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

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

2 I. Introduction The purpose of this manual is to describe all accounting policies and procedures currently in use at The Carriage Museum of America (C.M.A) and to ensure that the financial statements conform to generally accepted accounting principles; assets are safeguarded; guidelines of grantors and donors are complied with; and finances are managed with accuracy, efficiency, and transparency. All C.M.A. staff and Directors with a role in the management of fiscal and accounting operations are expected to comply with the policies and procedures in this manual. These policies will be reviewed and revised as needed by the staff and approved by the President and Finance Committee of the Board of Directors. II. Division of Responsibilities The following is a list of personnel who have fiscal and accounting responsibilities: Board of Directors 1. Reviews and approves the annual budget 2. Reviews quarterly and annual financial statements and information 3. Two members of the board will be appointed by the board to be authorized signers on the accounts 4. Reviews and approves all contracts and expenditures over $5, Reviews and advises staff on internal controls and accounting policies and procedures Treasurer 1. Serve as Chair of Finance Committee 2. Reviews all bank statements, bank reconciliations, debit/credit card statements, ADP payroll account, general ledger and financial reports 3. Sees that an appropriate budget is developed annually 4. Reviews and approves all contracts over $1,000, but less than $ Approves inter-account bank transfers 6. Reviews, revises, and oversees the adherence to all internal controls 7. Reviews and manages cash flow 8. Reviews and approves all reimbursements and disbursements 9. Monitors expenses to ensure most effective use of assets President 1. Reviews and approves Office Payroll 2. Monitors and approve fund transfers as requested. 3. Monitors the ADP payroll account.

3 Staff 1. Overall responsibility for entering income and expenses and other data into accounting system (QuickBooks), and overseeing integrity of accounting system data 2. Processes invoices and pays office bills 3. Authorized to make expenditures under $1000 to payees other than self. Expenditures over $1000 and up to $5000 must be approved by the Treasurer. Expenditures over $5000 require board approval. 4. Makes timely bank deposits 5. Processes payroll 6. Works with independent accountant to prepare quarterly and year-end financial reports 7. Reconciles all bank accounts 8. Manages Accounts Receivable 9. Processes credit card payments for sales of C.M.A. books and services Accountant 1. Completes annual tax Form Monitors income percentage as needed for 501c3 status 3. Works with staff and treasurer to produce financial reports and annual budget. III. Chart of Accounts and General Ledger The Carriage Museum of America has designated a Chart of Accounts specific to its operational needs and the needs of its financial statements. Office Staff is responsible for maintaining the Chart of Accounts and revising as necessary, with input from the Accountant and Treasurer. The general ledger is maintained using QuickBooks. All input and balancing is the responsibility of the staff and is reviewed and approved by the Treasurer. IV. Cash and Credit Card Receipts Cash and Credit Card receipts generally arise from: 1. Direct donor contributions 2. Book and merchandise other sales 3. Fees for research and photocopying Office staff opens all mail. Any checks are stamped For Deposit Only. All checks and cash are recorded in Quickbooks and deposited within 5 business days of receipt. Deposit slip copies are maintained in the C.M.A. financial records. All credit card receipts are processed through QuickBooks. When credit card information is submitted via our website, it is stored through a secure outside server,

4 emals. This information is password protected and only accessed by authorized Office Staff. All credit card receipts are posted into a Credit Card Receivables account within QuickBooks until verification of deposit has been received through our monthly checking account statement. All cash and credit card deposits should appear on C.M.A. monthly bank statement. V. Inter-Account Bank Transfers The Office Staff monitors the balances in the bank accounts to determine when there is a shortage or excess in the checking account. The Staff recommends to the Treasurer or President any fund transfers to or from its investment accounts to maximize the potential for earning interest while having enough money in the operating account. The Treasurer or President will direct Staff in writing when to make a transfer and in what amount. Notices of transfers are to be given to the Treasurer and President. VI. Cash Disbursements & Expense Allocations Disbursements are generally made for: 1. Payments to vendors for goods and services 2. Taxes/ license fees 3. Staff training and development 4. Memberships and subscriptions 5. Meeting expenses 6. Marketing/promotional materials 7. Other budgeted expenses Checks are processed by Office Staff during days that the office is open. All checks are entered and documented through QuickBooks. Monthly bills are paid as invoices are received. Recurring bills, specifically office rent and storage unit rent, are paid by the 20 th of each month. Office staff is authorized to sign checks up to $1000, and to pay bills electronically through Online Banking. All checks and electronic payments must be properly recorded on the QuickBooks Balance Sheet. The Treasurer or other authorized signatories must sign checks for expenditures over $1000. The C.M.A debit or credit card may be used by authorized employees, under the same restrictions as written checks and online bank payments. The debit card shall not be used for purchases over $1000 unless authorized by the Treasurer, President or the

