To establish and control bank accounts of Chapel By The Sea, ensuring the proper accounting of monies and the distribution among various funds.
SCOPE:
ALL Chapel By The Sea bank accounts and restrictions shall be within the scope of this policy.
PROCEDURE:
- Accounts shall not be moved to other than the present bank without the approval of the Corporation Officers.
- Additions, deletions, name changes, etc. to bank account signatures may only be accomplished with a completed signature form from the bank and the Corporation Officers meeting minutes when changes to the account signatures were approved.
- Current fund accounts are general checking, money market and budget short-fall or debt reduction. These accounts shall not be closed nor changed without the approval of the Corporation Officers.
- All bank accounts shall be reconciled monthly by someone other than the person who writes or signs checks.
- All checks shall require two (2) signatures. Online banking may be used to track account activity, check balances and move funds between accounts with the approval of the Budget & Finance Committee.
- The Budget & Finance Committee shall use additional online banking functions, e.g., bill payments, only with prior approval.
- The Church Administrator may be a signatory on checks under $500.
RESPONSIBILITY:
The Church Administrator shall be responsible for day-to-day control of Bank Accounts, with overall guidance and control being the responsibility of the Budget and Finance Committee.
LAST REVIEWED 2008
