FINANCIAL POLICIES and OPERATING PROCEDURES

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1 FINANCIAL POLICIES and OPERATING PROCEDURES CHICAGO SERVICE OFFICE C H I C A G O L A N D R E G I O N A L C O N V E N T I O N C H I C A G O L A N D R E G I O N A L S E R V I C E C O M M I T T E E Approved by the Chicagoland Regional Service Committee April 26, 2009 Approved by the Board of Directors October 6, Page 1

2 TABLE OF CONTENTS I. Overview and Purpose II. Internal Controls III. Accounting and Reporting Procedures Index IV. Operating Procedures Page 2

3 OVERVIEW AND PURPOSE ORGANIZATION The Chicagoland Regional Service Committee (CRSC) is the informal umbrella underwhich the Chicagoland Regional Convention (CRC) and Chicago Service Office (CSO) operate. The CSO is the legal corporate entity. The CSO distributes recovery-related literature and materials and manages meeting and work space for CRSC, CRC and other local Narcotics Anonymous service committees. CSO, CRC, and CRSC may be used interchangeably throughout this document. PURPOSE OF MANUAL The purpose of the accounting and operations procedures manual is to identify the sources and flow of funds and the specific accounting, reporting and operating procedures for CSO, CRC, and CRSC operations. The introductory portion of the manual discusses the management of cash and internal controls. Revenue for CSO is primarily earned by merchandise sales, convention event fees and donations from membership. The internal control procedures are used to protect CSO s assets from losses and to ensure that they are used for appropriate purposes. The accounting and reporting procedures section discusses the various areas of financial reporting, including cash management, accounts receivable/payble, fixed assets, liabilities, revenues and expenses. The final section of the manual provides the operating procedures of CSO, CRSC, and CRC. The major policies regarding cash, accounts receivable and budgeting are discussed in this section. This accounting and operating procedures manual is reviewed bi-annually and updated as needed. DEFINITIONS THE ORGANIZATION The organization referred to in this document includes the Chicagoland Regional Convention (CRC), Chicago Service Office (CSO), and the Chicagoland Regional Service Committee (CRSC). LEADERS Leaders are elected or duly-appointed trusted servants. FINANCIAL MANAGER For the purpose of this document, the BOD Treasurer will serve as the Financial Manager Page 3

4 CASH MANAGEMENT The management of cash is generally centered on two areas of responsibility cash management and accounting controls. The responsibilities of management with respect to cash are: 1) To ensure that there is sufficient cash to carry on the functions of each component (CSO, CRC, CRSC) 2) To prevent loss of cash due to theft and misappropriation Accounting Controls are necessary to provide a basis for the planning function. They are also used to assure that cash is used for the proper purposes and not wasted, misused or stolen. The CSO Board of Directors is ultimately responsible for controlling and protecting all assets of the organization. The primary objective of maintaining proper controls over cash receipts and cash disbursements is to ensure that all cash collected and expended is recorded appropriately, without loss. The system of controlling cash payments should be designed to ensure that no unauthorized disbursements are made. Control is accomplished by division of responsibility so as to achieve independent verification of cash transactions without duplication of effort. Cash is safeguarded by depositing it into federally-insured financial institutions. INTERNAL CONTROLS The purpose of a system of internal control is to assure that assets belonging to all components of the organization are received when tendered, are protected while in the custody of the organization and are used only for its purposes. The system of internal control consists of administrative controls and accounting controls, which are defined by the American Institute of Certified Public Accountants as follows: 1) Administrative controls include, but are not limited to, the plan, the procedures and records that are concerned with the decision processes leading to management s authorization of transactions. Such authorization is a management function directly associated with the responsibility for achieving the objectives of the organization and it is the starting point for establishing accounting controls for transactions. 2) Accounting controls comprise the plan of organization, procedures and records that are concerned with the safeguarding of assets and the reliability of financial records and consequently are designed to provide reasonable assurance that: a. Transactions are executed in accordance with management s general or specific authorization. b. Transactions are recorded as necessary in order to permit the preparation of financial statements and to maintain accountability of assets. c. Access to assets is permitted only in accordance with management s authorization Page 4

