TABLE OF CONTENTS
SECTIONPAGE
I. PURPOSE2
II. EXPENDITURE POLICIES2
III. AUTHORITATIVE LIMITS2-3
IV.AREAS OF REPSONSIBILITY3
- PURPOSE
The purpose of the Expenditure Policy is to provide written guidelines regarding the incurrence, approval, and payment of Chapter expenses. The policy is also established to ensure that all payment requests are authorized, adequately documented, and paid in a timely manner.
- EXPENDITUREPOLICIES
1)Expenses may only be incurred on behalf of the Chapter by::
- Chapter Officers
- Board Members
- Committee Chairs
2)Expenses should only be incurred and subsequent payment issued in accordance with a Chapter initiative, approved budgets, contractual obligation,and/or at the direction of the Board or Chapter President.
3)The Chapter operates on a cash basis and as such, expenses are recorded when paid rather than as incurred.
4)Individuals requesting payment should ensure:
- The payment is for actual goods or services received by the Chapter and that the Chapter is indeed accountable for payment.
- The payment is part of a contractual obligation such as a prepayment or deposit
5)Contracts may only be signed by the Presidentunless authorized by the President and that authorization documented.
6)All requests for payment of expenditures must be adequately supported and documented byan invoice, contract, receipt with identifying information, or other approved written form of payment request.
7)All payment requests will require approval in accordancewiththe authoritative limits outlined below.
8)The Treasurer will receive and review all payment requestsand supporting documentation for verification and proper approval prior to payment.
9)The Treasurer will issue payment.
10)Bills will be paid by the required due date wherever possible.
- AUTHORITATIVE LIMITS
1)The Chapter shall adhere to the following set of authorization limits for expenditures:
AuthorizerAmount
- Chapter President Unlimited*
*In accordance with approved budget. If outside the budget, then Board approval is required
- Chapter Officers$1,000
- Committee Chairs$500**
**Aggregate expenses approved by a Committee Chair may not exceed the Committee’s Budget without the approval of a higher level authority.
- AREAS OF RESPONSIBILITY
1)The Treasurer and Assistant Treasurer are responsible for the overall implementation of this policy, processes, and prescribed controls.
2)On an annual basis, the Finance Committee will review this policy, revise (if necessary), and submit any material changes in the policy to the Board for review and approval.
Effective: 11/20/2012Revised: N/ABoard Approved: 12/18/2012