2. ACCOUNTING CONTROL POLICIES
2.1 INTERNAL CONTROLS The following internal controls will be followed in an effort to provide a reliable and dependable accounting system with regard to record keeping, receipts, and disbursements: • The Deputy Executive Director and/or Director of Business Operations of IGA, in cooperation with the Executive Director, shall prepare accurate, complete, legible and permanent records of all financial transactions. General accounting records shall be prepared according to Generally Accepted Accounting Principles (GAAP) on a double entry system for accounting and detailed supporting records shall be maintained on all cash transactions. • To promote a segregation of duties, IGA will retain a certified public accounting firm to perform bank reconciliations, enter cash receipts and disbursements, and prepare interim financial statements. • The Executive Committee has established a Finance Subcommittee to work with the Treasurer and management to review interim financial statements, accounting policies, investment policies, and the auditing process. • All first party cash receipts are received by the Deputy Executive Director and/or Business Manager, or in his or her absence a designated assistant. • All cash disbursements are to be supported by an invoice and processed through the organization Accounts Payable system BILL for approval and disbursement . • Check signing authority is limited to designated personnel to include the Executive Director, Executive Officers, Deputy Executive Director, Director of Business Operations, Office Manager and Board Chairman. Bank signatory cards shall be kept on file and renewed within two weeks of the election of a new officer or the hiring of a new Executive Director, Deputy Executive Director, Director of Business Operations and Office Manager. At times, signature stamp can be used in lieu of the actual signature if supported by an approval email of the signer. • Personnel structure and pay rates shall be submitted for approval to the Executive Committee in the fiscal year budget and documented for personnel files with the signature of the Executive Director. • Bank statements will be reconciled to the general ledger monthly by the accounting consultant and reviewed and signed by the Deputy Executive Director and/or Director of Business Operations and status reports submitted to the Executive Director by the 20th day of the month.
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IGA Accounting Policies and Procedures (guidelines)
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