EQUESTRIAN SPORTS FINANCIAL MANAGEMENT POLICY & PROCEDURE Policy Area: Financial Management Policy Number: EQ 0007 Effective Date: 01 September, 2014
In 2003 as a result of irregularities in the reporting of GST and the general management of accounts as they pertain to the various Equestrian Sports, along with the high cost of the Audit, the Board has decided to bring the administration of all finances, as they relate to activities of the organisation, into the State Office. This decision has also been motivated by the Board s need to ensure the organisation meets it s statutory obligations and reporting requirements. The Equestrian Queensland Auditor strongly supports this move, which will was implemented in May 2003. In deciding to bring the management of all financial activity back to the State Office the following procedure will apply to all Equestrian Sports and associated bodies: 1. Each Equestrian Sport will commence the development of and produce an annual budget which will be loaded into the financial package to provide Budget v Actual comparisons on a monthly basis. Each budget is to be submitted to the Board for approval in November of any preceding year. 2. All monies collected are to be banked by the respective Sport Treasurers and reconciled back to the Office according to budgeted income line items on the Income Reconciliation Form, along with a copy of the deposit slip. 4. All payments will be made from the State Office, by the authorised person/s from the respective Sport. Should a Sport so indicate, payments may be directed back to them for distribution. 5. Where it is necessary to make a payment without a Tax Invoice, such as prize money, the appropriate requisition form must be completed, submitted to the State Office and authorised accordingly. 6. Sport funds will be accounted for via the accounting package. All Sports may operate ONE current bank account as directed, until otherwise determined by the Board. 7. Each Sports Treasurer will receive a financial pack their monthly meetings, along with any other reports they may request, such as a transaction listing. It is request that Sport Committees raise any issues on a month to month basis regarding the financials, time permitting. 8. All surpluses generated by the respective Equestrian Sports will remain with those Sports to fund further development initiatives, unless otherwise determined by the Board as per the Equestrian Queensland Constitution. 9. The attached spreadsheets are to be used requesting a payment, reconciling funds or requesting a tax invoice. These spreadsheets are to be forwarded to the EQ office by COB on the Monday of each week. Payment runs occur weekly and all outstanding payments are paid on the Thursday of that week after approved by two EQ signatories. All sport committees are provided with a transaction listing including job codes and expense codes which need to be utilised on the below spreadsheets. All payments should have supporting documentation i.e. tax invoice, honorarium forms, reimbursement and the relevant details for that.
Payment request - For multiple payment approvals, include multiple forms in one email rather than separate emails. - Enter email subject as: Payment Approval - Sporting Committee - DD-MM-YYYY (date of request) - Person authorising the payment (if possible) should also initial the invoice or other supporting document. - Example: Payment Approval - EQ - 30-07-2014 - Attach scanned copies of supporting documents such as invoices or reimbursement form. Each approval needs a supporting document. PAYMENT APPROVAL Payee: Authorised by: Date authorised: Account name: BSB: Account number: Description Chart no Job no GST Amount (incl GST) Total amount (incl GST): -
Tax Invoice Request - For multiple invoice requests, include multple forms in one email rather than separate emails. - Enter email subject as: Tax Invoice Request - Sporting Committee - DD-MM-YYYY (date of request) - Example: Tax Invoice Request - Dressage - 30-07-2014 Name: Address: TAX INVOICE REQUEST Contact person: Email: Invoice date: Description Chart no Job no Amount (incl GST) Total amount (incl GST): - Date paid:
Instructions - For multiple income reconcilations, include multple forms in one email rather than separate emails. - Enter email subject as: Income Reconcilation - Sporting Committee - DD-MM-YYYY (date of request) - Example: Income Reconcilation - Interschool - 30-07-2014 - Attach scanned copies of supporting documents such as a tax invoice or reimbursement form. Each approval needs a supporting document. INCOME RECONCILATION Customer: Prepared by: Date banked: Description Chart no Job no GST Amount (incl GST) Total amount (incl GST): -