Finger Lakes Region, SCCA

March 2000

The Board if Directors of the FINGER LAKES Region, SCCA has adopted the following Financial Policy. This policy outlines a uniform system of good business practices that will apply to all financial activity of the Region. In addition to meeting tax and Not-For-Profit guidelines, it will provide records and information to help in the planning of the Regions activities.

The uniform procedure, the income and deposit guidelines, and the guidelines for reimbursement and expenditure will reduce the load on the Treasurer and help the Treasurer provide the records and information. NOTE: All items on an expense voucher MUST have a receipt and the appropriate budget category given. Failure to identify the source of income and to notify the Treasurer will result in the monies being credited into a general account and NOT to the activity producing the revenue. The result will be understated income and a possible need for increased entry fees for future activities. Any exceptions to this policy require a vote by the Finger Lakes Region Board of Directors.

FINANCIAL ACTIVITY POLICY

The FINGER LAKES Region (hereinafter referred to as the "Club") Board of Directors approves the following Financial Activity policy.

  1. All cash and check receipts paid to the Club are to be given to the Treasurer for deposit, or deposited by special arrangement with the Treasurer, within five business days. Credit card transactions should be forwarded to the Treasurer within five business days. Deposits not made by the Treasurer are required to have event name, date and budget category of income recorded on the deposit slip. Each slip shall identify deposits made for each budget category. Deposit slips or copies are to be sent to the Treasurer within five days.

  2. Payment to a vendor for merchandise or services to the Club will be made within five business days of presentation of a bill to the Treasurer. A Purchase Order number should be included and will be provided by the event organizer. The event organizer will notify the Treasurer of the Purchase Order number, the event and the budget category within five days of making the purchase.

  3. Reimbursement of expenditures for merchandise or services to the Club made to a member will be made within five business days of presentation to the Treasurer of an expense voucher with receipts and budget category identified, if properly approved in advance.

  4. Services and member expenses included in the expense voucher will be reimbursed at fair value. (No benefit can accrue to an individual Club member.) Fair value guidelines will be established by the Treasurer and will follow business and IRS guidelines.

  5. No payments for merchandise or services to the Club shall be made directly from cash received for entry fees, sale of merchandise or other payments to the Club. i.e., Expenses are not to be taken directly out of income.

  6. A Board approved budget is required for each event or activity in which income, expenses or purchases are expected to exceed $100. Included are Administration, Banquet, Race events, Rally events, Rally Series, Solo II events, Solo II Series, TOP END, etc. A budget shall be presented one month prior to a vote.

  7. Budget categories that are uniform across Club activities will be defined by the Treasurer (input from the various organizers is requested).

  8. Exceptions, such as cash advances, require approval by the Board of Directors, either by vote for the requested exception or as specifically stated in a budget. Cash advances and other exceptions should be noted on an expense voucher.

  9. Written guidelines will be prepared and available to officers and organizers.



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