3. ACCOUNTING POLICIES AND PROCEDURES 3.1 BUDGET PROCESS
PURPOSE: To outline the policies and procedures for the budgeting process.
The fiscal year of the Indian Gaming Association (IGA) is the twelve-month period January 1 to December 31. A budget shall be adopted for each fiscal year based upon a needs assessment, organizational priorities, availability of support, and revenue estimates. Analyzing each of these inter-related factors, the Executive Director (with input from departments) shall, in consultation with the Chairman and Treasurer, formulate a detailed line-item budget per account for consideration and adoption by the IGA Executive Committee three (3) months prior to the beginning of the fiscal year. • The Executive Director shall develop the budget. • The Executive Director submits the budget to the Treasurer and the Chairman for review • The Treasurer submits the budget to the Finance Committee for review. The Finance Committee submits the budget to the IGA Board of Directors for approval. *The budget must be approved by IGA Board of Directors prior to being used. The accounting consultant will prepare budget vs. actual reports for submission to the Executive Director by the 20th day of each month. The Executive Director shall review all requests for budget modification and discuss with the IGA Executive Committee as required. Quarterly, the Executive Director shall present a budget vs. actual report to the Treasurer and Chairman for a budget update. Semiannually, the Treasurer will present the budget vs. actual report to the IGA Board of Directors for a budget update. A. Budget Timeline Budgets shall be reviewed and modified at least every quarter to account for over and under expenditures or changes in revenues. The Executive Director with the assistance of the accounting personnel will develop these modifications. The Treasurer will review and approve budget modifications.
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IGA Accounting Policies and Procedures (guidelines)
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