This document is an internal policy of YAPA. Use it to help develop your own agency's internal policies. You will have to make changes to suit your own context and any legal requirements which apply to you.
Policy
Clear processes, authorisation and accountability will govern expenditure of YAPA and other related funds. The expenditure will comply with Board, management and legislative requirements.
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Delegation limits
- The Executive Officer or Finance Manager has the delegated authority to expend approved budgets, up to $500.00 per transaction, in consultation with each other.
- The Board must approve all expenditure over $500.00, prior to spending, either through the approval of a budget or an additional expenditure request.
- Any expense items not reflected in the budget must be presented to the Board for approval prior to spending. For urgent, non-budgeted expenditure, the Executive Officer must seek approval by telephone or email from Board members, either a Chairperson or a Treasurer can approve Emergency expenditure.
- Expenditure over $500.00 which does not require approval by the Board include the following operational costs: Wages and On Costs, inter-company transfers, travel costs, staff advertising, insurance costs, audit, printing, rent, phone and computer costs, postage. These items must be approved by the Executive Officer and the Finance Manager
- Approval from the Treasurer is required for new or amended budgets, prior to spending.
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Signing of cheques
- Two cheque signatories are required to check, authorise and sign each expenditure request.
- The primary staff signatories will be the Executive Officer or Finance Manager. The primary signatory is to sign on the left hand side of the cheque. The primary signatory will be held accountable for approving the issuing of a cheque. The secondary signatory is responsible for ensuring that approval has been given by the primary signatory.
- The Executive Officer is to sign each cheque or give approval for the signing of each cheque via the pre approval of a cheque request form, via fax, email or phone approval.
- The recipient of a cheque cannot approve and sign their own cheque. Two other signatories are to process and sign the cheque.
- Cheques are to be authorised and signed, only if a valid tax invoice is attached and proper processes adhered to.
- The Board of Management can approve amendments to current cheque signatories, through their monthly management meeting.
- The Finance Manager will prepare a monthly Cheque Reconciliation Report for presentation to the Treasurer. A copy will also be given to the Executive Officer.
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Cheque security
- There are currently 2 bank accounts at YAPA. The operational bank account consists of two numbering systems due to cheque books being used specifically for YAPA Surry Hills or the Western Sydney costs. The second bank account is for YAPA Managed funds.
- The operational account is used for payment of all YAPA and Western Sydney expenditure incurred, except Payroll.
- YAPA managed funds, is used to transfer funds to YAPA operation fund, payment of payroll and certain government bodies depositing grants. Authorisation for any changes to current operations must be obtained, by the Finance Manager or Executive Officer.
- All cheque books are to be kept in a secure and locked place at all times and access is limited to the Administration Officer or Finance Manager.
- Each cheque is to be marked "Not negotiable" except for Cash Cheques.
- Cash cheques are to be kept in a secure and locked place by the Administration officer or Finance Manager at all times.
- The Board of Management must approve all new requests for bank accounts.
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Payment of Incoming Invoices
- The Administration Officer is responsible for adhering to the financial processes, when paying incoming invoices.
- The Finance Manager will oversee and monitor incoming invoices to ensure the expenses are within budget and processed correctly by the Administration Officer and authorisation relevant to the cost.
- The Administration Officer is to process payments at least fortnightly.
Date adopted by the Board of Management |
23 May 2005 |
Date of commencement |
5 October 2005 |
