Iowa Taekwondo Alliance

ITA General Policy for Fiscal Activities

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ITA General Policy for Fiscal Activities

On November 18, 2013, Posted by , In Uncategorized, With Comments Off on ITA General Policy for Fiscal Activities

ITA General Policy for Fiscal Activities.

  1. All disbursement considerations will be considered in terms of the conflict of interest policy.
  2. Only the Board of Directors, or agents authorized by the Board, may approve or disapprove disbursements, reimbursements, contracts, compensation agreements, invoices, purchases and procurement. Approved invoices should be paid within 30 days of receipt.
  3. Money shall not be paid directly to a participant or ITA member without prior Board authorization except as payment for Board-approved, contracted services receiving no more than fair-market value of said services rendered to ITA.
  4. Money provided for reimbursements shall require itemized invoices and receipts from vendors as well as documented authorization for such expenses.
  5. Expenditures in excess of $500 should have bids from at least three (3) suppliers or vendors if possible. These bids will be reviewed by the Board.
  6. The Board may request audits and financial reports from time to time.
This Policy becomes effective immediately upon adoption by the ITA Board of Directors, at which time it will be considered an addendum to ITA Policies. It will be distributed and explained to Volunteers, Staff, and Board members at the earliest possible training opportunity. It shall also be included in the orientation materials for new Board Members.
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