What are fiscal policy statements?

 Fiscal Policy Statements

1.      All cash accounts (except petty cash) owned by the firm will be held in financial institutions which are insured by the FDIC. No bank account will carry a balance over the FDIC insured amount.

2.      All capital expenditures which exceed one thousand dollars ($1,000) will be capitalized.

3.      Employee or public personal checks will not be cashed through the petty cash fund.

4.      No salary advances will be made under any circumstances.

5.      No travel cash advances will be made except under special conditions and pre-approved by the Executive Director.

6.      Reimbursements will be paid upon complete expense reporting and approval using the official firm form. Reimbursements to the Executive Director will be authorized by the Board Chair.

7.      The Owner/President  is the signatory on  the firm’s bank accounts.

8.      Bank statements will be reconciled monthly. All bank statements will be given unopened to the Owner/President  for review.

9.      Correction fluid and/or tape will never be used in preparing timesheets or any accounting documents.

10.   Accounting and personnel records will be kept in locked file cabinets in the Owner/President’s office and only parties with financial and/or HR responsibility will have access to the keys.