- All disbursements shall be made by check.
- All payments in amounts of $5,000 or less shall require one authorized signature.
- All payments in amounts in excess of $5,000 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 written or e-mail authorization from the Treasurer, Chair, or Vice Chair.
- A Board member can not authorize his or her own reimbursement.
RECEIPTS, BANKING AND INVESTMENTS
- The Treasurer or the Treasurer’s designee shall receive all funds 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 procedure for reimbursement shall be:
– the person making the purchase should use the tax-exempt number when making a purchase.
– the person requesting the reimbursement shall give the Treasurer the receipt(s) with 1 photocopy of each. The details of what it the payment was for and the person’s name and date shall be shown on the receipt. All receipts shall be attached to a completed and signed Reimbursement Request form.
– the Reimbursement Request should show exactly what each purchase was for, i.e. “Food & drink for March Membership Presentation” or “Photocopying of Winter 2007 Newsletter.”
Treasurer will then write the check.
- When bank statements are received:
– the copies of checks should be placed in a monthly folder with paid invoices/receipts.
– deposit slips should be attached to monthly statements.
Reimbursement requests should be made in a timely manner, not to exceed 60 says.
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 Executive Committee shall have the power to incur financial obligations for the Board, but not in excess of amounts budgeted with funds available, or in excess of a maximum amount established by the Board.
BOOKKEEPING AND REPORTING
- Copies of checks and receipts 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 make a Treasurer’s Report to every meeting of the Board.
- The Finance Committee shall develop and submit an annual budget by September 1 to the Board and seek Board approval by November 1.
- The Finance Committee shall oversee the completion of an annual audit, review, or compilation of financial statements by an independent certified public accountant or a qualified accounting professional, as required to meet all federal and state regulations.
Adopted by the Westmoreland Land Trust Board of Directors, September 24, 2008. Revised: January 19, 2018
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.