5 board. Any debit or credit card purchases should be recorded as individual transactions in QuickBooks. Every employee reimbursement and any purchase requests over $1000 made by Office Staff must be documented and approved by the Treasurer or President. Itemized receipts for all expenses should be maintained in the office record books and presented to Treasurer upon request. All employee reimbursements should be approved in advance. Discretionary expenditures over $100 for collectible material must be approved by the Chair of the Curatorial Committee and either the Treasurer or President. VII. Credit Card Policy and Charges The Office Staff is authorized to carry an organization debit or credit card. He or she will be held personally responsible in the event that any charge is deemed personal or unauthorized. Unauthorized use of the debit or credit card includes: personal expenditures of any kind; expenditures which have not been properly authorized; meals, entertainment, gifts, or other expenditures which are prohibited by budgets, laws, and other regulations. The receipts for all credit card charges, along with proper documentation, will be maintained with the office record books. All amounts will be reported to the Treasurer, and receipts will be given to the Treasurer upon request. VIII. Accruals To ensure a timely close of the General Ledger, the C.M.A. may book accrual entries. Some accruals will be made as recurring entries. Accruals to consider: 1. Monthly interest earned on money market accounts, certificates of deposit, etc. 2. Recurring expenses, prepaid corporate insurance, depreciation, etc. IX. Bank Account Reconciliations 1. All bank statements are mailed to the CMA office and Treasurer. The Treasurer may also monitor the bank account online, to review it for any unusual balances and/or transactions. 2. Office staff reconciles the bank statement in the QuickBooks software. Reconciliation includes the following: a comparison or dates and amounts of deposits as shown in QuickBooks and on the statement, a comparison of interaccount transfers, an investigation of any rejected items, a comparison of cleared checks with the accounting record including amount, payee, and sequential check numbers. Monthly reconciliations are sent to the treasurer for approval.

6 3. Office Staff will verify that voided checks, if returned, are appropriately defaced and filed. 4. Office Staff will investigate any checks that are outstanding over six months. 5. Office staff will save record of reconciliation in QuickBooks file, and will record on the bank statement the date of reconciliation. X. Petty Cash Fund Petty cash funds are maintained by the organization for the purposes of providing change for book purchases made on site. The petty cash fund will not exceed $25, and is kept in the office locked filing cabinet. XI. Property and Equipment Property and equipment includes items such as: 1. Office furniture and equipment 2. Computer hardware 3. Computer software The cost of all property and equipment is maintained in the QuickBooks software. This software calculates equipment depreciation. The acquisition of any new equipment, either through donation, purchase, or any other method, shall be approved by the Treasurer. The disposal of any existing equipment, either through donation, sale, recycling, or any other method, will be approved by the Treasurer. XII. Personnel Records All personnel files contain the following documents: an application and/or resume, date of employment, position and pay rate, authorization of payroll deductions, W-4 withholdings authorization, termination date where applicable, a signed employment agreement, an emergency contact form, and other forms as deemed appropriate by the Board of Directors. All employees must fill out an I-9 form and submit the allowable forms of identification to the President. The completed forms will be kept in a secure location. All employees will be subject to a credit check and background check before their period of employment begins. The completed checks are reviewed by the President and Treasurer, but are otherwise kept confidential.

7 XIII. Payroll Processing The C.M.A. contracts with ADP for payroll services. Employee paychecks are distributed at the end of each month, via direct deposit. Office Staff are responsible for maintaining record of their own timesheets. Employees input their own hours worked into the ADP Payroll Portal, and also report those hours via to the President and Treasurer. The President and Treasurer also have access to the ADP Payroll Portal, and are responsible for monitoring payroll expenses monthly. All quarterly federal and state payroll reports will be prepared and filed appropriately by ADP. ADP will also issue W-2 statements to employees prior to January 31 st of the following calendar year. XIV. Quarterly and Fiscal Year-End Close The Office staff will compile year-end reports using the QuickBooks software. All reports are reviewed by the Treasurer and approved by the Board of Directors. At the end of the calendar year, the Accountant will prepare the annual Return for Organization Exempt from Income Tax (IRS Form 990). The form will be made available to the Board of Directors for their review and approval. XV. Financial Reports The Office Staff will prepare the quarterly and annual financial reports. All reports are reviewed by the Treasurer and approved by the Board of Directors. The reports will include: balance sheet, profit versus loss, budget versus actual, and other information as deemed appropriate by the Treasurer. XVI. Fiscal Policy Statements 1. All cash accounts (except petty cash) owned by the C.M.A. will be held in financial institutions which are insured by the FDIC. No bank account will carry a balance over the FDIC insured amount. 2. No salary advances will be made under any circumstances. 3. No travel cash advances will be made except under special conditions and preapproved by the Treasurer or President. 4. Any donated item with a value exceeding $50 will be recorded and a letter acknowledging the donation will be sent to the donor within two weeks of the receipt of the donation.

8 5. All volunteer time shall be recorded as in-kind donations. 6. The Treasurer, President and two other designated Board member are the signatories on the C.M.A. s bank accounts. Disbursements exceeding $5o00 require approval by the Board of Directors. The treasurer must approve and sign checks for expenditures over $1000 and up to $4999. The Office Staff is also authorized to sign checks, not to exceed $1000 and not to self. 7. Bank statement will be timely reconciled monthly 8. Accounting records, check book and personnel records will be kept in a secure location, accessible only to Office Staff as appropriate.

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