Employees' debit account
This policy statement implements a motion passed August 3, 2006 at a regular meeting of the Board of Directors with revisions added at a regular meeting of the Board on January 27, 2013. This policy attempt to balance a number of requirements:
- The employees must purchase goods and services as part of their normal duties.
- At times these transactions need to be conducted expeditiously and during unpredictable hours.
- The Administration and Board must be able to control and monitor the expenditures made on behalf of LISECC.
- It should not be possible to spend too much, or incur large obligations that LISECC must satisfy.
- It should be possible to spend enough to take care of normal expenditures without a lot of intervention by Administration or the Board.
Therefore, LISECC shall:
- Provide a debit card account for use by the employees who have been authorized by the Board of Directors as signers on the account in accordance with bank regulations.
- This account will be maintained at a level of not more than $3,000 nor less than $1,000.
- When the debit account balance falls below $1,000, the Office Administrator shall transfer funds to it from the club dues account upon authorization from the Finance Chair or Treasurer within one week.
- Except in an extreme emergency, any expenditure of more than $1,000 must be pre-approved by the Finance Chair or Treasurer and reported immediately to the Office Administrator.
- Whenever possible, employees are encouraged to set up accounts with vendors or pay with a pre-approved check acquired from the Office Administrator.
- Receipts for all expenditures must be kept and given to the Office Administrator who will provide them to the Finance Chair and Treasure for review.
Effective 12 December 2010
Approved by the Board of Directors in regular session, 12 December 2010. William Boulton, President.
Revised by the Board of Directors in regular session, 27 January 2013, Mark Sexton, President.