Financial Policy and Procedures

Auckland Challenge Incorporated — Financial Policy and Procedures (2020)

Every bank payment will have two authorisations via netcode or other appropriate verification. The Treasurer, Administrator and Manager will hold netcode verification ability.

A Treasurer will be appointed at or by the first meeting after the Annual General Meeting each year, and will present accounts for approval at each committee meeting.

Accounts, invoices, receipts and a record of transactions will be kept using Xero, or another appropriate accounting system approved by the board. At least the Treasurer, Administrator, Manager and the board-approved accountant will have access to the accounts. All financial transactions will be recorded in Xero (or the current accounting system), which will be updated and transactions reconciled at least fortnightly.

Separate account details will be kept for funds received for various projects, indicating the source and purpose of the fund, and these will be reflected in the annual accounts. No money from such funds shall be used for any purpose other than that which the funding body has authorised, unless special permission has been obtained from a representative of the funding body for a specific purpose; any such permission shall be recorded in the minutes of the next scheduled board meeting.

Accountability reports for each fund shall be rendered on the due date unless an extension is granted by the funding body concerned. Any balance left after completion of a project shall be returned to the funding body concerned unless otherwise authorised or instructed by a funding body representative or contract.

All accounts of the Society shall be compiled by 30 August each year, as the financial year closes on 31 March each year. All cash payments or donations will be recorded in the digital cashbook on the day of receipt and provided with a reference number from Xero, given out if required.

The Charities Commission Annual Return will be completed by the due date each year by the board and an appointed staff member.