Financial Guidelines
The Treasurer shall fulfill her duties as outlined in By-Law number 1.
The Treasurer will ensure the financial records of Oak Park Moms and
Tots are retained for seven years.
The treasurer will keep control of the chequebooks and ensure we have
numbered cheques with the organizations name printed on them.
The Treasurer will have one chequebook in the event that the bookkeeper
is unavailable.
The Treasurer will ensure all voided cheques are kept for record keeping
after voiding them adequately.
The Treasurer will not generally maintain a petty cash fund except for
special activities where change is required for that day. The Treasurer or
designate will be responsible for the cash and proper accounting for that day.
The Treasurer will document any cheques written and give all
documentation and receipts to the Bookkeeper by the next board meeting
The Treasurer will present a balanced financial statement quarterly to
the Board.
The Treasurer shall endeavour to maintain a three month reserve from
fundraising income. Understanding that all monies received by our funder must be
spent by the end of the funder’s fiscal year. The Treasurer will notify the
Board of Directors when the bank account is below $20,000.00
There will be four signing officers of the corporation appointed by the
Board at its first meeting and two signatures required on all financial
documents and contracts. These officers will include three of the following the
Executive Director, Chairperson, Vice Chairperson, Secretary or Treasurer
If a signing officer leaves the board their name will be removed from
the bank documents and the board will appoint a new signing officer
The signing officers will sign cheques for expenses that have been
approved by the Board.
The Director has a limit of $100.00 per month to spend on items that are
in keeping with the goals of the organization but cannot wait to be preapproved
by the board. Any things purchased in this manner will be discussed and approved
at the next Board meeting.
The board will ensure the agency activities remain consistent with those
indicated in its operating budget
and that the budget is consistent with our organization's goals and
plans. The Board will review and approve each financial statement to ensure
actual income and expenditures are in line with the approved operating budget.
The operating budget must be followed unless amended by the Board.
The Board cannot spend over and above what it has available in the bank
account.
The Board will review and approve an annual operating budget
The Treasurer must review the timeline for payments by the funder to
ensure there are no cash flow problems.
The Treasurer will ensure the books are prepared for the annual audit.
An independent auditor appointed by the Board will complete the audit.
The board will review and approve the final audit of the books and the
general membership will approve it at an Annual General Meeting