5 Administrative and accounting controls are not designed primarily to detect errors, but rather to reduce the opportunity for errors or dishonesty to occur. In an effective system of internal control, no one person should handle all phases of a given transaction from beginning to end. For example: if one person were permitted to complete a purchase order, receive the merchandise, write a check in payment, and record the transaction in the accounts, there would be no protection against either fraud or errors. The organization s leadership must supervise the system of internal controls in order for it to function effectively. Its cost must be balanced against the benefit to be derived from preventing errors and losses. When the cost of adding and additional safeguard cannot be justified in terms of its contribution to the overall performance, the risk of errors may be accepted with full knowledge of the circumstances Page 5

6 ACCOUNTING AND REPORTING PROCEDURES INDEX I. CASH A. Cash Receipts B. Cash Disbursements C. Voided Checks D. Automatic bank deposits and withdrawals E. Cash in Drawer II. ACCOUNTS RECEIVABLES A. Recording and maintaining accounts receivable B. Collecting procedures C. Write-offs / Bad Debt III. PAYROLL PROCESSING IV. FIXED ASSETS A. Capitalization Policy B. Fixed Asset additions C. Detailed Property records D. Depreciation and amortization V. INVENTORY VI. IN-KIND DONATIONS A. In-kind Donations VII. PERIOD-END CLOSING PROCEDURES Page 6

7 I. CASH A. CASH RECEIPTS Cash receipts are received by the organization primarily from individuals and/or organizations. Cash receipts are received by the following: Merchandise Purchases All merchandise purchases shall be entered into the Quickbooks POS system. The store clerk accepts orders via phone, , mail and/or walk-in. All orders are to be entered into the POS system. There are 3 forms of payment accepted cash, check or credit/debit card. Some customer accounts have a credit account in which payments are expected to be received within 30 days. Credit purchases will not be available to individuals. All transactions must include customer information, ie. (name, check number, address, date of receipt and amount). At the end of the day, the clerk must close out the POS system by running the end of the day functions. This function in POS consist of: the store close-out, the merchant settlement transactions, the Quickbooks update and produces the end of the day reports. All end of the day reports shall be kept in a folder by month. The clerk shall then produce a deposit slip in Quickbooks by depositing all payments received for the day into the Quickbooks system. The clerk shall make one copy of each check and money order, and attach them to the appropriate deposit slip stub along with any credit/debit transaction slips. The deposit shall be locked in the safe until the Office Manager and/or Financial Manager (Treasurer) makes the deposit. A bank of $50 in cash shall be kept on hand at all times. A periodic count of this cash shall be conducted by the administrator, Financial Manager. Convention Receipts All convention revenue is received via Paypal (electronic payment system), mail or in person. There are 3 forms of payment accepted cash, check and credit/debit card. The convention treasurer is responsible for the collection of all revenue. All transactions must be documented and include customer information, ie. (name, check number, street or address, date of receipt, purpose and amount). The convention treasurer shall then record all transactions received in the Quickbooks file. The convention treasurer shall then produce a deposit slip by depositing all payments received for the day. The convention treasurer shall make copies of all checks and money orders and attach them to the deposit slip stub along with any credit/debit transaction slips. The deposit shall be delivered to the bank within 2 business days of receipt by the CRC Financial Manager or any other CRC Executive Committee member Page 7

