General Financial Policies
|American Heraldry Society||SUBJECT||General Financial Policies|
|Governors' Policy Manual||VERSION||Revised||EFFECTIVE 08-Sep-08|
4.1 General Financial Policies
220.127.116.11 The purpose of the Society’s financial policies is to institute checks and balances to insure the appropriate and safe management of the financial assets entrusted to the Society to enable its organizational mission.
4.1.2 Definitions. As used in this Manual:
18.104.22.168 “Financial assets” means any asset, property, or instrument which may have a cash surrender value and includes cash, cash equivalents, and securities.
4.1.3 Statement of Responsibility.
22.214.171.124 The Board has the ultimate responsibility for the Society’s financial operations and has the ultimate fiduciary obligation to the Society and its members.
4.1.4 Board Action Regarding Unusual or Suspicious Activity.
126.96.36.199 When the Board is notified by the Audit Committee or any other person of unusual or suspicious activity concerning the Society’s financial accounts and assets, the Board shall initiate an internal investigation of those claims within 24 hours of the Board’s notification.
188.8.131.52 If the internal investigation ordered under Subsection 184.108.40.206 does not or cannot conclude within 24 hours after the start of the investigation that the unusual or suspicious activity is warranted, the Board shall immediately notify the appropriate law enforcement authorities.
220.127.116.11 If at any time there is reasonable belief of malfeasance, misfeasance, fraud or embezzlement, the Board shall immediately notify the appropriate law enforcement authorities.
4.1.5 Account Balances.
18.104.22.168 The Treasurer shall adjust the PayPal account balance quarterly to $500 by transferring funds in excess of that amount to the Society's checking account.