Bank Account

Association of Bosniacs of Delaware Valley (ABODE)

Bank Account Request & Approval The Executive Board of Association of Bosniacs of Delaware Valley (ABODE) must authorize the opening of ALL (ABODE) bank accounts. Account Creation Upon receipt of the Executive Board resolution authorizing the bank account, the authorized financial officer sets up the bank account. Account Policies Accounts found to be in violation of these policies will be closed. • • • •

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All payments from the account must be for approved invoices Payments must be consistent with petty cash and accounts payable policies No legal contracts may be signed, nor any agreement entered. The authorized finance officer must approve all invoices and sign all checks. Each check requires the signature of two authorized persons, who must be a member of the Executive Board. Each invoice paid through the bank account must have an authorized signer or authorized person confirming the receipt of services or goods, and the approval of payment. Each invoice must be stamped “PAID” with the check number and date of payment indicated.

Account Maintenance The account & checkbook must be reconciled each month, and delivered to the Executive Board for review. There should be sufficient funds in the account to cover checks paid at all times. Accounts should not be overdrawn at any time. The authorized person must maintain a checkbook or record of disbursement from and deposits to the account.

Accounts Payable Review Upon receipt of the check request form, the Accounts Payable will perform an audit to ensure that all disbursements adhere to the ABDE policy and controls. If all invoices meet these criteria, a check will be issued. Account Reconciliation The authorized person is required to perform a timely reconciliation of the bank account. At minimum, this reconciliation should be performed monthly and forwarded to the Board of Trustees for review. Closing Accounts Bank accounts are periodically reviewed by the Executive Board for compliance with ABODE policies and to determine the usefulness of the account. Accounts that are in violation of ABODE policy or that have outlived their specific purpose will be recommended for closing.