Policy Manual Proposed Changes– Section VIII:Current- 1.01 Accounting Method- The financial records of The Association shall be maintained under the Full Accrual method. Material income shall be recognized as earned, whether or not actually received, and expenses shall be recorded as incurred, whether or not actually paid.
Proposed- 1.01 The financial records of the Association shall be maintained under the Cash method. (Rev.)
Current- 1.04 Year End Income- All Retained Earnings from the prior year shall be distributed to Reserve Accounts as soon as possible following year-end.
Proposed- 1.04 Year End Income- Retained Earning from the prior year shall be distributed to the Reserve Accounts. (Rev.)
Current- 12.01 Checking Account- It shall be the policy of the WPA to maintain only one checking account with all funds received deposited to this account and all checks written charged to this account
Proposed- 12.01 Checking Account- It shall be the policy of the WPA to maintain only one primary checking account with all funds received, deposited to this account, and all checks written charged from this account (Rev)
Proposed-12.01.02 A secondary checking account shall be opened and maintained with a maximum balance of $2,500.00. This account may only be accessed by two debit cards. (Rev)
Proposed- 12.01.03 The President and Treasurer will each control one debit card. Each card will have its own pin number. Usage of these cards will be available to all Board Members. All requests for usage will be submitted on a disbursement form with the Board Member’s name and exact purpose listed (see Appendix VIII-I). Two Executive Board Members must approve the purpose and sign the disbursement sheet. Following use, all receipts must be submitted and attached to the disbursement sheet. Reconciliation of the transaction must be done by one of the approving Executive Board Members. Any deviation from the approved purpose or procedure may be considered fraud and the offending Board Member will have 10 days to make full restitution to avoid legal action. (Rev)
Current- 12.02.04 Checks shall never be made payable to “Cash”
Proposed- 12.02.04 Checks shall never be made payable to “Cash” except for replenishment of the Petty Cash Fund. (Rev)