Financial Records Policy
Financial Records Policy of
The First Kingdom Church of Asphodel
ARTICLE I: Purpose
1 The purpose of this document is to create a standard of
financial record keeping and reporting, to ensure that the receipt and
disbursement of funds and goods is managed in a way consistent with church
interests and policy.
ARTICLE II: The Nature of Financial Records
1 Financial records are maintained jointly by the clerk of the church and the treasurer.
2 Detailed records of transactions are maintained for ten years, and annual summaries maintained for thirty years.
3 Records are to be submitted in writing to either the clerk
or the treasurer. They may be submitted in person, by postal mail, or email.
The clerk or treasurer may, at their discretion, make a written record of a
transaction based on telephone or personal conversation, provided the record is
made at the time of the conversation and promptly filed.
ARTICLE III: Financial Authorization
A record of Financial Authorization will contain the following information:
1 The name or the person making the request.
2 The nature of the request: reimbursement for expenses, to conduct fundraising activities, to solicit funds on behalf of the church, to solicit goods for disbursement, or to collect personal payment or compensation for church related activities.
3 The proposed activities, their purpose, the period of time over which they are carried out, the individuals or organizations involved, and any other relevant information.
4 The name of the officer or committee who the request was submitted to, the date submitted, and the date a decision was reached.
5 Whether the request was approved, postponed, denied on
merits, denied for lack of available funding, or directed to the authority of
another officer or committee.
ARTICLE IV: Financial Transactions
A record of Financial Transaction will contain the following information:
1 The name of the individual or organization giving or receiving funds or goods.
2 The exact amount of funds or value of goods. If the exact value of goods is unknown, provide a fair estimate of retail value.
3 The date which the transaction(s) took place, and the dates of activities related to the transaction.
4 In the case of funds, a record of the deposit or withdrawal of funds from the church account.
5 In the case of goods solicited for disbursement, the name and contact information for the organization goods are to be dispersed to, and a record from that agency of the receipt of goods.
6 In the case of gifts or donations given by the church, the name and contact information of the individual or organization receiving the gift, and a statement of their relationship to the church.
7 In the case of fundraising activities, a record of activities conducted, expenses reimbursed from proceeds, donations towards expenses.
8 Supporting documentation deemed sufficient by the
authorizing officer or committee.
ARTICLE VI: Exemptions
1 A written record of Financial Authorization is not required for periodic reimbursement of routine expenses after approval of the initial request, the collection of un-solicited funds or goods, or the collection of personal compensation from non-members of five dollars or less person for educational sessions offered through the church.
2 A written record of Financial Transaction is not required for donations of goods valued less than twenty dollars.
3 Officers of the College of Brigantia may directly authorize teachers under their authority to collect personal payment or compensation for church related educational activities, including fees or barter from members, materials fees, and site fees. Teachers must report their total compensation and expenses to their supervising officer at the end of each term, and the Dean must report these figures to the Head of Church annually.
4 The Knightly Order of Blutwasser may directly conduct and
authorize fundraising activities without prior authorization, but may not seek
reimbursement of expenses beyond their proceeds without prior authorization.
Message from the Clerk:
Do Not Be Afraid! This is not so scary as it looks. I'll try to have
blank slips at Beltane, but
you can just write a little note. We are supposed to keep a record of
donated goods, for the sake of the IRS, so this isn't only about
reimbursement.
Examples of records of Financial Authorization:
Examples of records of Financial Transaction:
The name of the holiday or month is sufficient for the date.
If the date of request, approval and action are within a month of each other,
one date is sufficient. Supporting documentation (receipts) are nice but not
required, except when soliciting goods to benefit another organization -- have
them give you some kind of receipt when you drop off the collected coats,
clothes, whatever.
In most cases a written record of authorization is not
needed if verbal authorization has been obtained, so long as some sort of
written record of the transaction is made reasonably promptly. It is a good
idea to have a written authorization if there is going to be some lag time
between authorization and the activity, if it is an unusual transaction,
if large amounts of money are involved, if the activity had been (or is
expected to be) the focus of debate or disagreement, or if one or more people
involved might be likely to misremember or misunderstand the terms of the
agreement.
"Matt is buying two trash barrels for Beltane from
church funds. -- Raven"
"Brenda & Gary are collecting canned food at their
next Tara White concert (11/4/06) for the KoB’s Thanksgiving food drive. --
Tannin"
"Matt got $24 for trash barrels from Beltane
cash."
"Raven bought $43 in fabric for Beltane costumes."
-- Joshua Tenpenny, Clerk of the Church
