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Doyon Foundation

Control activities

6-30-121

This is an overview of the major transaction cycles. The relevant assertions covered by each control are listed after each control throughout this document.

Personnel involved in these controls are as follows: Doyon employees – Doris Miller, Executive Director Whitney Demientieff, Administrative Assistant (let go July 2011), Megan Hosken, Administrative Intern (quit April 2012); ; Tonya Garnett, Scholarship Program Manager (hired 09/2010, quit January 2012), Maurine Isaacson, Scholarship Program Manager (hired February 2012); Sommer Stickman (hired May 2012), Maudrey Kriska, MTMGC Intern (hired May 2012, released August 2012) . Contract Accountants (Robinson & Associates) employees – Kelly Ward, lead accountant; Crystal Gadwah, accounting technician (payroll/accounts payable), Tori Clark, accounting technician (quit July 2012)

OE - occurrence/existence

ACC - accuracy/valuation

COM - completeness

CLS - classification

RO - rights and obligations

Accounts Payable/cash disbursements:

Occurrence & accuracy

1. All invoices & bills are mailed to Doyon Foundation Offices

2. Majority are processed by Whitney Demientieff or Megan Hosken or Sommer Stickman, including the preparation of a check request coversheet. Scholarship check requests are processed by Tonya Garnett or Megan Hosken Maurine Isaacson.

3. All check requests are then reviewed by Doris Miller, then signed by either Doris or another Board member

4. Check requests with all supporting invoices attached are picked up on Tuesdays by Kelly Ward, Crystal Gadwah,or Tori Clark from Robinson & Associates. For large scholarship check runs a spreadsheet is e-mailed to Kelly Ward.

5. The check requests are verified and processed by Crystal Gadwah Tori Clark or, on occasion, Kelly Ward.

6. Final review of bills is done by Kelly Ward before checks are cut.

7. Checks are copied and delivered to the Foundation on Wednesday afternoons.

8. Copies of signed checks and all back-up paperwork is then returned to R&A offices the following week and filed.

9. For fund transfers, Shane Derendoff or Julie Anderson is called by Ernest Partners for verbal approval.

Classification

1. All invoices are coded by Whitney or Megan or Sommer or Doris. Kelly and/or Crystal Tori review for coding errors as inputs.

Completeness

1. Completeness of expenses/accounts payable is accomplished by keeping the books open until Aug 9 Aug 30 (Sep 15 this year) and asking Whitney or Megan or Sommer or Doris for any new invoices coming in.

Payroll:

1. Time cards are filled out by each employee and signed by both the employee and Doris.

2. Signed time cards are emailedfaxed to the Robinson & Associates office on every other Friday (or early Monday).

3. Payroll is processed by Crystal Gadwah Tori Clark

4. Direct Deposit for all employees is done through the Wells Fargo ACH website, with Tuesday as the pay date. Crystal Tori processes the payroll, which is usually reviewed by Kelly Ward or, on occasion, Tori Clark Amy Borneo. After the review, Crystal Tori sets up the ACH Batch online and notifies Kelly that the Batch is ready to be released. Kelly then releases the batch for direct deposit.

5. Payroll tax liabilities are also done through the Wells Fargo website.

6. Paystubs are delivered on Tuesdays and the original copies of time cards are picked up with the A/P for the week.

Bank Statement Reconciliation:

1. Bank statements are mailed to the Foundation offices

Whitney or Megan or Sommer picks up the mail, stamps the date received on it and then gives to Doris. Doris reviews all bank statements and forwards to Kelly. Doris always will email Kelly statements will available online at Wells Fargo

2. Statements are picked up when received on Tuesdays with the A/P run

3. Bank Recs are done by Kelly Ward at R&A with all back-up paperwork including copies of all deposits and credit card slips attached to the statement and reconciliation sheet.

4. Bank statements are filed at the R&A offices

Deposits/cash receipts:

Occurrence

1. Whitney or Megan or Sommer picks up the mail, stamps the date received on it and then gives to Doris.

2. Checks are sent or delivered directly to the Foundation offices

Completeness

3. Deposit slips are prepared by Whitney Demientieff or Megan Hosken or Doris Miller Sommer Stickman and photocopied

4. Prepared deposits are picked up by Crystal Gadwah Tori Clark and deposited at Wells Fargo

. Kelly does not handle any funds for deposits or otherwise except for assistance in preparation of deposits for the annual MTMGC/Calcutta.

