Sales should be transacted only if properly authorized and documented. Authorization to the bank or investment agents to sell should be communicated in writing. If any investment certificate is kept offsite with a custodian, the authorization to release such document from safekeeping must be in writing. Any proceeds from the sale of an investment vehicle should be received either by check or bank transfer. All investments purchased and sold shall be numbered and recorded in an investment control log. A summary of the investment portfolio shall be reported on a periodic basis to the Finance Subcommittee based on a formal report summarizing purchases and sales of investments, investment values, and earnings (losses). Investments should be accounted for in accordance with theIGA accounting policies and procedures and standard accounting practices. Investment account balances should be reconciled regularly with the general ledger balance. Such reconciliation should be reviewed and approved in accordance with IGA accounting policies and procedures. To the extent possible, an appropriate segregation of duties should exist among the execution, accounting, wiring and reconciliation processes related to the investment portfolio. In regard to reconciliation, that means that IGA’s accounting consultant should perform or verify periodic reconciliation. The Executive Committee recognizes that there may be occasions where an exception to policy may be a prudent business decision. The intent of this policy is primarily to establish guidelines for appropriate investment activity. Therefore, the following procedures for approving exceptions to this Investment Policy have been established. Exceptions to policy shall be based on a recommendation by the Executive Director accompanied by information that the exception is prudent. The Treasurer and at least one of the other members of the Finance Subcommittee prior to the trade must approve the exception. Approvals may be verbal but must be documented in a written memo to the investment file immediately thereafter. A copy of any such memos shall be included in the annual investment reports presented to the Finance Subcommittee. IGA should strive to maintain an amount of unrestricted net assets equal to planned expenditures for six months, less trade show expenditures. This means one-half of the operating expenditures necessary to continue the membership services to IGA members for one year (less self funding activities such as the trade show). To achieve this organizational goal, IGA’s Executive Committee should establish a plan to save a certain amount of money on a regular basis in short term investment vehicles. The account shall be designated: Temporarily Restricted For Future Operations. Investment policies should help build this financial base for IGA.
Deleted: All investments
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Deleted: N Deleted: contract bookkeeper
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Deleted: NIGA
IGA Accounting Policies and Procedures (guidelines)
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