8 CRSC Receipts All CRSC receipts are received via mail and/or in person. The CRSC Treasurer shall enter all payments into the Quickbooks file. All transactions must include customer information, ie. (name, check number, address, date of receipt, purpose and amount). The CRSC Treasurer shall then produce a deposit slip by depositing all payments received for the day. The CRSC treasurer shall make copies of al checks and money orders and attach them to the deposit slip stub. The deposit shall be delivered to the bank within 2 business days of receipt by the Financial Manager or any other CRSC Executive Committee member. Cash Receipts Entry Invoices entered through direct entry, through sales orders or through a point-of-sales system, (such as a cash register) are posted to the sales journal. These entries also accumulate on the accounts receivable ledger, organized by customer. If the business maintains an inventory, the posting of sales also affects the inventory ledger. All sales activity is posted to the general ledger. Cash Receipts/Deposit Receipts on sales as well as other bank deposits are posted to the cash receipts journal. Sales receipts information also accumulates on the accounts receivable ledger, organized by customer. These postings are entered on the bank account ledger. All cash receipts activity is posted to the general ledger. B. CASH DISBURSEMENTS Cash disbursements are made to pay the various expenses for the organization. Invoices for goods or services received by mail or in person are approved by appropriate leaders and paid as soon as practicable. CSO Store Invoices Invoices for inventory ordered shall be recorded in the Quickbooks POS system by the special worker. Prior to ordering merchandise, the special worker shall produce a purchase order in the POS system. All purchase order requests must be submitted to the Office Manager and/or Financial Manager for approval. The purchase order should have the vendor information, date of order, the items quantity, description, and cost recorded on it. Once the invoice is received, the special worker shall check the items received against the purchase order noting any changes such as: items on backorder and/or no longer in stock and make the necessary changes to the purchase order. The special worker shall then enter the invoice including the vendor, date of receipt and item quantities received. The special worker shall then update Quickbooks so that the transactions are recorded on the accounts payable ledger. Convention Invoices All vendors doing business in excess of $500 for the convention shall have a contract. A copy of the contract shall be approved by the board before any disbursements are allowed. For all disbursements, a check request form should be completed and have the proper signatures of approval. The vendor invoice or contract shall be attached to the check request and check stub. All check requests shall be approved prior to payment to vendor Page 8

9 CRSC Invoices For all disbursements, a check request form should be completed and have the proper signatures of approval. The vendor invoice shall be attached to the check request and check stub. Entry of Invoices All invoices for payment shall be recorded in Quickbooks by the accounts payable designee. All vendor information shall include the name, address, contact person, contact number, address and credit terms if applicable. Invoices that require approval and signatures should not be entered if any information is missing. All operating invoices such as: telephone, rent, utilities, etc shall be reviewed for errors and entered into the system. The accounts payable designee shall process payment of the invoice/bill and produce the checks. All copies of the invoice, check request and pay stub shall be stapled together and filed by month and/or vendor. Note: All check requests shall be approved by the board representative and/or Financial Manager. Checks should be signed according to Operating Policy #006. C. VOIDED CHECKS CSO may have to periodically void checks due to errors in amounts, names, etc. These voided checks should have VOID or CLEAR prominently written across the face of the check. All voided checks will be stored in numerical order in the voided checks file. D. AUTOMATIC BANK DEPOSITS AND WITHDRAWALS The organization deposits cash receipts into federally insured bank accounts. The organization also may receive electronic transfer wire deposits from various sources. This revenue should be recorded in Quickbooks as of the day of the transaction. Any automatic withdrawals can include electronic funds transfers (EFT) for payroll and tax liabilities prepared by an outside consultant and/or vendor. Payroll reports shall be reviewed for accuracy by the Financial Manager. Other automatic withdrawals can include bank fees, computer software and credit card fees. The outside consultant and/or Financial Manager will record such transactions at the end of every month Page 9

