Pastel Reflections by Christine Mikesell-Bidwell

Financial Policies

1.     The Treasurer shall maintain a 60% cash reserve level based on prior year expenses and maintain an aggregate cash reserve level of 100% based on forecasted expenditures for the fiscal year. (i.e., APAA funds in reserve are at a minimum of 60% of the prior year budget, and planned expenditures if over the 60% shall be reserved to 100% of the overage).

2. Treasurer shall prepare an annual report on APAA financial health for members, file an annual financial report with the Arizona Corporate Commission and prepare and file federal, state and local tax submissions as required.

3. Members shall not transmit any of the banking information related to APAA accounts (i.e., bank routing, account numbers, etc.) This stipulation is applied to ensure APAA's exposure to financial risk is minimized. (New policy 9/12/2015)

4. Access to APAA banking and check-writing is strictly limited to the Treasurer, Appointed Deputy Treasurer and President. (New policy change 11/1/2015)

5. Any contract that ultimately commits APAA funding shall be reviewed and approved by both the Treasurer and Vice-President/President prior to issuance.

6. The Treasurer or Deputy Treasurer shall execute a third-party (i.e. non-member) financial review of the APAA accounts at least annually or as directed by the APAA BOD. Said review to be performed by an accredited person should validate account positions/balances are accurate and financial activity is in accordance with generally accepted accounting practice. (New policy change 11/1/2015)

 

Powered by Wild Apricot Membership Software