FISCAL YEAR
The AAL fiscal year will be the first day of January to the last day of December.
FINANCIAL MANAGEMENT
Financial resources of the AAL are the responsibility of the Board of Trustees.
The Board will:
- Have a clear plan for acquisition of financial resources to pay for the programs and services provided by the AAL.
- Provide guidelines for management and allocation of financial resources which will produce optimum benefits for those we serve.
- Monitor and evaluate the financial plans and guidelines of the AAL to ensure its financial integrity.
BUDGETING
An annual operating budget will be prepared by the Director, in consultation with the president of the Board, and presented to the Board for approval at least sixty (30) days prior to the beginning of the next fiscal year. The budget will reflect the cost of carrying out the programs and services of the AAL for the next fiscal year. This budget will also reflect the anticipated revenues of the AAL.
The budget will be viewed by the Board as their financial plan for the AAL. Approval of the budget by the Board will authorize for the Director to manage the AAL’s finances according to the plan without seeking further approval of the Board. However, the Director will keep the Board well informed of the ongoing status of the financial plan, and will not make expenditures outside of the budget plan without seeking Board approval to amend the budget. Amendments to the budget will be presented to the Board for approval for any of the following reasons:
- The AAL wishes to enter into contracts that were not included in the approved budget.
- Management proposes a major expenditure that was not included in the approved budget.
- Significant unanticipated revenues are received or cost overruns occur.
SIGNING CHECKS
Authorized signatories for all general fund accounts must include two of
the following:
The president of the Board; the treasurer of the Board; the secretary of the Board; or the Director. If it is felt necessary, others may be designated by the Board.
It is the responsibility of the Director to ensure that signatures can be obtained from appropriate signatories so that payment can be made on the obligations of the AAL. It is also the responsibility of the Director to ensure that adequate controls and safeguards have been established to ensure disbursement of funds only for proper purposes.
It is the responsibility of all check signers to ensure that there is adequate documentation, consistent with good internal controls, for valid payment of checks they sign.
USE OF CREDIT CARDS
The Director will recommend to the Board those staff members authorized to use an AAL credit card. The Board will approve and maintain a list of authorized individuals. Credit cards will only be used for appropriate AAL business, and all uses will be appropriately documented. The AAL credit card will not be used for personal expenditures.
Monthly reports of credit card billings will be provided in the vendor report to the Board.