Accounts Payable Procedures



Chapter Financial Accounts Policy

1. Purpose:

1.1. To provide guidelines for Indiana Association for the Education of Young Children, Inc. (Indiana AEYC) chapters to use for chapter accounts at financial institutions.

2. Scope:

2.1. Applies to all financial accounts, i.e. checking, savings, Certificate of Deposit, Money Market, investment accounts, for all Indiana AEYC chapters.

3. Guidelines

3.1. All Indiana AEYC Chapter financial accounts shall use the Indiana AEYC Federal Tax ID # 31-1000350.

3.2. All Indiana AEYC Chapter financial accounts shall be named “The (specific name) Chapter of Indiana AEYC”.

3.3. All Indiana AEYC Chapter financial accounts shall have at least 3 authorized signers, of which one shall be the current Indiana AEYC Executive Director, or Indiana AEYC President, if the Executive Director position is vacant.

3.4. No Indiana AEYC chapter related expenses will be paid in cash, debit cards, or by online transaction.

3.5. Chapter bank statements will be emailed/mailed to the Chapter President.

3.6. The Chapter President will review and sign the Chapter bank statements at least quarterly.

3.7. When a signature card is changed, the Executive Director’s signature will be the last signature obtained. Upon signing, a copy will be filed in the chapter’s records at the Indiana AEYC office. Indiana AEYC will return the completed signature card to the chapter President or Treasurer, who will be responsible for submitting it to the financial institution.

3.8. Chapters are encouraged to maintain their financial accounts at a branch of the bank used by Indiana AEYC, if there is a branch within 10 miles of the Chapter. As of July 2010, Indiana AEYC uses PNC Bank.

3.9. Financial account statements for every financial account for the month that is Indiana AEYC’s fiscal year end, and the subsequent month, must be submitted to Indiana AEYC. Currently, Indiana AEYC fiscal year end is June. Therefore, the June and July financial account statements must be submitted to Indiana AEYC in August.

3.10. Chapter financial reports will be submitted to the Indiana AEYC office at least quarterly (September, December, and March).

3.11. Random unannounced financial reviews of the local Chapter accounts will be conducted by Indiana AEYC.

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