| OVERBROOK COMMUNITY ASSOCIATION (OCA) |
Adopted on June 20, 2019
The purpose of this policy is to provide a consistency and transparency of financial decisions; to ensure OCA financial resources are raised responsibly; to spend judiciously abiding by bylaws and regulations and to report in an accurate and timely manner.
The policy defines the roles of the board in managing financial transactions and ensuring accountability. The policy also serves as a guide on limits and due diligence while making any sourcing or spending decisions. It is a tool to mitigate risks related to loss and misuse of OCA financial and other assets.
The purpose of finance management in the operation of all Overbrook Community Association (OCA) activities is to fulfill the organization’s mission in the most effective and efficient manner and to be accountable to the community, including partners and funders. In order to accomplish this, OCA commits to providing accurate and complete financial information.
2-1. The responsibilities of the MEMBERS OF THE BOARD OF DIRECTORS are stated in Article 6 of the OCA Bylaws.
2-2. The MEMBERS OF THE BOARD OF DIRECTORS are ultimately responsible for the financial management of all activities undertaken under the name of OCA.
3- FINANCE PRINCIPLES
3-1. The Association shall not incur debts, or loan funds.
3-2. No Director may be paid a fee for services.
3-3. The OCA annual budgeting process is stated in Articles 6.3 and 9 of the OCA Bylaws.
3-4. The Board may require an audit of the expenditures and the projects undertaken under OCA’s name.
3-5. OCA may receive funding for its general expenses (e.g. insurance etc.), for its events and projects from: fundraising or donations; sales of tickets for events, products or services; private institutions, the City and grants.
3-6. Donations to OCA may or may not be anonymous and may be acknowledged by a receipt and must be recorded in the OCA accounting of the related project.
4- MANAGEMENT PRINCIPLES
4-1. The Executive Committee must be informed of any funds received by OCA.
4-2. All funds and in kind received by OCA will be recorded by the Treasurer in the general ledger and managed by OCA.
4-3. The Treasurer will report to the monthly Board meeting on the evolution of general revenues and expenses.
4-4. The board will set fundraising goals and activities.
4-5. Grants may occur in the following ways:
i. OCA applies for the grant,
ii. OCA sends a letter of support, but doesn’t apply for the grant,
iii. Grant is managed by another organisation, for an event or project undertaken in collaboration with OCA.
4-6. Donations to OCA may or may not be anonymous and may be acknowledged by a receipt and must be recorded in the OCA accounting of the related project.
4-7. Project leaders are responsible for issuing invoices for any of their approved project revenues and providing regular updates to the treasurer.
4-8. All expenses need to be authorised:
i. In an approved budget by the board, or
ii. The Treasurer has discretionary authority for any Association expenditures under $50.00;
iii. All expenditures between $51.00 and $100.00 must be authorized by at least 3 Executive Officers;
iv. All expenditures over $100.00 must be authorized in advance by a motion passed by the Board of Directors.
4-9. Expenses will be reimbursed upon presentation of expense reimbursement forms with attached receipts no later than 1 month.
4-10. In the case of a missing receipt an affidavit may be presented up to a maximum amount of $50.00.
4-11. All supporting documents for grant proposals or applications for funding must to be presented to the OCA Executive Committee whenever possible 4 weeks in advance for approval and signature by the President or Vice -President and the applicant/lead. A minimum of two (2) signatures are required.
4-12. The applicant/project lead and OCA will comply with all funding and grant obligations and requirements related to reporting, budgeting, communication and finance.
4-13. Net benefit (revenues minus all expenditures) of the money raised during an event/project through sales (tickets, products or services) will go to the general revenue of OCA and its use determined by the Board.
4-14. Grant revenue, if not completely expensed carrying out the project, and if not required to be returned to the funder, will become part of the general revenue of OCA and its use determined by the Board.
5- OCA EXPENDITURES PRINCIPLES
5-1. OCA may use its general revenue to fund community events and projects.
5-2. All events or activities funded by OCA must comply with the vision and mandate of OCA.
5-3. A proposal needs to be presented to OCA at least one (1) month in advance.
5-4. The proposal will include:
i. The contact information (name, address, tel., email) of the event organiser requesting the fund;
ii. A narrative presentation of the event;
iii. A detailed budget; the template for the budget will be provided by the OCA treasurer.
5-5. The Board needs to approve the proposal.
5-6. If the total cost of the event is less than $200 OCA will provide a cheque to the event organiser. The event organiser will provide receipts to account for the funds. Any unspent funds must be returned to OCA.
5-7. If the total cost of the event is greater than $200:
i. For expenses less than $50, the OCA treasurer can reimburse the person upon presentation of receipts;
ii. For expenses greater than $50, the event organiser should present an invoice and the treasurer will provide a cheque in the name of the service provider.
5-8. Upon completion of the event, the event organiser must provide to the treasurer all the revenues and expenses related support documents no more than one month after the event.
5-9. Upon completion of the event, the OCA treasurer will present to the board in person or by email a financial report of the expenses no more than 2 months after the event or at an arranged date.
5-10. Upon completion of the event, the event organiser must provide a verbal report to the board at one of the regular board meeting no more than 2 months after the event or at an arranged date.