DOWNLOAD: AKCA Financial Committee Policies


AKCA Financial Committee Policies
May 2012


Fin 1  – The AKCA CFO is authorized to open bank accounts and to manage all funds for AKCA.    The CFO heads the Finance Committee.     The CFO shall make every attempt to manage AKCA funds as efficiently as possible.

Fin 2  – The CFO collects all AKCA member dues from the Membership Committee, as prescribed in the AKCA By-Laws.

Fin 3  – Deadline for dues is set for Jul 1st of each year.    After Jul 1st, a late penalty of $50 will apply per the AKCA By-Laws.

Fin 4 – AKCA has Non-profit 501c3 tax status.

Fin 5 – The AKCA Chairperson has $350 expenditure authority between Board meetings for official AKCA business as required.    Decisions to be verified at the next Board meeting.

Fin 6  – The KOIUSA Editor has $350 expenditure authority between Board meetings for official AKCA business as required.    Decisions to be verified at the next Board meeting.

Fin 7 – The CFO may authorize persons to deposit but not to withdraw funds from AKCA/KOIUSA bank accounts using bank ATM cards limited to deposit only.

Fin 8  – The CFO is accountable to arrange CPA preparation of tax statements & yearly review of accounts and to make investment recommendations to the Board.    The CFO shall make an annual report of these findings to the Board.   CPA will be selected with the approval of the Finance Committee.

Fin 9  – CFO to provide an accounting of AKCA funds at each Board meeting.      This accounting will be included in the Board meeting Minutes sent out by the AKCA Secretary for the July and January Board meetings.    Annually, the CFO shall prepare a retained earnings analysis for the AKCA Board to justify the retained earnings and non-profit status.

Fin 10  – CFO may hire contractor assistance to perform financial or other functions as approved by the Board.     CFO will prepare contracts for contractor and Board approval.

Fin 11  – All AKCA Committee Chairpersons are required to prepare and present anticipated yearly budgets to the AKCA Board of Directors for approval at the August Board meeting each year.    CFO shall prepare an annual report to the AKCA Board on the budget in September of each year.

Fin 12 – AKCA is one company with supporting functions including but not limited to AKCA Bookstore, AKCA Seminars, Judging Committee and Science Committee.    AKCA also contains a wholly owned subsidiary called KOI USA Inc.

Fin 13 – Expenses from AKCA Seminars and normally occurring monthly bills may be paid by the CFO without Board approval.    Bills not normally occurring on a regular basis must be approved by the AKCA Board prior to payment by the CFO

Fin 14 – Normal business expenses provided by AKCA will include DSL, internet or phone service used by Board members or Officers for the purpose of AKCA business.    AKCA will only reimburse for expenses less than 12 months old.     Bills to be paid directly by the CFO must have the AKCA PO Box as mailing address, otherwise, the Board member will be reimbursed by the CFO for these expenses in the monthly expense report.

Fin 15 – The CFO shall hold a Finance Committee meeting as a minimum each quarter of the fiscal year with Finance Committee members assigned by the AKCA Chairperson.    The Finance Committee will provide minutes from all Finance Committee meetings to the AKCA Board for review at the next Board meeting.

Fin 16 – The CFO shall notify the AKCA Chairperson, prior to writing a check for $10,000 or more, of the amount and purpose for the check.    The exception to this policy will be checks written to the hotel during the annual AKCA Seminar.    All checks with amounts of $5000 or over shall be hand delivered or mailed Certified mail with return receipt requested for security purposes.

Fin 17 – The CFO shall provide the AKCA Chairperson with a copy of each monthly AKCA bank statement on or before the next Board meeting.

Fin 18 – Credit card sales slips shall only be stored for 12 months to resolve questions and then shall be destroyed as approved by our CPA.     Credit card batch reports and Nova reports shall be kept a minimum of 5 years for tax reference.

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