Currently:

1/2/2021

Fiscal Controls – Policy for Odd Fellows Sierra Recreation Association (OFSRA), Inc.

 

Reference Bylaws: Article VII (Page 19)

Section 1. Checks, Drafts, and Evidences of Indebtedness.

All checks, drafts or other orders for payment of money, notes or other evidences of indebtedness, issued in the name of or payable to the corporation, shall be signed or endorsed by such person or persons and in such manner as, from time to time, shall be determined by resolution of the Board of Directors.

 

  1. Banking: A local bank or banks with FDIC insurance will be selected by the board to establish corporate accounts. All of the corporation’s monetary funds will be held at these bank(s). Only the principle officers of the corporation, plus at the option of the Board, a Board Member that is local to the Sonora/Odd Fellows Sierra Park area will be on the signatory cards. The cards will be updated in accordance with any change in the principle officers including resignation or removal of an officer or vacancy replacement as soon as reasonably possible, but not more than 45 days. The bank accounts shall be set up to prohibit any cash withdrawals by signatories, or the issuance of a checkbook, counterchecks or any method of payment or withdrawal other than through the corporations’ designated accounting firm. The account and its associated written instructions may only be altered or closed with the endorsement of all signatories, plus the Secretary. A prior principle officer’s authority to take any action with the bank is withdrawn immediately after such position on the board is removed or replaced. The authority to transact on the corporations’ accounts will be limited to the accounting firm.

  2. Accounts: Funds collected and dispensed for the maintenance of Roads under CC 845 will be tracked and accounted for in the Budget so that funds for Roads are not used for any other purpose. While they may be comingled with another account temporarily to minimize accounting costs, Roads funds will be held in an account dedicated for this purpose. A reconciliation and true-up will be performed monthly by the accounting firm to ensure that funds collected for the purpose of roads maintenance under CC 845 are only used for this dedicated purpose.

  3. Accounting Firm: The corporation will use an accredited accounting firm to manage all of its transactions with the corporations’ bank. Their responsibilities will include issuance of bills and or assessments to property owners and/or shareholders, payment of bills taxes, accounting for all transactions, preparing tax returns and filing tax returns, preparing periodic income and expense summaries on at least a quarterly basis, and providing an annual Final Budget/Financial Statement, preferably within three months after the close of the fiscal year.

  4. Approval Authority Limitation: The accounting firm will be authorized to pay routine bills or those submitted by a director, up to a $2,000 threshold, or as established by the board. Any bill above such threshold requires approval from at least three board members. The accounting firm should obtain Board approval for any non-routine bill in excess of $1,000.