10 Cash Disbursement Entry Invoices entered through direct entry or through purchase orders are posted to the purchase journal. These entries also accumulate on the accounts payable ledger, organized by vendor. If the business maintains an inventory, the posting of purchases affects the inventory ledger. All purchase activity is posted to the general ledger as Cash Disbursements/Checks. Payments on account or for expenses are posted to the cash disbursements journal. Payment on account information accumulates on the accounts payable ledger, organized by vendor. All cash disbursement journal activity is posted to the general ledger. II. ACCOUNTS RECEIVABLE E. RECORDING AND MAINTAINING ACCOUNTS RECEIVABLE As stated before, some customers may have a net 30-day credit account with CSO. All transactions related to these customers must be recorded in the POS system and updated in Quickbooks in order to maintain a proper accounts receivable journal. F. COLLECTION PROCEDURES Occasionally, the accounts receivable balances will go beyond the 30-day credit terms agreement for customers. A review of these accounts should be conducted monthly by the Office Manager and Financial Manager. All attempts should be made to collect from the customer via phone calls, and collection letters. After 45 days, the customer s account shall be placed on hold and no further credit sales will be processed until a payment is received. G. WRITE-OFFS / BAD DEBT At the end of the year, all customer accounts over 180 days should be reviewed by the Board and Financial Manager to determine if all viable options were exercised to collect on the account and determine which accounts are eligible to be written off. III. PAYROLL Employee payroll pay dates are on the 15 th and the end of the month. Each employee s time is tracked in the POS system. A timesheet shall be produced each pay period for the Office Manager and/or Financial Manager s review. Once the review is complete, a copy of the timesheet shall be given to the independent bookkeeper/accountant for entry and production of the paycheck. IV. FIXED ASSETS H. CAPITALIZATION POLICY All fixed assets costing $500 or more should be capitalized. Fixed assets include leasehold improvements, equipment, furniture and fixtures Page 10

11 I. DETAILED PROPERTY RECORDS Detailed property records should be updated annually to reflect all disposals and additions. The property records should include date of purchase, description of item, amount paid and vendor or donor. Disposal records should include the date of purchase; amount paid and date of disposal. J. DEPRECIATION AND AMORTIZATION V. INVENTORY Depreciation and amortization expenses for the fixed and other asset accounts will be recorded yearly on the advice of the independent auditor. Inventory shall be conducted on a quarterly basis (January, April, July, October). Inventory counting sheets shall be produced from the POS system and given to the counters for reference. Any inventory differences shall be recorded in the POS system and given to the Officer Manager and/or Financial Manager for review. VI. IN-KIND DONATIONS All individuals and/or organizations donating materials to the agency should complete a Registration of In-Kind Donations Form. This form helps track donation amount and sources. Forms not completed will be estimated and values will be determined by management. The Office Manager will issue Thank you letters for all in-kind donations. VII. PERIOD-END CLOSING PROCEDURES Period-end closing procedures should include the following: 1. The bookkeeper will verify that all account activity for the checking account has been recorded. 2. All bank statements and credit card statements should be given to an independent bookkeeper/accountant no later than the 10 th day of each month. 3. A bank reconciliation shall be done by an independent bookkeeper/accountant to balance the bank registers. Bank reconciliations will be reviewed by the Office Manager and/or Financial Manager. 4. All transactions shall be reviewed by the independent bookkeeper/account and any necessary adjustments should be made and reviewed with the Financial Manager. 5. The independent bookkeeper/accountant shall prepare all financial reports for the Office Manager and/or Financial Manager for review by the 15 th of each month. 6. The Treasurer (CRC or CRSC) and/or Financial Manager (CSO Treasurer) shall present the financial reports to the Board of Directors, CRC, and CRSC as appropriate Page 11