5. Copies of deposit slip and checks are kept at R&A offices and filed with the corresponding bank statements & reconciliations

Monthly Financials:

1. Unaudited, management only financials are prepared monthly by Kelly Ward.

2. Two sets of financials are prepared, an ED copy with detail and a Board copy with a summary. Kelly reviews with Doris and Doris sends summary to Board with Executive report. (each month)

3. Financials are presented at Board Meeting (each quarter) by Doris Miller and voted on for Board approval

The contract bookkeeper does not attend the Board meetings, the Board members will contact her with any questions related to the financials. Financials are also now covered monthly for the prior month by Kelly in a Monthly Financial Review with the Finance and Investment Committee including Shane Derendoff and Julie Anderson, board members.

Scholarship application and approval process

Scholarship Program Manager (SPM) receives all applications and required paperwork (official transcripts, acceptance letter from accredited college, university, technical or vocational school and personal essay and two letters of recommendation for competitive scholarships).

Doyon Foundation accepts both online applications from our website and hard copies mailed to the foundation.

The SPM then verifies through the Doyon, Limited Shareholder Department that the student is either an original Doyon, Limited shareholder or a child of an original enrollee. Enrollees are defined as those holding class A, B, C or D shares. O,RO

It is the students’ responsibility to contact the Doyon Foundation to ensure that his/her file is complete and postmarked by the appropriate deadline.

For part-time and full-time basic scholarship applications the SPM approves or disapproves the applicants based on the program eligibility requirements (see attached copy). She then works with the foundation account to do a wire transfer to UAF and UAA for those student awards after submitting those student names to the Executive Director to review. For students attending any other school the SPM submits individual check requests to the Executive Director to review. O

The awarding of competitive scholarships is made once a year in the summer by a five member independent review committee that is selected by the Doyon Foundation board of directors. Each committee member serves a three year term with the ability to serve without a term limit. Please see the attached criteria that the committee uses to review and select a recipient.

Once the committee selects the recipients the names are forwarded to the Executive Director who then reviews the list and has the SPM and accountant work together to award the scholarships.

Each year the Executive Director reviews the competitive scholarships to revise if needed the number of awards to be made. COMPLETENESS

Investment portfolio controls (especially over withdrawals)

There are two ways to transfer operating funds out of the Portfolio:

1. The board approves the fiscal year budget at their June meeting which includes utilizing operating funds that are received from Doyon, Limited as part of their annual contribution to Doyon Foundation for operations. Doris then requests the transfer in December or early January by contacting our portfolio manager Earnest Partners in writing. The transfer usually takes a week to ten days. If the annual operating contribution is more than we need for our budget the excess funds remain in the portfolio until we decide to either use it or leave it in the portfolio. COMPLETENESS

2. If at any point during the year that we need to utilize operating funds from the portfolio Doris presents the request to the foundation president who then puts it on the agenda for the next quarterly board meeting to act on. Once the approval is received Doris then requests the transfer by contacting our portfolio manager, Earnest Partners via email or a letter.

Doris also informs the Doyon Foundation Investment Committee about any transfers so they are kept abreast of the transactions. The committee consists of the foundation president, foundation accountant, Doyon, Limited CFO, one Doyon Foundation board member, Doris and our portfolio consultant who prepares quarterly performance reports for the foundation.

Golf tournament and Calcutta

The Executive Director forms a tournament coordinating committee to plan and run the annual tournament. The Executive Director also hires a consultant to work with the committee on organizing the event.

The foundation has a separate gaming (formerly called Raffle) bank account and credit card machine to handle all of the gaming revenue and expenditures. The accounting procedures for the golf tournament and Calcutta are handled in the same manner as regular foundation accounting procedures.

Gaming reports and the Calcutta report are filed on the deadlines required by the state.

CALCUTTA

1. Teams are auctioned off at the Calcutta to the highest bidder.

2. Calcutta bidding is officiated by Howie Thies

3. Final bids are tallied in Excel spreadsheet by R&A staff member, Kelly Ward

(See attached Calcutta breakout)

4. Money is collected the night of the Calcutta. The majority is paid on credit cards with a couple checks and occasionally cash but very rarely.

5. All money is taken back to the Foundation office and the deposit is prepared the next day.

6. Prize checks are cut Monday after , the last day of the golf tournament, again W-9s are signed before prize checks are given out.

GOLF TOURNAMENT

1. Sponsorship & Registration forms are sent to the Foundation offices with checks or credit cards as payment. Some companies are invoiced for their players’ registration or sponsorship money. Golfers were allowed to register & pay online in FY11-1210-11

2. Two lists were compiled by Megan Hosken Maudrey Kirska one for registered players and one for sponsors

3. On the day of the tournament during registration any unpaid registration is collected by Kelly at the registration table ).

4. Deposits were prepared by MeganSommer & Kelly and deposited by Crystal GadwahTori Clark

5. Prize checks for the tournament winners are cut and available for pick up Monday after the tournament. W-9s are collected before checks are released.

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