Bookkeeping

From Knox Makers Wiki
Revision as of 20:17, 21 January 2017 by Samthegiant (talk | contribs) (→‎Bookkeeping)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search

Proposed Bookkeeping Updates

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 in writing 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