Financial Policy

North Belfast Harriers

FINANCIAL PROCEDURES as approved by meeting of 11/04/16

 

The following financial policies and procedures have been established by North Belfast Harriers to ensure that all our financial systems are accountable and transparent and meet the requirements of our Funding Partners and Auditors.

Pay by Cheque Procedures

All cheques must be prepared by the Treasurer and signed by two of the authorised signatories Under no circumstances will a blank cheque be signed. Cheque signatories may not co-sign cheques made out to them except in an emergency and prior approval must be obtained from the Committee.

Cancelled Cheques

All cancelled cheques will be kept and should never be destroyed.

Payment Signatories

A copy of the organisation’s Bank Mandate form listing cheque signatories will be kept in the office. Current authorised payment signatories are as follows:

Matt Shields – Treasurer

John Burns-

Jenni Bill – Secretary

Pay by Credit card procedures

Where required the treasurer may pay by credit card. The credit card statement should be presented at each club meeting to cover the period from the last meeting. Either the secretary or the chairman should sign the statement to indicate that purchases made were authorised and agreed

Pay by Bank Transfer

Where required the treasurer may pay by bank transfer. The bank account statement should be presented at each club meeting to cover the period from the last meeting. Either the secretary or the chairman should sign the statement to indicate that purchases made were authorised and agreed
Financial Transactions

All financial transactions over £200 shall be made were practicable by crossed cheque. An original invoice or receipt must be produced before payment is processed. Cheque signatories are required to check the accompanying invoice receipt before signing.

In the case of particular project grants, all expenditure will be governed strictly by the budget approved by the Funding Body and stated in their Letter of Offer.

All monies or cheques received by members of staff will immediately be recorded and given to the Treasurer for lodgement in the bank. A receipt will be issued and a record of the lodgement will be entered in the appropriate Income / Expenditure ledger.

All financial records will be kept up to date and ready for examination, at any reasonable time, by Funding Bodies or Auditors. A treasurers report will be given to the Committee on a monthly basis.

Bank Reconciliation

Bank reconciliation will be completed at the end of each month

Petty Cash

The petty cash is operated on an excel system. The Treasurer is responsible for all items of petty cash.

Procedures for petty cash are as follows:

  • Petty cash should only be used for small items of cash expenditure under £150.
  • Gifts, flowers for staff members, etc., should not be purchased from petty cash unless approved by the Chairman.
  • Original receipts must be provided for all petty cash transactions.
  • A petty cash summary sheet should be completed whenever the float needs replenishing or on a monthly basis. This should detail each item of expenditure, date and items purchased. This should be accompanied by the relevant receipts and signed by the Administration & Finance Officer and the Chairman.

The Chairman will check the petty cash account and receipts once per month.

Annual Accounts

An independent examination of accounts and accounting systems will take place annually at the close of each financial year by an external Auditor appointed by the Committee. At the end of each financial year the accounts for the year will be balanced and prepared for the Auditor by the Treasurer.

When the accounts are returned by the Auditor, they will be presented to the AGM for approval and signed by the treasurer on behalf of North Belfast Harriers

A copy of the accounts with the Annual Report shall be presented at the AGM and a copy retained on file.

Procurement Procedures

Quotations will be obtained by the relevant officers in line with Procurement Policy:

Two quotations for expenditure over £200 up to £1,500.

Three written quotations for expenditure from £1,501 to £10,000.

Four written quotations for expenditure from £10,001 to £30,000.

£30,001 and above – Full Public Tender.

All expenditure, however small, must be authorised before payment.

All expenditure must be authorised by the Treasurer

Purchasing

All purchasing is the responsibility of Treasurer.

The procedure for purchasing of all items is as follows:

  • Officers forward requests to the Treasurer.
  • The treasurer will obtain quotations for approval by the committee.
  • The Treasurer completes a purchase order.
  • The purchase order form is authorised by the Chairman.
  • The purchase order form is sent to the supplier and held in the purchase order file until items are delivered.
  • When items are delivered, the delivery note is checked and signed off, matched with the purchase order form and held in the purchase order file until the invoice is received.
  • When the invoice is received, it is matched with the purchase order form and the delivery note and passed to the Treasurer for payment.
  • No purchases over £200 will be made without the prior authorisation of the Treasurer.

Invoices

When an invoice is received, it will be matched to the relevant purchase order and delivery docket. Cheques for all invoices will be prepared by the Treasurer and authorised by two out of three cheque signatories.

Opening a New Bank Account

A mandate detailing authorised signatories to open bank accounts will be held by the Bank and a copy retained on file.

A letter requesting opening of a new bank account will be prepared by the Treasurer and approved by the committee.

Travel Claims

North Belfast Harriers will reimburse travel expenses receipts specifically incurred through club business. This does not include travelling to training or races.

Signed: ____________________________Chair/ Date: __________

Signed: ____________________________ Treasurer Date: __________

“To give anything less than your best is to sacrifice the gift.”