association to file Form 990. This form is due to the IRS by the 15 th day of the 5 th month after its accounting year ends (November 15). The Treasurer is responsible for preparing the Form 990 and reviews it with the entire Board of Directors at the October Board meeting. Once approved by the Board, the Treasurer will submit the form to the IRS. SCHOLARSHIPS Each year, NWACUHO supports professional development for its membership through multiple scholarship opportunities to attend regional and national conferences and trainings. The scholarship selection process is managed by the Past-President. Information on each scholarship award distribution is listed below: NWACUHO Graduate Student Scholarship: Consists of reimbursement of up to $500 in registration and travel expenses for the annual conference. Award Process: Treasurer sends check to recipient at the conclusion of the annual conference. NWACUHO New Professional Scholarship (2 recipients): Consists of lodging during the annual conference and reimbursement of up to $900 in registration and travel expenses. Award Process: Recipients book their own lodging (at the conference rate). Treasurer transfers recipients room to the conference master bill. For reimbursements, Treasurer sends check to recipients at the conclusion of the annual conference. NWACUHO Vennie Gore Scholarship: Consists of reimbursement of up to $500 in registration and travel expenses for the annual conference. Award Process: Treasurer sends check to recipient at the conclusion of the annual conference. ACUHO-I Conference New Professional Scholarship: Consists of up to $1000 toward registration, transportation, lodging and meals for annual ACUHO-I Conference. Award Process: Award process is coordinated through ACUHO-I National Housing Training Institute NHTI (Number of recipients varies):

14 Consists of award of up to $500 in registration, transportation, and lodging for attendance at NHTI. Award Process: Treasurer makes check out to recipients; sends it to NHTI scholarship coordinator BEFORE NHTI conference. Checks are awarded to recipients at the conference. STARS Conference Scholarship: Consists of award of up to $500 for expenses related to attending STARS Conference. Award Process: Treasurer sends check to recipient at the conclusion of the STARS conference. FINANCIAL REVIEW Association accounts are reviewed each month by the Past-President (who has no signatory authorization on the accounts) for potential errors and conflict of interest. Following the end of the Fiscal Year (June 30), Association financial records for the year are submitted to a Finance Committee for review. The financial review protects the Treasurer and Board of Directors as well as the financial interests of the Association. If a Treasurer leaves prior to the completion of their term of office, it is recommended that the financial records be reviewed prior to a new Treasurer taking office. Selection of the Finance Committee: The Finance Committee is appointed by the President in consultation the Past-President and President-Elect. The committee should be comprised of representatives from member institutions and/or past Board members. The committee shall be independent from the Board of Directors, although the Past-President shall serve as an ex-officio member. Responsibilities of the Treasurer: Prior to submitting the financial records for review, the Treasurer is responsible for seeing that all financial transactions for the year are recorded in Quicken; all of the Association accounts have been reconciled for each month in the fiscal year; and that the following fiscal year (July 1 June 30) financial records are organized for review by the Finance Committee: Copy of the last Financial Review Report Print out of the Quicken ledger for the Association Bank statements for the Association Copies of monthly reconciliations for the Association Copies of monthly budget reports of the Association Documentation (receipts, check request forms and/or authorizing memos, s) for all payments made by the Association Completed IRS Forms filled for the previous fiscal year Copies of the budget for the fiscal year just completed and the budget adopted by the Association for the current fiscal year Documentation of any amendments made to the budget for the fiscal year just completed The Treasurer should be available to answer any questions of the Finance Committee during their Review Responsibilities of the Finance Committee: The Finance Committee is responsible for verifying that the finances of the Association were handled appropriately and in accordance with NWACUHO policies and procedures. The following are suggested procedures for conducting the review: Start with the records posted after the last review. Check to see if the amount shown on the bank statement corresponds to the starting balance recorded in the ledger. Check the Treasurer s reports for accuracy and compare with bank statements. Check a sample of the expenses/payments made by the Association to see if appropriate documentation was submitted and the amount was within the approved budget. Some items to look for: Monthly bank reconciliations Unexplained reconciling issues Disbursements not supported by invoices or other documents Deposits were made on a timely basis Money collected for a specific purpose was disbursed appropriately If errors are found, the Treasurer is responsible for their correction

15 The Finance Committee may also make recommendations for fiscal procedure changes to strengthen the Association processes. Should the review findings warrant it, the committee may also recommend an external audit be completed. Once the review is complete, the Finance Committee should create a brief memo documenting their review of the financial records of the Association and verification of the figures. This should also include any recommendations the committee may have for next steps. The memo will be submitted with needed documentation to the Association Board by September 15.