Northwest Guilford Viking Band
PLATINUM Corporate Sponsors
Mailing Address : PO Box 820 Oak Ridge, NC 27310
Policies and Procedures
Northwest Guilford Band Boosters, Inc. – Financial Policies and Procedures
Policy: Raising funds in support of the Northwest Band programs is one of the primary missions of the Booster organization. Funds should be carefully tracked and secured to prevent loss or theft. Whenever possible, the collection of receipts and handling of bank deposits should be handled by two separate individuals. This policy is intended to reduce errors and minimize risk of fraud.
Procedures: For activities such as product sales, the fundraiser chairperson or Ways and Means Director should collect and record student sales and receipts before turning these in to the Treasurer. Likewise, when funds are collected to pay for items such as marching shoes (where the Band pays the invoice), the uniform chairperson or other responsible individual should collect and maintain student payment records, then turn them into the Treasurer.
The Treasurer will re-count and record all receipts in the Deposit Receipts spreadsheet and compare totals to the original records. He/she will deposit the funds in Booster bank accounts, and record the deposit into Charms. This procedure allows for reconciliation of sales records to bank deposits and to the account ledger maintained in Charms.
For special events utilizing cash boxes for collection (such as Fall Festival, Odyssey of the Mind and CCIC ), a second person should work together with the Treasurer (or his/her delegate) to count and re-count cash receipts, and assist in preparation of bank deposits.
Audit and review of accounting records
Policy: In accordance with Article IX, Section 8 of the Booster By-Laws, an audit of the records maintained by the Treasurer should be conducted at the close of business each year. The account ledger maintained by the Treasurer shall be open to inspection by any member and by any others with legitimate interests in the information therein
Expenses / Disbursements
Policy: The Boosters and its Board, committees and members should be good stewards of Booster funds and spend them in accordance with the By-Laws of the organization. Whenever possible, expenses should be planned and budgeted. Expenses relating to fundraising should be reasonable and cost-effective to achieve the targeted income goals for the event or sale. The Boosters will reimburse goods or services purchased for use at a fund raising event, budgeted expense items or competitions. Personal expenses will not be reimbursed (example: gas for personal car use while shopping for goods or services- these are donated miles and may be deducted on your income tax return).
It is expected that occasional unplanned needs may result in unbudgeted expenses. When appropriate, spending should be adjusted as necessary to achieve a balanced budget and provide for the next fiscal year’s beginning capital at year-end. Some expenses may require prior approval as noted below.
All checks require two signatures from authorized officers of the organization. A payee cannot be a signer. Co-signers should be members of different households (e.g., not spouses or siblings).
Approvals – Budgeted expenses under $500 and unbudgeted expenses under $200 do not require pre-approval. When approvals are required, they must be from members of different households.
For budgeted expenses exceeding $500, informal pre-approval (verbal or email) from the treasurer, budget director or president should be obtained to help avoid cash flow issues or budget overages. Budget overages in excess of $500 should have pre-approval from a majority of the Board.
All unbudgeted expenses in excess of $200 require formal pre-approval (by email or signed check request form) from the Budget Director or President and one other Board member. The Ways and Means Director should approve fundraising related expenses.
Invoices/Check Requests – Invoices from vendors should be submitted to the Treasurer on receipt, to help ensure timely payment of Booster obligations. The invoice should be accompanied by a completed Check/Expense reimbursement Request Form or clearly marked with the expense category or fundraiser to which it should be charged.
Expense Reimbursement – When a Booster member has incurred out of pocket expenses relating to Booster or Band activities, he/she should complete the upper half of the Check/Expense reimbursement Request Form (available for download at the band website, nwvikingband.org), attach supporting documentation including detailed receipts, and submit these to the Treasurer for payment. Requests will be processed weekly.
Travel Expenses – Overnight travel for Band or Booster events will be reimbursed only on a limited basis. It is anticipated these costs will be related to those who drive the band truck or pull the trailer. The Boosters will reimburse reasonable meals and lodging costs. Receipts must be turned in for reimbursement.
Cash Advances – Requests exceeding $200 should be pre-approved by the Treasurer and at least one another Board Member. Complete the top ½ of check request form. Receipts and any unused funds should be turned in to the Treasurer as soon as possible after the associated need or event is over.