12 OPERATING PROCEDURES POLICY #001 CRITERIA FOR EXPENSE REIMBURSEMENTS Travel and other expenses that provide direct benefits to CSO will be reimbursed according to guidelines established by the Board of Directors. Currently, CSO allows for ordinary and necessary expenses conducting CSO s business. Expenses must be submitted on expense reimbursement forms completely filled out and approved before reimbursement. Acceptable approvals should come from the Officer Manager, Financial Manager and/or a board member. POLICY #002 REQUIREMENTS FOR USE OF COMPANY CREDIT/DEBIT CARDS Usage of company credit/debit cards for purchases of $150 or more must be approved by the administrator and/or Financial Manager. These expenses must be ordinary or necessary for the operation of CSO s activities. Personal expenses are not permitted to be charged to the company credit/debit card. POLICY #003 SALES AND DISPOSAL OF COMPANY ASSETS Company assets may only be sold or disposed of with the consent of the CSO s Board of Directors. The bill of sale or invoice related to the disposal of company assets must be maintained in the fixed asset file. The administrative office must be aware of any problems with assets before disposal. Items purchased for $500 or more are considered fixed assets. POLICY #004 PURCHASING GOODS AND SERVICES The Board of Directors must approve any single good and service that exceeds $1,000 with the exception of inventory replacement and recurring operational expenses. Goods and services must be purchased at fair market value from reputable organizations. They should provide direct benefit to CSO and should be approved by management before purchase is completed. Invoices should be kept in vendor files. POLICY #005 BUDGETING PROCESS An operating income and expense budget should be prepared and approved in December of every year. The income portion of the budget generally presents projected income by the nature or type of income, such as merchandise, event income, donations, etc. based on historical events and planning for the coming year. Operating expenses are generally represented by the nature or type of expenditures, such as salaries, rent, insurance, etc. based on historical events and planning for the coming year. POLICY #006 CHECK SIGNING Check signers shall be independent of those individuals that 1) receive cash receipts via check, cash and or credit/debit card; 2) enters the payables and produces checks; 3) performs monthly reconciliations and 4) enters and produces payroll Page 12

13 All re-occurring operational disbursements such as rent, telephone, utilities, inventory replacement, etc. shall have the signature of the administrator and/or Financial Manager. All other disbursements shall include two of the administrator and/or Financial Manager, along with the Board President or Board Treasurer. All disbursement will be reviewed by an independent bookkeeper/accountant on a monthly basis to ensure reasonableness. POLICY #007 EXCESS OF CASH FLOW Any excess of cash flow shall be invested in an account that will give the agency the best interest rate return involving minimal risk. Such accounts could be, but are not limited to, certificate of deposit or money market accounts. Investment decisions must be approved by the Board of Directors before the investment occurs. POLICY #008 ENDOWMENT GIFTS Any endowment gifts shall be treated according to the donor s specific request. Gifts of cash should be invested in an account that will give the agency the best interest rate return involving minimal risk. Such accounts could be, but are not limited to, certificate of deposit or money market accounts. Investment decisions must be approved by the Board of Directors before the investment occurs. POLICY #009 CAPITAL EXPENDITURES All capital expenditures purchases of $3,000 or more must be approved by the Board of Directors. All such expenditures need competitive bids submitted unless waived by the Board of Directors. POLICY #010 CONTRACT/LEASING, RESTRICTED AND UNALLOWABLE EXPENSES All contract/leases must be approved by the Board of Directors. All such contracts or leases must have competitive bids submitted unless waived by the Board of Directors. The agency considers cost as ordinary or necessary for operations. Funds received for a specific purpose such as (operations, event, event components, etc.) shall be used specifically for those purposes. POLICY #011 RECORDS RETENTION All fiscal records will be kept at the Administrative Offices of the agency. Retention of records are stated below and destroyed on a timely basis. Permanent Auditor s reports, Quickbooks backup files, annual reports, articles of incorporation, bylaws, board meeting minutes, insurance policies, income tax returns, payroll tax forms, bank information and signature cards. Twenty Years Purchases, including title abstracts, opinions, insurance polices sales agreements, mortgages, and deeds Page 13

14 Ten Years General contracts, employment contracts, garnishments, leases. Seven Years Bank statements and reconciliations, cancelled checks Six Years Insurance claims, employee earnings/payroll records, employee files, government reports. Four Years Employee payroll records (W-2, W-4, annual earnings records), time cards/sheets. Three Years Employee or administrator expense reports, petty cash vouchers, authorization of expenditures Page 14

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