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Financial Management PolicyNote: Needs board approvalThe (Association Name) Board of Directors is ultimately responsible for the financial management of all activities. The Treasurer is authorized to act on the Board’s behalf on financial matters when action is required in advance of a meeting of the Board of Directors.The Association Executive is responsible for the day-to-day financial management of the organization and will follow internal controls and procedures which are reviewed at least annually by the board. The Board authorizes the Association Executive to hire and supervise staff and independent consultants, pay bills, receive funds, and maintain bank accounts according to internal controls and procedures.Any variance from these procedures must be reported to the board in a timely manner.The board will review financial reports at each board meeting.The board will provide adequate training to members to enable each member to fulfill his or her financial oversight role.Furthermore, the board will annually review all financial policies and procedures, to include, but not limited to:Payroll Policy and ProceduresCash Disbursements, Check Writing and Signing Policy and ProceduresBanking and Deposit Policy and ProceduresCredit Card Policy and ProceduresCash Receipts Policies and ProceduresSegregation of Duties Procedures ................
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