3.
Board Secretary
Reserve Fund: (Two signatures required) - Signature requirements as follows: 1. Board President 2. Board Treasurer (in season) 3. Board Secretary Approval of Transfer of Funds: Transfers of funds greater than $10,000 or 5% of the association’s total combined reserve and operating account deposits, whichever is lower, shall not be authorized from the account without prior written approval from the Board of Directors. Civil Code Section 5502. Transfers of greater than $10,000, other than those approved by Resolution, will be individually submitted to the Board by emailing a copy of the invoice to the entire Board for written approval prior to making the transfer, The Board hereby appoints a Committee consisting of the elected Treasurer, Vice President and President for making such written approval, and a return email from any two of the three members of the Committee will constitute the written approval.
Non-Compliance: The Controller is responsible to ensure this policy is followed and report to the Board President and/or Board Treasurer when not in compliance.
Procurement Policy
Purpose: The purpose of this policy is to ensure that quality supplies, services and equipment are procured for ORPS at the best value available, and that the procurement process is transparent, consistent, and efficient.
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