Bookkeeping

Bookkeeping

Internal controls

• Internal controls are the financial processes and procedures that enable an organization to safeguard its assets. Knox Makers has a responsibility to our members and our community to be good stewards of the funds entrusted to us.

Procurement

• To ensure accountability and proper documentation no Knox Makers funds may be used for purchasing without the use of a Purchase Order.
• Requesting a one-time Purchase Order approval requires that the requester provide in writing an estimate of the cost (including tax), which account the funds will be drawn from, a description of the purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a simple Board majority vote.
  • Example: Purchasing professional repair services for the Embroidery Machine
  • Estimate: $110 (including tax)
  • Account: Funds will be drawn from the Fabric Arts account
  • Description: Professional repair services for the Embroidery Machine from Sewing Machines Etc
  • Intended Use: To repair the Embroidery Machine and return it to being available for space use
• Requesting a reoccurring Purchase Order requires that the requester provide a specific cost range (including tax), which account the funds will be drawn from, a description of the purchase, an estimated schedule of purchases, a specific person given approval to purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a two-thirds Board vote. Rescinding approval for a reoccurring Purchase Order requires a simple Board majority vote.
  • Example: Reoccurring restock of hospitality concessions and cleaning supplies
    • Estimate: Range of $1 to $250 (including tax)
    • Account: Funds will be drawn from the Hospitality account
    • Description: Reoccurring purchases of drinks and snacks to stock concessions and cleaning supplies, trash bags, paper products and disposable tableware to stock the supplies shelves
    • Schedule: Restocking purchases will be done on a monthly basis
    • Person Responsible: Board Treasurer Sam McClanahan
    • Intended Use: Drinks and snacks in concessions are intended to provide hospitality to KM visitors and the supplies shelves are intended to help keep KM clean