Financial Rules and Internal Controls Policy

DISBURSEMENTS

  • All disbursements shall be made by check.
  • All payments in amounts of $1,000 or less shall require one authorized signature.
  • All payments in amounts in excess of $1,000 shall require two authorized signatures.
  • Members of the Board authorized by the Board shall be the only ones authorized to sign checks.
  • Westmoreland Land Trust funds shall not be used to reimburse any director, officer, volunteer, or staff for an expense incurred on the behalf of Westmoreland Land Trust without documentation of the expense and without written or e-mail authorization from the Treasurer, Chair, or Vice Chair.
  • The Board member can not authorize their own reimbursement.

 

RECIPTS, BANKING AND INVESTMENTS

  • The Board member assigned (IE. Treasurer) shall receive all receipts and prepare and make deposits.
  • The bank agreed upon by the Board shall be the banking agent for Westmoreland Land Trust. All cash receipts shall be made to that bank checking account and all cash disbursements shall be drawn from that checking account.
  • The following procedure should be followed for reimbursement:
    • The person making the purchase should use the tax-exempt number when making a purchase.
    • The person requesting the reimbursement should give the Treasurer the receipt with 1 photocopy. The details of what it was for and the person’s name and date should be on the receipt. All receipts shall be attached to an expense voucher form. This form is to be completed by the Treasurer and, if possible, signed by the requester.
    • The person requesting the reimbursement should circle the total amount due and also write down exactly what the purchase was for, IE. “Food & drink for March Membership presentation” or “Photocopying of Winter 2007 newsletter.”
    • Treasurer will then write the check.
    • When bank statements are received, the copy of checks should be placed in a monthly folder with paid invoices/receipts.
    • Deposit of receipts should be attached to monthly statements.
  • Reimbursement requests should be made in a timely manner, as this will help the Board to have a more realistic picture of what money we really have on hand and what has already been spent.

 

BUDGET AND AUTHORITY TO INCUR OPERATIONAL EXPENSES

  • The Board shall approve an annual budget prior to the start of the fiscal year. The Board may amend the budget at any time.
  • The Chair or Vice Chair, in the absence of the Chair, and Treasurer are authorized to bind Westmoreland Land Trust to obligations of any amount, provided that the obligations have been provided for in a line item(s) in the annual budget. If not contained within a line item of the budget, an expenditure has to be approved by the Board.

 

BOOKKEEPING AND REPORTING

  • Revenue and receipt expenditure (copies of checks and receipts) files shall be maintained by the Treasurer.
  • The Treasurer shall maintain a journal of all disbursements, receipts and other transactions.
  • The Treasurer will record bank statements and submit a monthly draft of the Treasurer’s Report to the Finance Committee.
  • The Finance Committee will review the monthly report against the books, make changes as needed and present the Treasurer’s Report to the Board.
  • The Finance Committee shall present and maintain an annual budget with semi annual revisions to the full Board for approval. The Committee will coordinate with the accountant/bookkeeper as needed.
  • The Finance Committee will help other committees complete and maintain their work plans and budget projections.
  • The Board will review the budget as requested by the Finance Committee, and at a minimum annually.

 

AUDIT

  • The Westmoreland Land Trust shall have an Annual Audit completed. The Finance Committee shall oversee the Audit. If funds dictate, it will be an internal audit or if funds are more, then the audit will be done by an Independent Certified Public Accountant. The Finance Committee appointed by the Board shall oversee the Audit.

 

GRANTS

  • Finance Committee is responsible for grant writing and grant management.

 

 

Adopted by the Westmoreland Land Trust Board of Directors on September 24, 2008.

 

The mission of the Westmoreland Land Trust is to conserve and steward lands and waters of Westmoreland County that harbor ecological, scenic or recreational qualities to offer a healthier and more sustainable future for all.