Board Orientation Manual 2024

7.5

CODING STAMP

In general, expense approvals are done electronically by placing an image of the code stamp shown below into the invoice and having those reviewing and approving type their name and the date beside the appropriate box. Typing of their name represents “signing” and approval.

7.6 AVAILABILITY OF FUNDS In checking for availability of funds, the following equation indicates the free balance left to spend in each account: • FREE BALANCE equals BUDGET FOR THE ACCOUNT, • plus or minus REALLOCATIONS OF FUNDS minus ACTUAL EXPENDITURES TO DATE, • minus KNOWN COMMITMENTS TO PAY. Known commitments to pay may include any future obligations to pay, e.g. outstanding purchase orders, or other contractual payments. 8. EXPENDITURES In order to exercise proper control over expenditures, rigid discipline must be followed. Each step in the disbursement process is significant to some aspect of control over expenditures. 8.1 DOCUMENTATION

Documentation in support of a cheque signature/online payment request consists of:  Digital invoice or a scan of the hardcopy invoice are accepted in support of a payment. Supplier statements are generally not be used to support payments due to the inherent danger of duplicate payments.  The invoice is saved in the appropriate folder in the Society’s electronic files. The coding stamp is applied to the invoice and completed as outlined in section 7.5. “”  Packing slip to support receipt of goods, if applicable.  Purchase Order, to show that the proper signing authorities have approved the purchase, if applicable. OR

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